The UK Post Office is slashing the cost of its travel insurance policies during the summer of 2007, in a bid to encourage travelers to take out adequate cover for their summer break.

From July 2, 2007 until August 31, 2007, prices on annual travel multi-trip policies will be cut by GBP10 per person, while single trip policies for six days or more will be reduced by GBP5 per person. All policies are available for cover in Europe or worldwide.

According to figures from the Post Office, almost half (47%) of those surveyed admitted to not taking out any travel insurance when going abroad. When asked why, 46% said that they considered it a waste of money and didn’t think they needed it. One in eight people (14%) said that they forgot, while a further 12% said that the cost puts them off purchasing insurance.

Holidaymakers in London are the highest risk-takers, with 55% admitting they had gone away without insurance at least once, while travelers from Scotland, the Midlands and Wales and the rest of the south of the UK are slightly more cautious. In contrast, people in the north are the most prepared, with 57% saying that they had never traveled without cover.

Travelers buying Post Office travel insurance online will also benefit from the new summer discounts, as well as receiving a further 10% cost reduction through the Post Office website.