An expert has warned that here is a common mistake many people make when booking their holidays.
Tax expert Andy Wood warns that people travelling this summer may not be as covered by holiday insurance as they may think. Purchasing travel insurance last-minute risks insufficient coverage for holiday cancellations and pre-existing conditions.
Don’t be caught out by these easy to make mistakes, as Andy highlights the drawbacks of booking insurance last minute.
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Sadly, there is a constant flow of crowdfunding pleas from families to help with accidents that occur abroad. Having insurance good coverage insurance can cover the cost of these mishaps and ease the mind.
Andy explains that insurance policies are often a last minute afterthought for holidaymakers.
“Data shows that nearly a third of travellers buy their travel insurance on the day they travel and that only 17% of people secure their policy within six months of their holiday,” he said.
“Buying insurance at the last minute can lead to risks, as important aspects of coverage like cancellation protection and coverage for pre-existing conditions may be missed.
“Individuals need to understand that preparing insurance well in advance is a key part of responsible financial management, especially to protect against unexpected issues during travel.”
He also warns that coverage purchased after the fact may have a number of drawbacks.
“While buying travel insurance after you’ve already started your trip may seem convenient, this approach has its downsides. Policies bought after departure generally offer less coverage and cost more.
“There might also be waiting periods before the coverage starts, which complicates things further. Therefore, it’s wise for travellers to arrange their insurance well ahead of their trip to get the best coverage options and ensure thorough protection.”
Emphasizing the importance of early cover, he noted that not booking it when booking your overall trip is a mistake that can be costly.
“Arranging travel insurance as soon as you book your trip can lead to significant advantages in coverage and cost savings. Acting early gives you more insurance choices and possibly lower premiums.
“It also allows travellers to cater to specific needs, such as pre-existing medical conditions, ensuring they have the right coverage for their entire trip.
Overall, investing time in early insurance planning can offer peace of mind and protect against financial risks associated with travel.”
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