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Travel Insurance News
Gap year travel insurance 'safeguards parental homes' - 05/12/2007
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A gap year website has recommended that travellers purchase a specialist travel insurance product to ensure their parents' home is safe.
Founder of gapyear.com Tom Griffiths said that more than 25 per cent of people leave the UK for gap years without adequate travel insurance - a move that could leave their parents' security at risk, he claimed.
"There is an issue of young people leaving uninsured and this is putting parents' homes at risk," said Mr Griffiths, explaining that medical bills abroad can be extremely costly and difficult for parents to source.
He offered the example of a traveller who fell ill on a Nepalese mountain and found that his air ambulance and medical treatment came to a combined cost of more than £50,000.
Mr Griffiths asked: "The question is what would happen if a parent suddenly faced a bill of £50,000 right now?"
Parents may find themselves in a situation of having to choose between losing their home or remortgaging and losing their life savings to meet such high medical costs for a child who went on a gap year without adequate travel insurance.
NatWest has estimated that 24 per cent of people applying to university in 2006 deferred entry until 2007 so they could take a gap year.
© Adfero
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