Biba stresses importance of travel insurance
travel insurance is just as important as your suitcase, according to the British Insurance Brokers' Association (Biba).
Technical and corporate affairs executive Graeme Trudgill said: "There are many benefits to having travel insurance and it's very cheap."
He said that people who are lucky enough to be able to afford a holiday in these difficult times should be able to pay about £14 a week for insurance in Europe.
Mr Trudgill added that the European Health Insurance Card (EHIC) should not be travellers' sole safety net as it only covers "basic reciprocal health".
For winter holidaymakers who opt for skiing trips many medical centres on slopes are private, so the EHIC will not cover health costs.
A survey by uSwitch.com showed that almost half of Brits have cancelled insurance policies in a bid to save money in the current economic climate.
A broken leg in the US could cost up to £24,000 and a week's hospital stay in Greece ranges from £4 000 to £5 0, according to the Foreign and Commonwealth Office.