Ensure holiday dreams don't end up a nightmare
With many Brits already booking their 2012 getaways, the count down is on for jetting off to sunny climes - but don't let it be ruined by leaving it too late to buy travel insurance, says MoneySupermarket.com.
Research from the comparison site found over half of holidaymakers (58 per cent) delay buying cover, opting not to take out travel insurance as soon as they book their holiday. A third (30 per cent) leave it to within a month of their departure date - a risky move should anything happen in the meantime that could mean cancelling a trip.
Bob Atkinson, holiday insurance expert at moneysupermarket.com, said: "Holidays often mean precious family time, and having cover in place as soon as you book your holiday ensures real peace of mind. Cover doesn't have to break the bank - a single trip policy for a family of four travelling to Spain for two weeks in August can cost as little as £11.
"It really should be a case of "book when you buy"! Taking out travel insurance when you book your break won't cost a penny more, yet as long as you've ensured cancellation is included, you'll be protected from the moment you book your travels. Beware though; don't assume you're automatically covered for all eventualities - when choosing a policy, it's vital to check exactly what you are getting as policies vary considerably. Imagine if you've booked a skiing trip for example, and you sustain an injury before you go - your holiday is dependent on you being in good health, yet without cancellation cover you face losing up to 100% of the value of your trip."
Holidaymakers also need to ensure their travel insurance covers them in the eventuality that their holiday is cancelled or disrupted due to their travel company collapsing - if not, they'll lose their hard earned cash.
Bob Atkinson, continued: "Taking out insurance with ‘end supplier failure' is a wise move. Not only will this ensure you get a full refund if your airline or accommodation provider goes bust before you leave, it will also help to cover the cost of any arrangements you need to make if this happens while you are away, such as booking a return flight."
Families should also bear in mind the number of trips they are likely to take in one year, as its often more cost effective to buy an annual multi-trip policy; annual European cover for a family of four, for example, can cost from £26. The levels of cover, particularly for medical expenses, baggage and cancellation, tend to be more generous on an annual policy too so it pays to think carefully about where you intend to travel, and when. The price of a single trip policy for a family of four travelling to the USA starts from around £28 whereas, the price of an annual worldwide (including USA) multi-trip policy for a family of four starts from around £38 and comes with half the excess charges than that of the single trip policy.
Bob Atkinson, concluded: "When comparing travel insurance policies, take some time to work out exactly what level of cover you need and don't let a couple of pounds now mean you are left under-insured when it really counts. Don't leave it till the last minute - taking cover out in advance won't cost you any more, yet you'll be thanking your lucky stars if the unexpected happens and your holiday has to be cancelled."
For the 30 per cent of people who take out insurance at the last minute; it's not too late to shop around for the right level of cover for a half term getaway. Good levels of cover can be found for a family of four spending a week in the Canaries this month for around £10.
MoneySupermarket.com recommends at least the following level of cover:
£2m for medical expenses
£1m personal liability
£3000 cancellation - or enough to cover the total cost of your holiday
£1500 baggage
£250 for cash
Policy excesses under £100
Cover for scheduled airline failure and end supplier failure as desirable
Delay cover (e.g. £20/hour for first 12 hours)