Mark founded MoneyMaxim in 2008, with the aim of delivering an impartial and independent service. Mark is a regular money saving expert in the press and writes regular news and articles for the MoneyMaxim news pages sharing his views on banking, personal insurance and the utilities (gas, electricity, mobile and home phones, broadband and pay TV) market with customers.
New research from a price comparison site has showed that 58% of people delay buying cover by not purchasing it as soon as they book their holiday.
A third (30%) of them delay their travel insurance ‘homework' to within a month of their departure date, despite the fact that such a process could result in not being covered in case of trip cancellation.
According to the report, every holidaymaker should at least be covered for up to £2 million for medical expenses, £1 million for personal liability, a £3,000 cancellation fee – or enough to cover the total cost of your holiday, £1,500 for baggage and £250 for cash.
Travellers should also hold policy excesses under £100 and cover for scheduled airline failure. One insurance expert also feels that a policy with an ‘end supplier failure' option could be a good idea.
"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,” said Bob Atkinson, holiday insurance expert at moneysupermarket.com.
The sooner the better
Would you consider leaving your holiday hotel booking until the last moment? If not, then why would you consider doing so with travel insurance and car hire?
Travel insurance and car hire are the most common travel expenses that people don't consider until their departure date, or even until they arrive at their destination. However, travellers hoping to bring the costs of their holiday down should compare and book these services before leaving their country to make sure they obtain the best deals.
Get cash cheaper when you are abroad and find the best cards and accounts to use by comparing what the different travel money providers offer. To find cheap travel insurance, you should decide before comparing quotations what level of excess suits your budget, whether you would like baggage cover or cancellation cover included.