The UK’s money saving champion took to TVs across the country today to advise people on when they should buy their travel insurance, with one critical warning for holidaymakers
Martin Lewis has issued a major travel insurance warning for people looking into their summer holidays, urging prospective tourists to do one key thing as soon as they book.
The renowned Money Saving Expert returned to ITV today for a new episode of the Martin Lewis Money Show with sage advice for holidaymakers planning their summer breaks.
He covered costs created by the situation in the Middle East and the potential for disruptions due to the major international pressure before the season, which will reach its height between July and September.
But he warned that, regardless of when their holidays begin this year, people should make one key move immediately after they’ve booked.
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Martin said during the show that people should follow his “ASAB” rule for travel insurance and purchase an insurance plan “As Soon As you Buy”. The reason to do so, he said, was because many plans will cover bookings right up until the moment holidaymakers leave, including any pre-vacation troubles.
He advised travellers: “The reason that you do that is that half of the cover that you pay for is in case something happens before you go on the trip.”
He added that people who have booked holidays but failed to take out travel insurance immediately should “just do it now” and buy a policy. The advice, which Martin has offered previously, helped a consumer avoid a seismic £5,000 cost after they booked a holiday to Australia.
David, who wrote into Tuesday’s show, said: “I booked flights to Australia for a family group of seven to travel in March next year. I took out insurance immediately.
“One of our group is now prephant and can’t travel on the dates planned. It cost £5,000 to reschedule which I’m happy to report the insurance have covered. Thanks Martin!” Expanding on his advice, Martin said that on single trip policies, holidaymakers should get “ASAB” insurance to cover dates of a specific future trip, such as August 10 to 17.
He advised that, once the policy is bought and paid for, “you’re covered if anything happens before you go”. For annual policies, he said there was more to consider.
People with annual policies who have no cover, he said, should get a policy that is immediate from the booking, rather than their specific holiday date. Those with cover, he added, are already covered if it lasts until after the holiday ends, and those with cover that concludes before the holiday ends were advised to get a new policy covering it to the final day.
However, Martin warned that, while ASAB is the “safest route”, it is not foolproof, as some firms may decide to cancel a policy if there is a serious diagnosis.
