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Waiting to buy travel insurance can be costly

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Even so, the moment you’ve settled on your break in the sun, it pays to think about insurance.

Leave yourself without cover and, in the event of having to cancel, you could find yourself badly out of pocket.

Figures from the Association of British Insurers show that around a third (34%) of travel insurance claims made by holidaymakers are for cancellation costs, with an average claim value of around £700.

In the excitement of finding our perfect destination, it seems we put insurance to the back of our minds.

If we do consider it, it’s often only at the last minute.

Analysis of travel insurance purchases made through last year shows that more than half (56%) arranged cover within a week of their departure date. Amazingly, 9% did so on the day of departure.

By contrast, just 16% of travel insurance policies purchased last year were bought more than a month ahead of the trip.

Gocompare has joined forces with the Foreign & Commonwealth Office (FCO) to raise awareness of the risks of not having cancellation insurance in place well before you travel.

Cara Fortune, Campaigns Manager from the FCO’s Know Before You Go team, said: “Booking a holiday can be costly and it can be tempting to postpone things to the last minute.

“Our advice is to start early and plan carefully.

“It is always worth spending a bit of time to make sure you have the right type of travel insurance for your trip.”

While it’s good to arrange travel insurance early, don’t buy your holiday company’s or travel agents’ packaged cover without first shopping around.


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