Aussie’s place more importance on material possessions than insurance
New research commissioned by global assistance provider, Allianz Global Assistance, has found just 10 per cent of Australian travellers consider travel insurance to be a holiday essential.
The research found that when it comes to must-have travel items, Aussie travellers place more importance on material possessions than insurance including, money (37 per cent), clothing (24 per cent), toiletries (15 per cent) and a credit card (12 per cent).
Worryingly, the research also found that over half of those surveyed, did not take out travel insurance for their last overseas trip (51 per cent).
Allianz Global Assistance Chief Market Manager, Damien Arthur said, “Our data shows that for many consumers, travel insurance is an afterthought and is often booked as late as the day before departure. In some cases, travellers choose not to purchase it at all, running the gauntlet and leaving themselves open to potentially disastrous consequences.
“Issues such as delayed flights, lost luggage, medical treatment or repatriation could have a huge impact your holiday, with the costs for each varying drastically from country to country if you’re not covered. In reality, travel insurance is the one essential item you can’t live without.
“In 2015, the average price of a travel insurance policy was $114.75*. This is an extremely small price to pay when you consider the consequences of being caught in an unfortunate situation without cover.”
In the US, the most popular destination for Australian travellers in 2015, over 62 per cent of claims made were for medical reasons, but without insurance, common injuries can incur some of the highest medical costs in the world.