How far ahead do I need to buy my travel insurance and what do I need to watch out for?
26% of Brits book travel insurance on day of departure or after reaching their holiday destination
Delaying or not buying travel insurance exposes Brits to costly financial risk
World Nomads shares top travel insurance tips on when and what to watch out for when taking out a policy
New policy sales data from World Nomads, the global travel insurance company, reveals over a quarter (26%) of those taking out policies in 2023 either bought travel insurance on the day of their holiday departure or after reaching their destination, with just two-fifths (40%) purchasing policies within just one week prior to travel departure.
The findings come at a time when airline strikes and overseas riots are throwing summer travel plans into turmoil.
Jonathan Frankham, General Manager UK and Europe said: “This data presents a worrisome scenario for Brits as delaying travel insurance purchases leaves them exposed to unnecessary and costly financial risk should travel plans be at risk of cancellation.
“Financial exposure begins the moment you book and pay for travel, and so it makes sense that you protect your money from the get-go with travel insurance. Our latest data highlights a concerning trend where travel insurance appears to be down on the priority list for many Brits. However, we cannot stress enough the importance of being adequately covered from the earliest stages of trip planning.
“Accidents, cancellations, or emergencies can unfortunately occur at any time, and having the right insurance in place offers peace of mind and financial security. Travel insurance should be a top priority, not an afterthought."
World Nomads offers the following top travel insurance tips for Brits:
- Do your due diligence: Before you start booking flights and accommodation or paying deposits, check out the relevant government's travel advisory for your destination(s). If there is a 'do not travel' advisory or similar, insurance might not go there either
- Purchase travel insurance ASAB (As Soon As You Book) If you are covered from the point of purchase, then you may be protected if certain events lead to your trip being cancelled or having to postpone
- Get it right when you buy: Check your policy carefully to ensure it offers the coverage you require with regards to trip cancellations, specific activities, locations, age, and pre-existing medical conditions. If you do not have the correct or right level of coverage, you won't be successful on a claim if something goes wrong
- Get your papers in order: In the unfortunate event that something goes wrong, or an item goes missing, before departing it is important to keep and save digital copies of important paperwork, such as receipts and proof of ownership of tech and equipment to ensure a smooth claims process
- Be realistic: If you find yourself abroad without a policy, specialist overseas cover is a good option. With a World Nomads policy, for example, you can buy cover anytime, anywhere, but a waiting period may apply before your cover is activated