Financial guru Martin Lewis has delivered an urgent and vital alert to all British holidaymakers planning overseas trips this year. The founder of MoneySavingExpert.com emphasised this critical advice during his latest podcast episode focusing on travel insurance and life lessons, broadcast on BBC Sounds.
The Essential Travel Insurance Directive
Lewis took to social media platform X to share a key excerpt from his programme, stating plainly: "Crucial warning if you've booked or are booking a holiday abroad. Get travel insurance ASAB." He clarified that ASAB stands for 'as soon as possible after booking', a principle he insists could prevent significant financial loss and distress.
This warning comes against a backdrop of increasing international travel from the UK. Official statistics reveal that UK residents made approximately 94.6 million journeys to foreign destinations in 2024, marking a substantial rise from 86.2 million trips recorded in 2023. Furthermore, data indicates that 59% of UK residents embarked on an overseas holiday within the past year, demonstrating the widespread nature of foreign travel planning across the nation.
Why Immediate Action Matters
Obtaining travel insurance promptly represents a fundamental component of responsible holiday preparation. Many policies provide essential protection for unforeseen events occurring before departure, including sudden illness, unexpected redundancy, or compulsory jury service. Delaying purchase can leave travellers completely unprotected against these potential pre-travel disruptions.
Martin Lewis explains: "If you've booked or are booking a holiday, a hugely important warning for you. Make sure you get your travel insurance ASAB, as soon as you've booked. And if you've already booked, that means just do it now. Just get it as quickly as possible. Because half the point of travel insurance is covering you for things that may happen before you go that stop you going."
He continues with a stark reminder: "And if you leave it until the last minute to get your travel insurance and something happens, well, you won't be covered."
Practical Guidance for Different Policy Types
Single-Trip Insurance Policies
For those opting for single-trip coverage, Lewis recommends straightforward action. He advises: "If it's a single-trip policy, it's really easy. You, let's say you're going away August 1 to August 8, you get a single-trip policy now from August 1-8. You give those cover dates, you pay for it now, you've got your policy in place." This approach ensures immediate protection from the moment of purchase.
Annual or Multi-Trip Insurance Policies
Regarding annual or multi-trip policies, Lewis stresses the critical importance of maintaining continuous, active coverage. He cautions: "If it's an annual policy that covers all your trips away in the year, you want to always have a live annual policy. So if you don't have an annual policy, you get one now, but you need to have the start date be today. You don't leave it until August 1 and try and book it in advance."
He provides further clarification on policy transitions: "If you already have a policy and that is in place until the end of your holiday, you're fine. But if your current annual policy stops before your holiday date, let's say it stops in April and you're going on holiday in August, you will want to get a new policy that starts the day after your old policy ends. So you have continuous cover going all the way through."
Lewis notes that most annual policies can typically only be purchased around 90 days in advance, and policy terms vary significantly between providers. He emphasises the necessity of thoroughly examining all conditions, limitations, and exclusions before committing to any insurance product.
The Fundamental Importance of Travel Insurance
Travel insurance proves indispensable for modern travellers, offering protection against substantial, unexpected financial costs whilst abroad. Comprehensive coverage typically safeguards against expensive medical bills should you become unwell or injured overseas, provides for trip abandonment, and assists with misplaced or stolen luggage.
It guarantees access to emergency medical care and can even facilitate medical repatriation flights back to Britain if required. This offers invaluable peace of mind should unfortunate incidents such as injury or sickness occur during travels.
Furthermore, quality insurance provides cover if your holiday gets cancelled or if you lose personal possessions. The scope of protection depends heavily on the specific travel insurance plan selected, though most reputable policies will include coverage for:
- Medical emergencies
- Trip cancellation
- Trip interruption or curtailment
- Baggage and personal belongings
- Personal money and important documents
- Missed departure
- Personal liability
Lewis and other financial experts consistently advise travellers to meticulously check policy documentation to verify coverage limits, exclusions (such as risky pursuits or pre-existing medical conditions), and specific terms. Full disclosure of relevant circumstances is essential; failure to provide accurate information could invalidate your coverage entirely.
It is also crucial to understand that for UK residents, possessing a European Health Insurance Card (EHIC) or its successor, the Global Health Insurance Card (GHIC), does not substitute for comprehensive travel insurance. These cards provide access to necessary healthcare within certain countries but offer none of the broader protections that dedicated travel insurance policies provide.
