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Bank holiday breaks blow budgets apart

Bank holiday breaks blow budgets apart

Category: Travel insurance

Updated: 26/11/2012
First Published: 24/08/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The majority of holidaymakers will leave their budget at the boarding gate when they jet away this Bank Holiday, new research has revealed.

More than half of Brits surveyed by MasterCard admitted that last minute foreign getaways over the Bank Holiday weekend can end up costing them as much as their annual week in the sun.

The new research also shows that two thirds of holidaymakers feel that mini-breaks leave them paying out more than they expect.

Around two million sun-seekers will take to the sky this weekend, yet only one in four adults set a budget and always manage to stick to it when they go away.

Another quarter admitted to never even setting a budget.

Underestimating the real cost of excursions, food, drinks, gifts and souvenirs all contribute to hitting holidaymakers in the pocket.

Meanwhile one in five admitted to being caught out by the cost of getting ill overseas, a worryingly high number considering the significant expense that can build up when seeking medical attention abroad.

Recent research from Sainsbury's Travel Insurance found the average medical claim on travel insurance policies made by British tourists falling ill abroad has risen to £1,333.

Medical bills were shown to be most expensive in the USA , with policyholder claims averaging £4,725.

However, even the cheapest country in which to fall ill and require hospital treatment, Greece , costs an average of £422.

The travel insurance provider said the findings demonstrate just how expensive holiday illnesses and accidents can be and urged holidaymakers to ensure they invest in good quality travel insurance.

"It has been widely reported that healthcare costs are rising far faster than the rate of inflation, not just in the UK but in other countries as well, so ensuring you have adequate cover and peace of mind while you travel abroad is more important than ever," said Scott Gorman, Sainsbury's Travel Insurance manager.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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