Monday, November 2, 2009
Category:
Consolidation
According to Gocompare.com, holidaymakers who stay in a holiday home belonging to them, a friend or a family member, ignore travel insurance.
In contrast, this is only the case for 3.2 percent of holidaymakers who go on package holidays. Findings also revealed that 12.8 percent of ‘independent travellers’, who organise their own flights and accommodation, also fail to purchase insurance. Respondents who make the decision to travel without travel insurance were found to do so because they feel that it is unnecessary, and they would prefer to spend the money differently.
Business development director of Gocompare.com, Lee Griffin, commented: "A worrying number of British holidaymakers are going abroad without travel insurance and the group putting themselves most at risk are those travelling to holiday homes. Staying in a home away from home may make you feel more safe and secure than if you were staying in a hotel but you are still just as prone to illness, accident, theft or travel delays as someone on a package holiday. No matter where you go or how you travel, insurance should be on your holiday shopping list."
In relation to travel disruptions, several findings came to light as a result of the research: flight delays have been encountered by 60 percent; medical treatment has been required by 19 percent; more than 19 percent have either lost possessions or had them stolen; 4.6 percent of holidaymakers have been assaulted whilst away; and 1.8 percent have had to be ‘medically evacuated’ back home.
Lee Griffin continued: "Things can and do go wrong on holiday and a surprisingly high number of British holidaymakers have encountered circumstances where they'd have probably made a claim on their travel insurance policy. Medical expenses can run to thousands of pounds in some countries, tens of thousands if you need to be repatriated home for treatment. If you have an accident or fall ill and you're not insured, you could end up in the ludicrous position of having to sell your holiday home to settle your medical bill. For the sake of saving a few pounds on your holiday costs, is it really worth the risk?"
…………………………………………………………………………………………………...
Homeowners who have used credit cards to fund holidays could consider taking out a secured loan. One of many finance options available, a secured loan for debt
consolidation could be used to tie up any existing debts. By consolidating debts the borrower could be left with just one monthly repayment as opposed to juggling several. Furthermore, this new monthly repayment could even be lower than current outgoings – thus freeing up useful money each month. It should however be remembered when using a secured loan to consolidate existing debt, that repaying borrowing over a longer term may increase the amount paid back overall and extend the repayment period of debts.
