Survey Finds That We Aren't Wholly Truthful When it Comes to Our Travel Insurance

A recent survey published by travelbite.co.uk shows that the global recession is causing many of us to conceal and omit certain information when buying travel insurance. However, despite the savings that can be made by ignoring or covering up certain aspects of your trip or medical health - not being entirely truthful could have severe repercussions if something should go wrong while you are abroad.

The findings by AllClear show that three in five holidaymakers either hold back crucial information to ensure smaller premiums, or are not aware of the importance of its inclusion until being told so by their insurer. However, those who do retain information are not only doing so to save money - many of us also fear that we'll not be allowed travel insurance at all.

According to the research, 57 percent of those asked were looking for the cheapest insurance, whilst 22 percent were said to be looking for value for money. At travelbite.co.uk, Chris Blackman states: 'Cheaper products often mean less cover, and policyholders only discover they are not covered at the point that a claim is made.'

As repatriation costs for travellers who are overseas average £25,000, what strikes me as surprising is the fact that many of us are overlooking the actual costs should anything go wrong whilst we are abroad. If this is the reason we are buying travel insurance in the first place, surely any risk of invalidating cover is crazy?

Yet, on the flipside of this, the process of purchasing any kind of insurance today - and especially during times of such cutbacks - is so centred about being sure you have the cheapest deal as opposed to one that is the most suitable. When I bought my first car I remember frequently being told by brokers over the phone that if my job title was worded just a little differently I would get a cheaper quote. And, of course, the temptation was there even though car insurance is arguably even more important and necessary than holiday insurance.

Consequently, I am not too surprised. Maybe this will be a wake up call for the industry and the consumer - where both parties should now be focused on 'the most suitable deal' rather than 'the cheapest deal'.

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