Almost a quarter of people simply auto-renew their existing travel insurance policy – even if the price has increased, according to a Moneywise survey of more than 10,000 readers.
Yet holidaymakers could be missing out on big savings by doing this.
Meanwhile, the most popular way to buy travel insurance is to take out a policy just before travelling, with 26% of people choosing to do so, according to our research.
But this can also lead to problems. Travel insurance should be bought as soon as you book your trip; not just before you leave. This is because travel insurance is there to protect you if something goes wrong between booking the holiday and going away – it’s not just there to cover you when you’re abroad.
You could, for example, potentially be left out of pocket if your airline or hotel goes bust between you booking and taking out insurance.
On a more positive note, our findings revealed that 25% buy an annual travel policy by shopping around each year.
A further 22% say they have travel insurance included as a benefit with their premium current account.
Of those who buy travel insurance, our findings show that 76% of people choose to purchase an annual multi-trip policy, with just 14% choosing single trip insurance. The remainder purchase specialist insurance policies, such as ski or backpacker insurance.
These results come from a poll of Moneywise readers who took part in the voting for the Customer Service Awards 2017, with more than 50,000 people having their say on the UK’s biggest financial services companies.
How to cut travel insurance costs
Shopping around using a comparison website will help you find the cheapest travel insurance. Just remember to check the policy provides the right level of cover for you – rather than simply being the cheapest.
You can shop around for the best travel insurance deals using Moneywise’s comparison tool.