Research from UK-based Nationwide Building Society has revealed that one in three of Brits those questioned do not always take out travel insurance when they go on holiday, so would not be fully covered in the event of any cancellation, medical emergency or theft of personal belongings.

When asked what precautions are taken for keeping valuables, such as currency and passports, safe while on holiday, many admitted to not always using a safety deposit box, instead preferring to store them: on their person; in a suitcase; in a drawer; on the bedside table.

The research has found that over half of those questioned holiday more than once a year, yet only 30% of holidaymakers opt for annual travel insurance, preferring to take out single trip policies each time they go away.

The research has also revealed that 25-year to 34-year olds are most likely to purchase travel insurance when they go on holiday. Whereas, one in five holidaymakers in the 35-year to 44-year old age group admit to never taking out travel insurance.

Robin Bailey, insurance director at Nationwide, said: It is astounding that people are prepared to take such a gamble when traveling abroad. You never know what’s around the corner and for that reason it is vital that you have adequate travel insurance in place.