Martin Lewis issues holiday warning you need to hear

Money saving expert Martin Lewis has issued a 'desperate' warning to Brits planning a summer holiday this year, urging everyone to get travel insurance the minute they book their getaway. 

But many families might not realise the importance of having travel insurance as recent research from Go.Compare suggested that only 24% of people had taken out travel insurance within six months of travelling. But by leaving the purchase of travel insurance until just before you leave, or not getting it at all, you run the risk of losing out financially. The warning really hits home as easyJet cancelled flights, causing havoc for those whose travel plans were disrupted.

Martin Lewis has also shared other tips to avoid any sneaky charges while on holiday, from his warning about data charges while abroad, to his advice for paying by card or using cash machines while in another country.

The guru has made a name for himself over the years by sharing his insightful tips to help people manage their money, and more recently, to help them navigate the cost of living crisis, including sharing the simple check to help families avoid a household bill hike. He has also revealed a handy trick he uses to save money on medication and shared a pretty useful council tax tip that could save you £100.

But with summer holiday season just around the corner, Martin Lewis is urging everyone to make sure they get travel insurance "ASAB" or "As Soon As You Book," to ensure you are covered before you leave the country.

Goodto.com's Money Editor Sarah Handley adds: "In the excitement of going on holiday, it's easy to have a really optimistic mindset, thinking that everything will go as planned. But sadly, life isn't always like that and things can go wrong. Travel insurance gives you peace of mind that if the worst does happen, you won't be left in the lurch financially."

• Find travel insurance with Go.Compare

Martin Lewis explains why you need travel insurance

Martin Lewis shared that people often lose out on holiday refunds if they are faced with a serious diagnosis, a redundancy or a bereavement and can't travel because of it, all because they haven't got insurance. Unfortunately, he explains that while these circumstances are upsetting, they will not result in a refund for a pre-booked flight or hotel unless you have travel insurance or had booked the holiday with a free cancellation condition.

In his newsletter, he wrote, "Summer is nearing. If you've booked a holiday abroad, and don't have travel insurance, do it now, today, do not delay. I admit I say this with a hint of desperation. EVERY summer, my heart sinks after someone asks me a question who'd had 'getting travel insurance' on their to-do list, but didn't prioritise it."

“So let me be blunt. Unless you booked with free cancellation, being ill doesn't give you rights. It's like arguing you can return a tennis racket as faulty because you have a broken arm."

Ceri McMillan, travel insurance spokesperson for Go.Compare, adds: “Too many people think of travel insurance as something that covers problems while you’re away, but accidents and illness can strike anyone at any time. Cancellation is one of the main reasons people claim on a travel insurance policy. In those instances, having booked insurance right after you started paying for your trip could save you considerable money and stress.”

Martin Lewis shared that people often lose out on holiday refunds if they are faced with a serious diagnosis, a redundancy or a bereavement and can't travel because of it, all because they haven't got insurance. Unfortunately, he explains that while these circumstances are upsetting, they will not result in a refund for a pre-booked flight or hotel unless you have travel insurance or had booked the holiday with a free cancellation condition.

What does travel insurance cover?

There are different types of travel insurance, though the general idea is that it allows you to be compensated if you happen to experience any major problems before or while you're travelling abroad. Problems can include situations such as your flights being cancelled, your chosen airline going bust, losing luggage or finding yourself in need of medical assistance when abroad.

Go.Compare's Ceri McMillan, explains: “As well as cover for cancellations, travel disruption, personal liability and lost or stolen baggage, travel insurance can cover medical expenses in the case of illness or accident, plus pay for the cost of repatriation if needed."

Earlier this year, in his Money Saving Expert newsletter, Martin Lewis drew attention to the same emotional subject: "Each spring without fail, someone asks me a heartbreaking question. Usually they’ve been diagnosed with cancer or another serious condition that needs long-term treatment, and they won’t be able to go on their summer holiday. Yet the airline won’t refund them – within its rights as the ticket is not faulty.

“I say, ‘That’s what travel insurance is for’. Sometimes though, they tell me they haven’t got round to getting it yet. My heart sinks as I have to tell them there’s no recourse. Half the point of the cover is to protect you if things happen that stop you going, so get it ASAB – As Soon As You Book.”

If you are going on holiday and don't have travel insurance yet, make sure you book it as soon as possible. You can find the right travel insurance policy for you using a price comparison website, such as Go.Compare.