Backpackers without proper insurance 'risk parents' home and savings'

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www.moneynews.co.uk > Insurance > Backpackers without proper insurance 'risk parents' home and savings'

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Backpackers without proper insurance 'risk parents' home and savings'

Uninsured backpackers are unaware that they are jeopardising their parents' home insurance and life savings, it has been claimed.

Tom Griffiths, founder of gapyear.com, said that a quarter of backpackers going on their year-off trips leave the country without any or adequate insurance.

"We will at some point see a parent lose their house or have to downsize because they've had to pay for an emergency situation," he warned.

He said that backpackers might buy cheaper insurance without understanding the terms of it and also not realising they need cover for such activities as adventure sports.

Research by American Express has shown that 16 per cent of gap-year travellers think the safest place to store their money while overseas is in their pockets.

According to a YouGov poll, eight million British holidaymakers have had personal property stolen in the last five years.

In addition, 12 per cent would put all their cash into a handbag or rucksack, which are prime targets for thieves.

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