As the UK shivers through sub-zero temperatures, thoughts are turning to winter sun getaways. However, financial guru Martin Lewis has issued a stark warning to holidaymakers, urging them to secure travel insurance the moment they book their trip.
The Critical 'As Soon As You Book' Rule
In his latest weekly email, the founder of MoneySavingExpert.com emphasised that the 'As Soon As You Book' (ASAB) rule is not merely an organisational tip. 'It's because one of the big protections of travel insurance is to cover you in case something happens before your trip that means you can't go,' Lewis explained on his website.
He highlighted a common and painful scenario that emerges each year, where individuals diagnosed with serious conditions, such as cancer, find they cannot travel due to treatment. With non-flexible bookings, airlines and hotels are not obliged to refund, leaving travel insurance as the only potential recourse. 'Yet some say: "but we haven't got round to getting it yet!" And that's the painful moment, as then there's often little left to try,' Lewis added.
Alarming Number of Brits Risking Financial Ruin
This warning comes against a backdrop of concerning statistics. A recent study found that nearly half (46%) of all Brits have travelled abroad without any form of travel insurance. The figure is even more pronounced among younger travellers, with two-thirds admitting to going without health cover.
This leaves a vast number of people exposed to potentially catastrophic costs, including:
- Medical emergencies and repatriation.
- Last-minute flight cancellations.
- Lost or stolen baggage and personal belongings.
According to polling data, the most common travel insurance claim is for trip cancellation due to illness, injury, or bereavement, accounting for 49% of cases. Travel delays are also a major factor, making up 48% of claims.
The Dangerous Temptation to Hide Medical Conditions
Compounding the risk, new research from Gigasure reveals a troubling trend: one in four (24%) holidaymakers intentionally withhold pre-existing medical conditions when buying insurance to secure a cheaper premium.
Lewis offered a final crucial caveat regarding the ASAB rule: 'While ASAB is the safest route, it isn't 100 per cent foolproof. Some firms may cancel cover if you're diagnosed with a severe illness before you go.' This underscores the importance of reading policy terms carefully.
Failure to disclose medical information, whether deliberate or accidental, can render a policy void. This means travellers could be left facing six-figure medical bills abroad with no financial protection, turning a dream holiday into a financial nightmare.
