Martin Lewis warns missing step when booking break can lose you money | Personal Finance | Finance

Top finance expert Martin Lewis has urged Brits not to miss a vital step when booking a holiday. Failing to do this could see you lose thousands of pounds.

On his website, Money Saving Expert, Martin Lewis warned that holidaymakers need to secure travel insurance as soon as they book. Leaving it too late could result in you being out of pocket if something goes wrong – even before you set off.

His MSE site kicked off by saying: “Booked but not got  travel insurance yet? Do it now! Martin’s been yelling ‘get travel insurance ASAB’ (As Soon As you Book) for years. 

“Yet still too many excitedly book their holiday, then leave insurance till the last minute. That’s a mistake – half the cover’s value is protecting you before you go, in case something stops you going. So if you’ve booked and not got cover, do it right now!”

Speaking from experience, Martin continued: “Every year, a few people contact me after something awful, such as a cancer diagnosis that needs chemo, but the airline or hotel won’t refund them (they don’t have to). I tell them: ‘That’s what insurance is for, speak to your insurer.’ 

“But if they haven’t got it yet, no matter how horrid the circumstances, there’s nothing that can be done. Don’t be that person.”

Where to get travel insurance

Experts at MSE shared some of the best value travel insurance options that are Financial Conduct Authority-regulated. If you go abroad at least twice a year they recommended getting an annual policy.

MSE said: “If you’ll go abroad at least twice a year, even just for weekends, annual cover usually works out cheapest. It covers virtually all trips away, though often has a duration limit of a max 30 days per trip (you can oft pay more to extend this). The exact price depends on age and circumstances, so we give the four cheapest options – check at least a couple.”

For those under age 66 they recommended checking policies from:

• Coverwise
• Admiral (use discount code MSE15)
• Leisure Guard Flexi
• Urban Jungle 

For over-65s they recommended:

• Admiral (use discount code MSE15)
• Urban Jungle 
• Leisure Guard Flexi 
• Saga 

If you’re only going away once in a year it’s probably best to get single-trip insurance. “For those who just want to cover one trip (or may need specialist cover for it), enter the dates you’re travelling, even if months ahead, and you’ll be covered for cancellation from the moment you pay,” MSE said.

For those under age 66 they recommended looking at:

• Coverwise
• A to Z Insurance 
• Admiral (use discount code MSE15) 
• Leisure Guard Flexi 

For over-65s they recommended:

• A to Z Insurance 
• Admiral (use discount code MSE15)
• Leisure Guard Flexi 
• Coverwise

You must remember that if you have, or have ever had, a physical or mental health condition, you’ll usually need to declare it to the travel insurer. In some cases, it changes nothing.

To compare travel insurance options you can use the MSE cheap travel insurance finder tool here.