Revealed – the true cost of holidays without insurance

Revealed – the true cost of holidays without insurance

Nov 14, 2018

As a shock new survey reveals the true cost of medical treatment abroad, global Insurtech specialist Aquarium Software says this is another welcome reminder of how vital travel insurance can be, not least because the most expensive destinations to cover aren’t always where you might expect.

One in 10 Brits still travel without insurance, with 40 percent of us citing the expense, yet the cost of the average travel insurance policy is insignificant compared to the potentially astronomical costs of uninsured medical treatment overseas.

Moneyfacts found (perhaps unsurprisingly) that South Korea had the highest medical bills at a whopping £28,939, but it is the costs in other, more popular destinations that may come as a shock.

“High medical costs in exotic locations are to be expected, but even places closer to home like Portugal (£19,960) are surprisingly expensive if uninsured travellers need to fork out for their own medical treatment,” said Aquarium Director, Mark Colonnese. “Hopefully those seeing these costs will think twice before going abroad without adequate insurance.”

Aquarium is leading the drive to encourage more take up of comprehensive travel cover, by making it easier for insurers to offer new products with exciting features based on – for example - geo-location, and to enable companies to send policies to policyholders’ palms via smartphone apps.

The company is also warning that the EHIC card is not enough for Euro travel – no matter what the result of the ongoing Brexit situation.

“Far too many are content to rely on EHIC and while this medical card is vital, it represents a false sense of security for some, as it only covers limited expenses,” added Colonnese.

“EHIC is a must have, but while the government is committed to the card, no matter what 29 March brings, it is no substitute for comprehensive insurance – something that will be even more essential amid the uncertainty that still lies ahead.”