Is it tough to guess who is most likely to travel without insurance?
Travel insurance is protecting against thousands of pounds worth of medical expense. Visiting some countries, such as the United States with their famously high medical costs can mean travel insurance is difference between bankruptcy and financial security.
So who is taking the risk? It should come as no surprise that younger UK travelers are the most likely to forgo travel insurance. While only 14% of travelers aged 55 and older decided not to buy travel insurance, a massive 40% of travelers aged 18-24 travelled uninsured, according to a study done by ABTA, the Association of British Travel Agents. You might think that with age comes wisdom. Shockingly, the age group of 25-34 had a rate of 38% of travelers going abroad uninsured.
Less networth, less health problems
It is easy to understand the mentality. Younger people have less net worth, and declaring bankruptcy is much less scary when you have only a few thousand in assets, or are drowning in student debt. Younger people also have had less serious health scares, leading them to feel invulnerable. The mentality of “it won’t happen to me” is prevalent in the millennial generation.
Family assets at risk
Even if you do not have a large amount of assets or money in your bank account, the small cost of travel insurance is worth it. If you do have high medical bills, it is not just you who is at risk for financial burden. Your family may be on the line, forced to scramble to get together the money for your medical bill because you decided not to buy insurance. Retirements get delayed, college funds raided and dreams quashed by risky behavior. Some countries do not provide medical assistance until payment is readied. This is quite unlike many first world countries that must accept you in the case of emergency. When travelling, do your research. You may be travelling to a locale where you could perish in hospital while the hospital waits to see if you can pay.
Are you covered for everything you want to do?
Ensure you read the fine print of your travel insurance policy. Are you covered for everything you want to do? If you are enganging in higher risk sports and activities, as younger travellers are more likely to do, you may need to look into more specialized insurance such as ski insurance. Are you reading this article while on vacation and scared by the fact that you are not covered? We have a guide on purchasing travel insurance abroad which may be of service to you.