Brits Pack £32 Billion Worth Of Holiday Luggage

CHESTER, England, August 7, 2012 /PRNewswire/ --

• Average value of  suitcase contents is almost £1,500 per person for a one week holiday
• Two million Brits have had their suitcase stolen or lost on holiday in the past year*
• Four million Brits have never bought travel insurance for a holiday abroad
• Just one in five has the correct level of travel insurance, says MoneySupermarket

Brits travelling abroad this summer will be packing their suitcases to the brim, but many are taking a risk on travel insurance, and heading off without adequate cover for not only their belongings but also themselves, according to MoneySupermarket.com.

The UK's number one comparison site asked British holiday makers to think about the items they pack for one week away - and what the typical value of their luggage is ^{[ 1 ]}.  The research revealed the average value of a suitcase and hand luggage combined is £1,440 per person ^{[ 2 ]} - or a staggering £32 billion ^{[ 3 ]} for the nation's holiday makers travelling abroad.  Those living in London and the South West have the most expensive suitcase contents, admitting their holiday luggage costs £1,621 and £1,735 respectively. 

Two million unlucky Brits (or four per cent) have suffered a luggage trauma having either lost their suitcase while on holiday or had it, or items from it, stolen in the past ^{[ 5 ]}.  Worryingly, eight per cent of those surveyed - or four million Brits - have never bought travel insurance for a holiday abroad ^{[ 6 ]} leaving them not only without cover for their costly suitcases, but also with no protection for medical emergencies or other unfortunate eventualities travel insurance is designed to cover.

Bob Atkinson, travel expert at  MoneySupermarket.com, said: "Whether you leave it right until the last minute, or spend weeks preparing, packing your suitcase marks the beginning of a getaway - and we Brits are stuffing our cases to bursting point.   It seems there is no such thing as travelling light; as a nation we are wheeling around a staggering £32 billion worth of possessions for just one week away, including £8 billion ^{[ 7 ]} of cash. Unsurprisingly in this age of handheld gadgets, more than eight million ^{[ 8 ]} of us can't leave home without 'essentials' like a laptop and iPad. All of which have increased the value of our holiday luggage. Worryingly, we don't seem to have considered this when it comes to taking out adequate travel insurance."

MoneySupermarket research found people rarely travel with the correct level of insurance for their possessions.  Among the holiday makers with travel insurance who knew what they were covered for, only one in five (19 per cent) had the right level for their belongings; a third (30 per cent) were underinsured - leaving themselves at risk - and half (51 per cent) were over insured.  This compares to 35 per cent of those surveyed who assumed that they would be over insured.

Bob Atkinson said: "It's important to make sure you have the right level of cover in place for your holiday. Don't let the prospect of a week away distract you; if you're underinsured you could be left out of pocket if you have to make a claim for lost or stolen items.

"When taking out a travel insurance policy to ensure you're possessions are covered to an adequate level you need to bear in mind any single item limits that might be listed and whether you have anything you intend to take with you that exceeds that. Especially watch out for items such as mobile phones, cameras, jewellery and designer clothing, all of which could easily exceed a lower limits. You should look for cover that will protect expensive individual items and also pay attention to any limits on the amount of cash covered by the policy. Excess levels on travel insurance are important to look over to ensure that they are representative of the cover and aren't set too highly. Paying out a large amount upfront to put in a claim, may mean claiming isn't worthwhile. 

1 2 3 4 Next › Last »