The Money Saving Expert’s tips are evergreen for saving your pennies, and keeping peace of mind
Martin Lewis, the Money Saving Expert, doesn’t take holidays when it comes to offering sage advice(Image: SHARED CONTENT UNIT)
As people start looking for some winter sun amid the current cold snap, some words of warning from Martin Lewis could become relevant. For anyone planning a trip abroad, it’s time to listen up.
The MoneySavingExpert founder shared a number of top travel tips in his newsletters over the years, but what is relevant here is how to steer clear of a “mistake” that many holidaymakers are guilty of when it comes to booking their holidays. This error, according to the finance expert, is leaving their travel insurance to sort out closer to the time.
Martin wrote that he’ll be reached out to by his viewers, asking “a heartbreaking question.”
He elaborated that “Usually they’ve been diagnosed with cancer or another serious condition that needs long-term treatment, and they won’t be able to go on their summer holiday.
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“Yet the airline won’t refund them – within its rights as the ticket is not faulty,” he explained. “I say, ‘that’s what travel insurance is for’. Sometimes though, they tell me they haven’t got round to getting it yet.
“My heart sinks as I have to tell them there’s no recourse. Half the point of the cover is to protect you if things happen that stop you going, so get it ASAB – As Soon As you Book.”
Martin explained that the cheapest options for travel insurance are based on your holiday plans. If you are planning more than one holiday this year, he advised, then you should opt for annual travel insurance as this will usually work out cheaper than booking insurance separately, even for just two trips.
However, if you’re only going away once, Martin suggested taking out single-trip insurance, and shopping around a few providers to find the best one to suit your circumstances. Prices start at around £9 per week for one person travelling, with the cost depending on your age and where you’re going.
However, prices can “rocket” if you are aged 66 or over or have a pre-existing medical condition, he warned.
In addition, the money expert advised seasoned travellers to check whether they can save money on travel insurance with a packaged bank account which offers protection for a monthly fee. “Used smartly, these can get you £100s of insurance at a fraction of the cost, beating standalone policies,” he explained.
Finally, Martin urged holidaymakers to ensure they have a valid EHIC (European Health Insurance Card) or its replacement the GHIC (Global Health Insurance Card) card before they travel. These free cards entitle you to medical treatment in state-run hospitals and GPs in EU countries and Switzerland for the same price as a local.
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