Urgent travel warning to holidaymakers making '£900 a year mistake'

Brits are being cautioned against a common oversight that nearly half of the nation's holidaymakers make, which could leave them facing huge financial losses.

Despite it being compulsory to have car insurance and optional for travel, going abroad without cover exposes individuals to substantial monetary risks.

Aviva, the travel insurance provider for Nationwide's FlexPlus current account, reports that the typical claim amounts to £900. But in cases of severe illness overseas, the costs can skyrocket, sometimes reaching into the hundreds of thousands. A study by Nationwide revealed that 44% of Britons take trips without insurance.

Travellers are 24 times more likely to journey without insurance compared to driving uninsured, reports the Mirror.

Marta Edwards, Head of Current Accounts at Nationwide Building Society, commented: "Holidays are our time to switch off and relax. Most claims are minor, but if you fall seriously ill or have an accident while abroad, the costs can run into tens or in some cases hundreds of thousands of pounds."

She added: "Having adequate cover in place provides peace of mind that in the event something does go wrong you are protected. And unlike car insurance, just because travel cover is an optional expense, it shouldn't make it easier to ignore. The risk isn't worth it."

A recent survey revealed that the primary reason for individuals purchasing travel insurance was to ensure protection in case of illness while abroad. Other concerns included potential trip cancellations, theft, and issues with flights or luggage.

Nationwide advises securing travel insurance as soon as your holiday is booked, given how rapidly circumstances can change. They also stress the importance of understanding what is covered as standard in your policy and what may require an upgrade.

For instance, it's crucial to inform your travel insurance provider about any existing medical conditions for anyone included in the policy. Failure to ensure adequate coverage could result in declined claims.

According to Nationwide's research, nearly one in six (17%) confess to never reading the terms and conditions of their travel insurance.

Nationwide's FlexPlus3 packaged current account, priced at £13 per month, offers a range of benefits including worldwide family travel insurance, providing a comprehensive level of cover as standard. Additional perks include breakdown cover and mobile phone insurance for the entire family.

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