Travel Insurance Being Sacrificed in Recession Times

According to American Express, almost quarters of British people are travelling abroad without insurance in a bid to save money and cut travel costs. Many Brits are surfing the net for last minute holiday deals and to break away from the credit crunch, more and more travellers are deciding against Travel Insurance and therefore exposing themselves to a great risk.

The common claims on travel insurance policies cover medical expenses which can be millions of pounds, loss or delayed baggage, loss of passport or cancellation of flights. Chris Rolland, head of American Express Insurance Services says that good travel insurance will help Brits to enjoy their holiday without being worried about issues like flight delays or cancellations and medical emergency.

Not only is travel insurance being sacrificed by the Brits but because of credit crunch, they are also postponing long term investment plans and as many as 44% of the people have put savings on hold. American Express research also shows that almost 30% of them have plans of doing away with payment protection insurance at such a crucial time when unemployment is on the rise.

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