Waiting to buy travel insurance may become costlier

by Jonathan Adams

Around a third (34%) of travel insurance claims made by holidaymakers are for cancellation costs, according to figures from the Association of British Insurers. The average claim value is around £700.

It seems that in the excitement of finding the perfect destination and holiday, travels put insurance to the back of our minds.

When insurance is considered, it’s often only at the last minute.

Analysis of travel insurance purchases made through Gocompare.com last year shows that more than half (56%) arranged cover within a week of their departure date. Amazingly, 9% did so on the day of departure.

Only a small number of insurance policies purchased the previous year, were bought more than a month ahead of the trip and comprised a mere 16% of the lot.

Gocompare has come with the Foreign & Commonwealth Office (FCO) to raise awareness of the risks of not having cancellation insurance in place well before you travel.

Campaigns Manager from the FCO’s Know Before You Go team, Cara Fortune said, “Booking a holiday can be costly and it can be tempting to postpone things to the last minute.

“Our advice is to start early and plan carefully.

“It is always worth spending a bit of time to make sure you have the right type of travel insurance for your trip.”

While it’s good to arrange travel insurance early, don’t buy your holiday company’s or travel agents’ packaged cover without first shopping around.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more