Incident prone Scots fail to protect themselves
As summer approaches and Scots start to head abroad for their summer break, new research by Bank of Scotland reveals that four in ten Scots (39 %) have been the victim of a travel incident such as delayed or lost luggage, theft, medical emergencies or flight cancellations.
More worryingly, half of those who have suffered an incident abroad did not have travel insurance in place at the time.
The finding is part of a study commissioned by Bank of Scotland to examine Scots' attitudes and behaviour when it comes to protecting themselves against life's more common incidents such as broken mobile phones, lost luggage or vehicle breakdowns.
Scots run the risk of an uninsured summer break
The research serves as a stark warning to the four in ten Scots (39%) who are planning to take their summer holiday abroad this year. More than a third (38%) of this year's holidaymakers have still yet to take out travel insurance. The study also reveals that one in five sun-seeking Scots (18%) have travelled abroad without insurance in the last six years. Whilst some of this year's holidaymakers are planning to delay their insurance arrangements to the last minute, past experience suggests that many simply won't bother.
Scots fork out £194million on lost or broken phones
Travelling abroad is not the only activity frequently neglected by Scots when it comes to insurance. Scots have shelled out a staggering £194 million for replacing or repairing broken or lost mobile phones due to a lack of adequate cover². Six in ten Scots (59%) have lost or damaged their phones at least once in their lifetime, and a third (33%) have lost or damaged their phone within the last year. However, nearly three quarters (71%) of all Scots who have broken or damaged their phones have not been insured against damage or loss resulting in the huge £194million bill. Ironically, the most popular reason provided by Scots for not taking out insurance is that they didn't want to pay the additional cost of insurance.
Breakdowns not covered for a third of Scots
Although eight in ten (80%) Scots own a car, breakdown cover is also frequently overlooked. Nearly half (48%) of Scots have broken down at least once over the last five years. Of these, approximately a third (31%) did not have any roadside cover in place. By far the most common excuse for those who didn't have any cover in place was that the car had always seemed reliable. A similar number of people said that either they couldn't afford the cost of breakdown cover or that they simply did not want to pay the additional cost of cover.
Lisa Stephenson, Head of Customer Experience, Marketing & Communications Bank of Scotland said: "It's all too easy to dismiss the idea of securing cover against an incident that might never happen. However, as this study shows, accidents do happen and, for more common incidents like losing our luggage on holiday, breaking down or losing our mobiles, most of us don't realise the benefits of insurance until it's too late. The cost of not taking out insurance can far outweigh the cost of being well prepared."