A research conducted by the Norwich Union, to explore how the economic downturn is impacting Britons' summer travel plans, has revealed that more than half of holidaymakers give least preference to travel insurance when planning their holiday in 2008, because of credit crunch.

The research also found that more than half of Brits will take fewer holidays in 2008, and three in four are planning to take breaks in the UK rather than abroad over the course of the year in a bid to reduce holiday costs.

The research has also found that 13% of Brits are planning fewer trips to Europe than in 2007, and 8% of Brits are planning fewer long haul trips than in 2007. It has also revealed that 65% of people are intending to dip into their savings to pay for their holiday in 2008 rather than use a credit card.