17 May 2023 , 11:14
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Martin Lewis has issued a "desperate" warning to everyone who has booked a holiday abroad this summer but has not yet bought their travel insurance.
The warning was made in the recent Money Saving Expert (MSE) newsletter where Martin shared how his "heart sinks" when he hears stories from people who hadn't got around to it and had lost money.
The financial guru urged everyone to get travel insurance "ASAB" or "As Soon As You Book" your trip to ensure you are covered before you’re due to jet off.
Martin explained how often people lose money if they are faced with a serious diagnosis, a redundancy or a bereavement and can't travel because of it.
Sadly, these circumstances will not result in a flight or hotel refund unless you have travel insurance or booked the holiday with a free cancellation.
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In his newsletter, he wrote: "Summer is nearing. If you've booked a holiday abroad, and don't have travel insurance, do it now, today, do not delay.
"I admit I say this with a hint of desperation. EVERY summer, my heart sinks after someone asks me a question who'd had 'getting travel insurance' on their to-do list, but didn't prioritise it."
“So let me be blunt. Unless you booked with free cancellation, being ill doesn't give you rights. It's like arguing you can return a tennis racket as faulty because you have a broken arm."
Martin explained how half the value of your insurance is protection before travelling.
What is travel insurance?
Travel insurance is designed to compensate you if you experience major problems while travelling abroad and when you're on holiday.
This can include flights are cancelled, your airline goes bust or you need medical assistance when abroad.
The type of insurance you get depends on your circumstance such as how many trips you go on a year, where you are going and who you are travelling with.
If you are only going away once you can get cover for a single trip, if you are going away more than once you can get annual travel insurance.
You may also need a specific type of insurance if you are travelling in Europe or worldwide.
You can also get cover for your entire family or group rather than just for each single person.
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The weekly newsletter also compiled a list of all the latest deals available for lone travellers, families, people over 65 and those with pre-existing medical conditions.
According to MSE, the cheapest deal you can get for a single trip can be as low as £9 for a single trip.
You can view all the travel insurance options and deals on MSE.com here.