Around 11 million UK travellers risk losing their holiday money each year. Learn how to avoid this costly travel insurance mistake.
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Ah, holidays – that time of year we all look forward to.
Whether you’re dreaming of sandy beaches, exploring ancient ruins, or just finding some peace in a cosy cottage, the last thing you want is a mishap ruining your plans.
But here’s a depressing fact: over 11 million UK travellers are taking a big risk by not getting their travel insurance sorted as soon as they book.
Waiting until the last minute
New research from Co-op Insurance reveals that a whopping 11 million UK holidaymakers only buy travel insurance up to two weeks before they jet off.
Some even wait until the day they leave!
This is a bit like packing your suitcase an hour before your flight – it’s stressful, and things can easily go wrong.
Financial risks
Think about it: you’ve spent an average of £1.1K on your dream holiday.
That’s a lot of money!
But if something goes wrong and you can’t travel, you could lose all that cash.
Co-op Insurance’s data shows that the average travel insurance claim is over £700.
That’s not pocket change!
And in 2023, one unlucky traveller had to claim over £22K.
Without insurance, that’s a huge hit to the wallet.
And it’s not just trips abroad. Even if you travel in the UK (maybe you got a bargain Sun £9.50 Holiday or are heading to one of the best Haven parks), insurance is still worthwhile.
Timing is everything
Buying travel insurance when you book your trip is like having a safety net.
It doesn’t just protect you while you’re away.
It covers you before you even leave.
If you have to cancel your trip due to an emergency, you won’t be left out of pocket.
Graham Lush-Ward, Head of Travel Insurance at Co-op Insurance, puts it plainly: “Failing to take out adequate insurance at the point of booking your holiday could mean losing your money altogether.”
Annual travel insurance – is it for you?
You might want to consider annual travel insurance if you’re a regular traveller.
This can be more cost-effective if you take multiple trips a year. Plus, it saves you the hassle of buying a new policy every time you book a holiday.
Despite the benefits, over half of people surveyed by Co-op Insurance only buy single trip policies, even though nearly a third of them take two or more trips a year.
Some think annual policies cost more, while others haven’t even heard of them.
Final thoughts
Don’t leave your travel insurance to the last minute.
Sort it out when you book your holiday to protect yourself from unexpected costs.
And if you’re a frequent flyer, an annual policy might be the way to go.
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Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.