A recent survey, reports that around 15.4 million British holiday goers are still planning to travel abroad during the next 12 months without taking out travel insurance, according to the financial company, American Express.
The findings come after it was found that people in Britain are trying to save their finances and cut back on expenses.
Chris Rolland, Head of American Express Insurance Services said: "As the cost of living rises and there is less money left over at the end of each month, our research shows that one in four Brits are struggling to meet the cost of holiday insurance. If it is a case of people cutting back on travel insurance in order to afford their holidays then perhaps they should think twice before booking.
"Should something happen, the current economic market means that the last thing Brits need now is an unexpected bill.
"If people are planning more than one trip this year, they should opt for an annual travel insurance policy instead; it will save them more money in the long run and help them to avoid being financially stung while they should be relaxing on holiday.
"in the face of the credit crunch, which is effecting the pockets of holiday goers, travel operators and airline companies it is ever more important to take out travel insurance products, which can provide support if it is ever needed.
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