Avoid this costly travel insurance mistake made by 11 million UK travelers every year.

Around 11 million UK travelers risk losing their holiday money every year. Learn how to avoid this costly travel insurance mistake.

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Ah, the holidays – that time of year we all look forward to.

Whether you’re dreaming of sandy beaches, exploring ancient ruins, or seeking solace in a cozy cottage, the last thing you want is an accident that ruins your plans.

But here’s a depressing reality: more than 11 million UK travelers are taking a huge risk by not arranging their travel insurance at the time of booking.

Waiting until the last minute.

New research from Co-op Insurance shows that 11 million UK holidaymakers only buy travel insurance for two weeks until they depart.

Some even wait until the day they leave!

It’s like packing your suitcase an hour before your flight – it’s stressful, and things can easily go wrong.

Financial risks

Think about it: you spent an average of £1.1K on your dream holiday.

That’s a lot of money!

But if something goes wrong and you can’t travel, you could lose all that cash.

Data from Co-op Insurance shows that the average travel insurance claim is over £700.

This is not pocket change!

And in 2023, one unlucky passenger had to claim more than £22K.

Without insurance, this is a huge loss to the wallet.

And it’s not just trips abroad. Even if you travel within the UK (maybe you’ve got a £9.50 Sunday off or you’re heading to one of Haven’s great parks) insurance is worth it.

Timing is everything.

Buying travel insurance is like having a safety net when you book your trip.

It doesn’t just protect you when you’re away.

It covers you. First You leave too.

If you have to cancel your trip due to an emergency, you won’t be left out of pocket.

Graham Lush Ward, Head of Travel Insurance Co-insuranceputs it bluntly: “Failure to take out adequate insurance when booking your holiday could mean a complete waste of money.”

Annual Travel Insurance – Is It For You?

If you are a frequent traveler, you may want to consider annual travel insurance.

It can be more cost-effective if you make more than one trip a year. Plus, it saves you the hassle of buying a new policy every time you book a vacation.

Despite the benefits, more than half of people surveyed by Co-op Insurance only buy single-trip policies, although almost a third of them take two or more trips a year.

Some think annuity policies cost more, while others haven’t heard of them.

Final thoughts

Don’t leave your travel insurance until the last minute.

Set this up when you book your holiday to save yourself from unexpected expenses.

And if you’re a frequent flyer, an annual policy may be the way to go.

Read next:

Travelers could be caught out by expensive mobile data roaming charges this summer.

Save up to 45% on travel: The costliest mistake you’re making when booking hotels.

Naomi WillisNaomi Willis
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