People mostly take out travel insurance to cover themselves if anything goes wrong whilst they’re on holiday, but what about the lead up to the holiday? There are many horror stories about people booking holidays months in advance and having to cancel. According to the Association of British Insurers (ABI), around 34% of travel insurance claims in the UK are for cancellation costs.
If like most people, you’ve booked a holiday in advance, you could be waiting weeks or even months until you travel. But there’s no way of telling what could happen between the date you booked your holiday and the date you travel. Unfortunately, there are many reasons why your holiday might not go ahead as planned including your tour operator going bust, you or a family member falling ill or a crisis at home, such as being made redundant.
Having an insurance policy in place from the minute you book your holiday means that you’re more likely to get your money back if you need to cancel. If your holiday is cancelled for one of the reasons covered by your policy, you’ll be able to reclaim the cost of your holiday up to the cover limit, minus the excess.
Experts recommend that you take out a travel insurance policy within 15 days of booking your holiday because you’re likely to be offered extra cover at no additional cost. You could benefit from:
- Cover for pre-existing medical conditions
- Additional accidental death and dismemberment coverage
- Terrorism occurring in a city that you’re travelling to
- Tour-supplier bankruptcy protection
You’ll never regret taking out a policy too early but you could be making a huge mistake if you leave it until the last minute.