Britons who fail to arrange appropriate travel insurance may lose thousands of pounds if they decide to cancel their holiday, it has been revealed.
Following analysis of internal claims data by More Than, the financial services provider has reported that 26 per cent of all travel insurance claims registered were for holidays that were cancelled, perhaps after an unexpected bereavement or personal tragedy.
Moreover, the average cost of these cancellations apparently stands at £8,562.
Holidaymakers may be entitled to compensation from their travel insurance provider if they decide to abandon their travel plans.
However, Keira Clark, head of travel insurance at More Than, has warned that some travel insurance policies bought close to the departure date may preclude compensation for cancellations.
“We encourage travellers to arrange their insurance at the same time as they book their break to ensure they’ll be covered if anything goes wrong before the trip,” she explained.
Frequent travellers looking to cut down on their travel insurance bill may wish to consider arranging annual cover, which covers all excursions taken during the year, as opposed to single trip insurance.