As the credit crunch hits Britain harder it has been revealed that nearly a quarter of British travellers are no longer keen on taking out travel insurance before heading off abroad.

According to the study from American Express many of the travellers, who try to escape the tough times in the country by going on holiday, only search for last minute holiday deals.

The insurance firm reminded that by not having a valid travel cover with them while abroad, such travellers are putting themselves at risk.

It also explained that medical issues, flight cancellation or the loss of or damage to luggage could suddenly occur and be followed by huge costs, which may have to be paid for from the travellers’ own pocket if they are not covered.

Head of American Express Insurance Services, Chris Rolland said people who have adequate insurance cover stand to enjoy their holidays, home or abroad, as they are rest assured that they are fully protected in the event of any eventuality.