Martin Lewis, founder of MoneySavingExpert.com, has issued a 'crucial warning' for anyone who has booked or is planning to book a holiday abroad. The alert, shared on his podcast and social media, urges travellers to purchase travel insurance as soon as possible after booking (ASAB).
Speaking on the Martin Lewis Podcast on BBC Sounds, Lewis explained that half the value of travel insurance lies in covering pre-departure incidents such as illness, redundancy, or jury duty. Delaying purchase could leave travellers unprotected if something prevents them from travelling.
For single-trip policies, Lewis advises buying the policy immediately and setting the cover dates to match the trip. For annual multi-trip policies, the policy must be active from the date of purchase, not starting later. If an existing annual policy expires before the holiday, a new policy should begin the day after the old one ends to ensure continuous cover.
Data from the Office for National Statistics shows UK residents took 94.6 million trips abroad in 2024, up from 86.2 million in 2023, with 59% having taken an overseas holiday in the past year. Lewis emphasised the importance of not leaving insurance until the last minute, as many annual policies can only be bought up to 90 days in advance.
Travel insurance protects against significant financial losses, including medical expenses, trip cancellation, lost baggage, and emergency repatriation. Lewis urged all travellers to review policy terms and exclusions carefully.
