MARTIN Lewis has issued an urgent travel warning that could set you back thousands.
On the latest episode of The Martin Lewis Podcast, he warned travellers need to have their insurance booked as soon as possible.
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The consumer expert said: “If you have booked your holiday, you need to have your travel insurance ASAB – as soon as you book.”
You need to do this because your travel insurance will mostly cover costs and eventualities from before you go away which might stop the trip from happening.
The example he gives is if someone with a cancer diagnosis needs chemo and other medical treatment before a trip, travel insurance would cover it.
He continued: “There is no point in having travel insurance that you get the day before you travel if you’ve had it booked for months, because you’re just foregoing much of the cover and much of what you are paying for.”
There are annual travel insurance policies you can check out as well if you’re travelling more than once a year, and it’s best to always use the same provider if possible.
Martin said: “It’s often simpler – if they’re giving you the same price – to have the same annual travel insurer in case you get disputes over dates that stop you from going on holiday.”
More about travel insurance
Travel insurance will mostly cover costs if flights are cancelled, your airline goes bust or if you need medical assistance when abroad.
Some policies may even cover you if your hotel has to close and you had to move accommodation, or if your flight was cancelled and you are unable to get your money back from the airline.
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It may also provide protection if you have to cancel because of an illness, redundancy or close family bereavement.
The two main types of travel insurance are single and multi-trip cover.
There is also backpacking travel insurance which typically covers you for extended period to multiple destinations.
All policies have different inclusions and exclusions, so check the policy details thoroughly so you know what you are covered for before taking out a product.
If you’re travelling in Europe remember to check if your EHIC/GHIC card is valid.
The cards are free for Brits and it is advised to take them on holiday as it gives you access to healthcare across the EU for the same prices as a local.
But holidaymakers should still take out travel insurance as the GHIC does not cover all medical emergencies.
The cards are only used for necessary medical treatment and not for non-urgent care.
It’s also important to be aware that some packaged bank accounts offer travel insurance which can beat standalone policies.
For example, Nationwide’s FlexPlus account which comes with a £13 a month fee, gives worldwide annual family travel insurance up to the age of 69.
Which is best, single trip or annual travel insurance?
When you buy insurance, you will be asked if you want cover for a single trip or multi-trip.
It can get pricey if you keep buying insurance for several trips during one year.
For example, if you have two or three holidays in a year then it can often work out cheaper to take out annual multi-trip cover instead of a single policy for each time you travel.
Check how long you can be away for on each trip with an annual policy.
These policies will usually cover you for an unlimited number of trips but some insurers cap how long you can be away for, usually around 31 days.
How do I find the best travel insurance?
Travel insurance can be purchased from travel agents and holiday companies when you book, but there is no obligation to take this.
Banks, supermarkets and insurance companies also offer travel cover and a comparison website can help you find the best product for your needs.
You will need to provide the names and ages of all travellers, the destination and any medical conditions.
Results can then be filtered based on the level of cover and the excess you want to pay.
You can also sort policies by price to find cheap travel insurance but check what is covered, as the lowest-cost deals may not always provide the best protection for you.
