Buying a travel insurance policy nearly 300 days in advance of the trip costs an average of £18.16 per person.

But buying the same policy on the day the cruise departs will cost an average £115.83, an increase of £97.67, or 540%.

It’s recommended that you buy any type of travel insurance as soon as you book a holiday so you have cover in case the holiday company goes into administration or the trip is cancelled. With travel insurance in place you should be able to claim back any money you have already spent.

And the data from Go.Compare shows the huge cost saving too for those who buy their cover early.

Earlier this year, the comparison website found that 28% of holidaymakers take out travel insurance on the day of the trip, 19% buy it the week before, and 24% the month before. Just 24% of travellers said they buy it six months in advance.

For those who do leave travel insurance until the last minute, it’s important to note that some insurers prevent people from claiming in the first 24 hours of a policy being bought.

Cabin confinement and missed departures

Ceri McMillan, Go.Compare’s travel insurance spokesperson, explained that while a standard travel insurance policy will provide cover for many eventualities, such as having to cancel your trip, medical expenses or to help replace lost or stolen possessions if you’re going on a cruise “there are other risks that won’t be included in a standard travel policy”.

Cruise insurance works slightly differently to standard travel insurance and includes elements such as visiting multiple countries and any extra activities you are taking part in. It may also include missed departures and days when the cruise is unable to sail because of bad weather.

You may also be covered for “cabin confinement cover” if the ship’s doctor has told you to stay in your cabin because you are unwell and you’ll be covered if you need to be airlifted to a hospital.

McMillan added: “You can obviously buy travel insurance right up until the point you leave home for your trip, but purchasing your insurance earlier could save you money, as well as ensure you are covered for cancellation, which is one of the main reasons people claim on a travel insurance policy.

“In those instances, booking insurance right after you started paying for your trip could save you considerable money and stress.”