Brits pack £32 billion worth of holiday luggage

Brits travelling abroad this summer will be packing their suitcases to the brim, but many are taking a risk on travel insurance, and heading off without adequate cover for not only their belongings but also themselves, according to MoneySupermarket.

The comparison site asked British holidaymakers to think about the items they pack for one week away - and what the typical value of their luggage is.  The research revealed the average value of a suitcase and hand luggage combined is £1,440 per person - or a staggering £32 billion for the nation's holidaymakers travelling abroad.  Those living in London and the South West have the most expensive suitcase contents, admitting their holiday luggage costs £1,621 and £1,735 respectively. 

Two million unlucky Brits (or four per cent) have suffered a luggage trauma having either lost their suitcase while on holiday or had it, or items from it, stolen in the past.  Worryingly, eight per cent of those surveyed - or four million Brits - have never bought travel insurance for a holiday abroad6 leaving them not only without cover for their costly suitcases, but also with no protection for medical emergencies or other unfortunate eventualities travel insurance is designed to cover.

Bob Atkinson, travel expert at MoneySupermarket, said: "Whether you leave it right until the last minute, or spend weeks preparing, packing your suitcase marks the beginning of a getaway - and we Brits are stuffing our cases to bursting point.   It seems there is no such thing as travelling light; as a nation we are wheeling around a staggering £32 billion worth of possessions for just one week away, including £8 billion of cash. Unsurprisingly in this age of handheld gadgets, more than eight million of us can't leave home without ‘essentials' like a laptop and iPad. All of which have increased the value of our holiday luggage. Worryingly, we don't seem to have considered this when it comes to taking out adequate travel insurance."

MoneySupermarket research found people rarely travel with the correct level of insurance for their possessions.  Among the holidaymakers with travel insurance who knew what they were covered for, only one in five (19 per cent) had the right level for their belongings; a third (30 per cent) were underinsured - leaving themselves at risk - and half (51 per cent) were over insured.  This compares to 35 per cent of those surveyed who assumed that they would be over insured.

Bob Atkinson said: "It's important to make sure you have the right level of cover in place for your holiday. Don't let the prospect of a week away distract you; if you're underinsured you could be left out of pocket if you have to make a claim for lost or stolen items.

"When taking out a travel insurance policy to ensure your possessions are covered to an adequate level you need to bear in mind any single item limits that might be listed and whether you have anything you intend to take with you that exceeds that. Especially watch out for items such as mobile phones, cameras, jewellery and designer clothing, all of which could easily exceed a lower limit. You should look for cover that will protect expensive individual items and also pay attention to any limits on the amount of cash covered by the policy. Excess levels on travel insurance are important to look over to ensure that they are representative of the cover and aren't set too highly. Paying out a large amount upfront to put in a claim, may mean claiming isn't worthwhile.

"I recommend Brits take out cover as soon as they have booked a trip; it's not just possessions you need the right level of cover for, but cancellation and medical expenses too.  Scour the small print of the insurance policy before you buy, and remember the cheapest policy might not the best value for you so really think about what you need so you can travel with peace of mind that you, your family and your prized possessions will be covered should your holiday not turn out quite the way you planned."

MoneySupermarket recommends at least the following level of cover:

£2m for medical expenses
£1m personal liability
£3000 cancellation - or enough to cover the total cost of your holiday
£1500 baggage
£250 for cash
Policy excesses under £100
Cover for scheduled airline failure and end supplier failure as desirable
Delay cover (e.g. £20/hour for first 12 hours).