Martin Lewis' 'golden rule' for anyone booking a holiday for this summer

Sun-loving Brits booking their summer holiday have been urged to 'act now' to avoid a costly mistake. Whether you're jetting off to sunny Spain for a week or taking the family on a once-in-a-lifetime trip to Florida - one small oversight could end up wrecking your finances.

While many Brits book their holiday in advance to lock in on cheap deals, this increases the risk of something going wrong. Martin Lewis has therefore warned those counting down the days before their trip to buy their travel insurance ASAB (as soon as you book).

Contrary to popular belief, travel insurance doesn't just cover you when you're actually abroad, and can protect your finances in case circumstances prevent you from going away. This could be because of sudden ill health, job loss, or even a change in your relationship status.

"Booked a holiday and not got [travel insurance] yet? Don't wait, do it NOW," Martin wrote on X (formerly Twitter). "Half of what it costs pays for protection in case illness or other issues before you go mean you can't go."

One Brit named Bev contacted the money-saving expert to explain how her parents hadn't followed the ASAB rules - and ended up paying the price. "My parents made the mistake of waiting until closer to the holiday date and my mum got diagnosed with cancer and had no choice but to cancel as she needed life-saving surgery. They only got 10 per cent back: an expensive mistake."

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Booking your travel insurance certainly isn't as thrilling as shopping around for a holiday wardrobe or sorting out your jam-packed itinerary. But, it's important to sift through your policy to know exactly what type of cover you are paying for.

As previously reported, travel insurance experts at Staysure advise finding a policy that covers injuries, cancellations, and lost or stolen items as a bare minimum. "If you're off on a cruise or snow-slope adventure, it's important to remember that you will need to take out specific cover for those types of trips," they said inn an exclusive interview with the Mirror.

"If you'll be doing activities such as water sports or hiking, ensure your policy covers these... Leaving things till the last minute may mean that you're not covered if anything goes wrong in the build-up to your trip and while away."

If you're a keen jet setter, you can choose to book annual insurance rather than taking out a policy for each individual trip. This can often work out better value for money - and saves the hassle of filling out multiple forms.

It is always worth checking the FCDO's website before flying abroad. If you chose to go to a destination where there is travel warnings, your travel insurance may be void.

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