Gap years (or yahs) aren’t just for school leavers and fresh graduates: there’s an increasing number of people who, having missed the opportunity to take one when they were younger, are now jetting off on a trip later in life.
A whopping 4,900,000 Brits have hit the pause button and taken a sabbatical from work, including one-third of those aged over 40. But if you’re tempted to join, there’s a little-known money pitfall you might never have thought about.
As per new research, as many as four in 10 have no idea that failing to notify their insurance provider about a trip lasting more than 30 days could invalidate their policy, while in 2024, the average claim racked up to £10,216.
Both paid and unpaid breaks are on the up, as according to MoneySupermarket, 53% of organisations offer sabbaticals as an employee perk in their benefits packages.
However, before jet-setting off, you’ll need to ensure your insurance provider is aware of your movements – else, should you need to make a claim, they might not pay out.
Close to a fifth of Brits (17%) have admitted to going away for more than 30 days without notifying their insurance company, while nearly half of Gen Z and Millennials have either been on a sabbatical or are currently planning one.
Comparatively, the figures for Gen X and Baby Boomers rest at 30% and 24% respectively.
So, how long are people jetting off for, and why? As per the new study, 13% spent more than a year away from the UK, while 20% were gone between six months and a year.
Almost half (47%) admitted to going on a break to get away from the pressures of the 9-5, 35% said that they needed to ‘reevaluate their life,’ and 23% missed out on travelling before they entered the workforce when they were younger.
But at the same time, in 2024, claims paid out by insurers hit their highest level since 2007 – when summer floods swept the UK amid unprecedented rainfall.
Likewise, in the last five years, as many as four in 10 people have made a claim on their home insurance policy, with water damage topping the list of causes.
‘It’s great that more people have the opportunity to take a sabbatical, but there’s lots to think about when you’re planning such a big trip,’ said MoneySupermarket’s home insurance expert Kara Gammell.
‘Getting the right travel insurance is crucial, but you should also make sure your home and possessions are protected while you’re away. You need to let your home insurance provider know if you’ll be away for more than 30 days and if necessary take out unoccupied property cover to protect your home.
‘It’s as simple as a phone call or logging into your policy online to do and means you can enjoy your trip worry-free.’
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