Tuesday, March 23, 2010
Category:
Secured Loans
According to research conducted by Aviva, 64 percent of prospective holidaymakers are planning an overseas vacation this year.
However, it was also found that 25 percent will not be spending as much as they have done in years gone by. Furthermore, findings have shown that 31 percent of holidaymakers will either be travelling without travel insurance or they have not yet decided whether to purchase it.
With regard to holidaymakers who are not planning to spend as much on their main holiday this year, penny-wise approaches reportedly include setting a daily holiday budget (62 percent) and not purchasing new holiday clothes (45 percent). In addition, 41 percent will be opting for a self catering holiday, 40 percent will not be eating out as much during their holiday, and 31 percent will be seeking a cheaper ‘late deal’ holiday.
Travel product manger at Aviva, Jerry Finch, commented: "After a cold, gloomy winter arranging a holiday can almost seem like a necessity but with the economic outlook still uncertain it does mean most of us are also looking to be careful with our cash.
"Taking the time to unwind from the stresses of everyday life is one of the best bits of being on holiday which is probably why so many people are looking to enjoy a break this year - even if it means cutting back a little on what we spend whilst we are there!
"However, cutting back on the essential protection that travel insurance offers can be a false economy. If you haven't taken out insurance when you book your holiday you may not be covered if for example, you had to cancel your holiday, so don't leave it too late.
"Remember accidents and illnesses do happen on holiday, and you could end up footing an expensive medical bill if you haven't taken out travel insurance.
"In one case, whilst on holiday in Barbados, a customer suffered lacerations when the sink collapsed. They needed medical attention and help travelling home at a cost of £1,355. Fortunately, this tourist had taken out travel insurance so everything was taken care of by us and they probably looked back on that annual policy premium of £52 as being money very well spent!
"Don't forget that the EHIC is not a substitute for insurance. If you need to be airlifted home or to get a refund on any unused accommodation because you were in hospital you will have to pay for this yourself and the cost of an air ambulance can run into thousands of pounds!
"To keep costs down just buy what you need - if you are likely to take more than one holiday in a year then check if annual insurance could save you money. This will cover you for any holidays as well as those last-minute shopping weekends and having one policy done for the year saves time too.
"If on the other hand, you know you will only be taking one holiday this year then single trip insurance would be a better option.
"Shop around and compare the amount of insurance cover, not just the price! Whatever you do - don't travel without insurance!"
……………………………………………………………………………………………….....
Homeowners who are finding everyday living costs a tight, let alone holiday costs, could consider taking out a
secured loan to consolidate any debts that have been accumulated in the past. One of many finance options available, a secured loan for consolidation could allow borrowers to tie up their existing borrowings into one place, leaving them with just one monthly repayment each month. What’s more, this single monthly repayment could even be lower than the sum of current outgoings, thereby freeing up useful money each month. This extra money could potentially be set aside in a savings account – perhaps for that next get away. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
