You are here: Home - Insurance - News -

Why you should buy travel insurance as soon as you book a holiday

Written by: Paloma Kubiak
Holidaymakers are urged to buy travel insurance as soon as their trip is booked as it’s revealed over a third of claims are due to cancelled holidays.

According to industry trade body the Association of British Insurers (ABI), 34% of claims are due to cancelled holidays.

And this can cost travellers dear as the average claim stands at £833, with an overall total of £145m.

Research by Co-op Insurance also revealed that 37% of UK holidaymakers are risking more as they’re not taking out travel insurance at all.

A further one in six said they left it to the last minute as they bought travel insurance the day before or on the day of their trip.

Co-op warns that for families travelling with children, it’s essential to get the right cover in place as it’s research revealed that over a quarter of parents (26%) have cancelled or have considered cancelling a holiday because their child was unwell.

Colin Butler, head of travel insurance at Co-op, said: “It concerns me that so many people are either leaving insurance to the last minute or not taking it out at all. By taking out cover people are covering themselves for scheduled airline failures and sickness.”

Top tips when taking out travel cover

Butler lists these three tips for taking out travel insurance:

  1. Check your insurer covers you for SAFI (scheduled Airline Failure Insurance), protecting you in the event the airline you’re flying with goes bust
  2. Be honest with any medical conditions you may have to ensure that if you do need to claim on your insurance, you’ll be fully covered
  3. Buy as soon as you book. When it comes to travel insurance, it’s always best to take it out as soon as you book a holiday. This way, if there are any unexpected changes or cancellations before the trip, you’ll be covered.

Related: See’s The essential money-saving guide for your 2018 holiday for more information.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • "The government needs to support the removal of non-ACM cladding from buildings that are under 18 metres as well,"…
  • RT @DASLegalUK: The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty items, ret…
  • The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty it…

Read previous post:
TSB takes £176m hit over IT fiasco

TSB swung into the red in H1 2018 following the bank’s IT meltdown in April as it counted the multi-million...