British holidaymakers are being urged not to forgo travel insurance in the face of the credit crunch, after new research suggested that 51 per cent of people would be willing to travel without protection if their finances were stretched.
The study - carried out by Norwich Union - also revealed that over half of Britons were planning to take fewer holidays this year, with a majority of people planning to pay for trips with their savings, rather than using credit cards.
Suzi Fenn, travel product manager for Norwich Union, told GMTV: "The reality is that accidents and illnesses do happen on holiday, and you could end up footing an expensive medical bill if you haven't taken out proper cover.
"For example, breaking a leg simply by slipping down some steps to a beach in Cyprus could cost you £18,000 with more than half of that expense being the cost of getting you back home."
With over £60 million paid out in claims during 2007, Ms Fenn added that "scrimping" on travel insurance "isn't worth the risk".
In order to save as much as possible, holidaymakers are advised to consider whether a single-trip policy or annual cover would best suit their needs.
According to PHA Travel, eight per cent of Britons have lost their luggage while on holiday.
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