Comparison site Go Compare found roughly 12.37 million holidaymakers travelled overseas without insurance in the second half of 2021 and when asking travellers why they take this risk, cost was named as the main reason why.
As a result, around 14,000 would-be claims may have occurred each month in the second half of 2021, costing travellers £14.3 million.
Another reason Brits travelled without insurance in 2021 was forgetfulness, with 16% (around 1.9 million) admitting getting travel insurance slipped their mind.
Another 1.9 million Brits didn’t take out insurance because they wouldn’t have been covered for a pre-existing condition or illness, resulting in similar costs.
Meanwhile, a further 25% (over 3 million) didn’t think they’d need travel insurance, with 17% (approximately 2 million) saying they felt it was unnecessary for their short trip.
Ceri McMillan, travel insurance expert at Go Compare, said: "Travel insurance costs can vary, but many policies start from as little as a couple of pounds.
"If factors like age or medical conditions are increasing the price, you need to really consider the risks. We strongly recommend paying the premium, especially if you’ve booked an expensive holiday, where you’ll want the reassurance that you can get money back in an emergency scenario."
