Why travel insurance matters
You might think holiday insurance sounds like an additional cost you just don’t need on top of your holiday expenses. But it's a vital part of your 'holiday peace of mind'.
As Money Saving Expert Martin Lewis told listeners to his January 2025 podcast: “Travel insurance is not just there to cover you for things that happen while you are away. One of the big bulks of it is to cover you for things that may happen before you go away - that stop you going away.”
Sources vary, but according to research* a third of holidaymakers admit to travelling without insurance - with nearly half (49%) of those in the 18-34 age bracket saying they’ve braved abroad without any kind of cover. So what exactly are the benefits of travel insurance, and what and when should you be buying?
Why do I need travel insurance?
Accidents happen. And so do lost bags, illnesses and unexpected cancellations. Travel insurance is there to help you recover your costs if any of those things happen to you while you’re on holiday, as well as providing support should you find yourself in a difficult situation. It gives you peace of mind, knowing you can pay for urgent medical attention or even buy a new beach-ready wardrobe if your suitcase ends up jetting off to a different destination. If you’re touring abroad, motoring cover will protect you in the event of breakdown or damage to your car, caravan, motorhome or campervan - plus it could provide the means for you to carry on your holiday, or even cover the costs of repatriation should your holiday end in disaster.
Do I need a multi-trip cover?
If you intend to take more than one holiday in a 12 month period it makes sense to look at an annual multi-trip policy. It’s generally a more cost-effective option than booking single-trip cover.
When should I buy my travel insurance?
Martin Lewis clearly advocates buying your insurance early, and so do we! As soon as you’ve booked your trip you’re exposed to risk, so it’s important to protect yourself and your precious time away. Book that break and buy that policy - then you can relax, knowing you're protected against financial loss if you can’t travel for any reason. (Think ferry or flight cancellations, medical issues and other mishaps…)
It’s doubly important that you buy early if you’re likely to need any kind of medical screening or health checks. This will take time, so don’t assume it’s a case of completing a quick call or online form for immediate cover. If you’re renewing a policy you should bear this in mind too. Start the renewal process in good time, as your insurer’s requirements may have changed since you bought the policy, and they may need extra information depending on where you’re going.
Enjoy your holiday!
Time away is precious and it makes sense to do everything you can to get the most out of your holiday. So don’t forget your travel insurance - then you can relax, knowing you’re covered if anything goes wrong.