The recession is causing a number of people to consider not taking out insurance cover before they go abroad, one expert has suggested.
Rachel Croft, head of Post Office travel insurance, said it is important individuals get protection to guard against worst-case scenarios even if they are feeling the pinch of the credit crunch.
She stated: “In times where budgets are stretched and we are busy focusing on budgeting for the present, it can be easy to overlook budgeting for the future and potential pitfalls.”
Ms Croft added that 23 per cent of people are contemplating not purchasing travel insurance this summer, according to research by the organisation.
But with £1,000 worth of clothing and personal items on holiday by the typical vacationer, individuals could be risking substantial financial losses, she commented.
In recent news, the European Commission revealed that approximately one piece of luggage per 64 passengers was reported missing in 2008.