Defaqto Touts Benefits of Single Trip Travel Insurance

28th May, 2009

Defaqto has become one of many experts in the financial industry marking the shift towards 'staycations' for British holidaymakers in 2009.

According to the money information expert, whose star ratings aim to help consumers make informed decisions on financial products, the emerging trend of taking short-haul local holidays may mean that many people are overpaying on their travel insurance.

For instance, families that are used to holidaying abroad may previously have relied on annual travel insurance policies for cover. But if their travel habits have shifted this year due to recessionary pressures and they are instead taking long weekends at home, single trip travel insurance may be a more cost-effective option.

Brian Brown, Head of Insight at Defaqto and author of the company's latest report into the travel industry, said: "This year customers are more likely to take holidays at home rather than abroad. The number of overseas trips is showing a decline for the first time in two decades with fewer trips to many of the usual destinations."

He added: "For most customers taking just one overseas trip a year will mean that purchasing a single trip policy makes more sense.

"Customers will not purchase annual travel cover for the time being. Certainly as policies lapse they will be less likely to be automatically renewed."

The findings were released in Defaqto's latest report, titled Travel 2009: The Year of the Staycation.

Earlier this month, a survey from AA Insurance revealed that 50 per cent of European single trip travel insurance policies were bought just a few days before departure. Occasionally, cover was purchased only a few hours before travellers were due to catch their flight, train or ferry.

Christian Young, director of AA Travel Insurance, advised holidaymakers not to neglect travel cover and to purchase it as far in advance as possible.

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