Nearly a third of those claim they do not need travel insurance, while a fifth say they cannot afford it, blaming the current credit crunch, according to a poll of 1,000 travellers. The survey found that those aged 55 to 64 were least likely to take out travel insurance, only 32 per cent were doing so, compared with more than two thirds of those aged between 16 and 24. “It’s a false economy to do without travel insurance and it should be regarded as a holiday essential," said Steve Johnson, head of insurance at Sainsbury’s Finance. “It’s just as important as packing your passport." Repatriation from the United States could leave holidaymakers with a £70,000 bill, while a stay in an intensive care unit in a Mediterranean hospital could cost almost £1,000 a day. “Travel insurance can cover cancellations, lost cash and valuables and emergency medical treatment," said Erfan Hussain, a spokesman for the Association of British Insurers. “While such events are always stressful, travelling with insurance gives some peace of mind to holidaymakers that they will not be left stranded abroad without cash or facing potentially large hospital bills if they fall ill or are injured."