As spring gets into full swing and British families begin thinking about their summer holidays, Martin Lewis has issued a crucial warning to anyone planning a trip abroad this year.
The 52-year-old founder of Money Saving Expert urged UK holidaymakers to secure travel insurance ASAB – As Soon As You Book – to avoid potential financial losses.
Appearing on the Martin Lewis Money Show Live on 4 March, the ITV star highlighted the importance of securing insurance well in advance of departure.
He said: ‘Most people book their holidays for the summer in January and February, especially most families.
‘The key thing to understand – travel insurance is not just to cover you while you’re away.’
Lewis stressed that without adequate insurance, his ability to assist those who may need to cancel their holidays is severely limited.
He warned: ‘If you don’t have your travel insurance and your holiday is booked, do it right now.’
He also made it clear that travel insurance should not be left until the day before departure, comparing it to purchasing a tennis racket and expecting a refund after suffering an injury.
With the summer holiday season quickly approaching, Martin Lewis has issued a crucial warning to anyone planning a holiday abroad this year
Lewis said: ‘If you bought a tennis racquet and you break your arm you can’t say to them ‘I want a refund because my arm’s broken’.
‘The tennis racquet still works. The flight still works, the hotel still works, it’s not them that’s got the problem; it’s you.’
He elaborated on why booking insurance early is especially important, as he added: ‘Each spring without fail, someone asks me a heart-breaking question.
‘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.’
‘Yet the airline won’t refund them – within its rights as the ticket is not faulty. 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 because 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.’
It comes after Martin Lewis revealed four health conditions that could entitle people of State Pension age to an additional £109 per week.
In a special 90-minute edition of the weekly ITV programme, the financial guru focused on the ways Brits ‘fund many work-free, later-life years’.
The 52-year-old founder of Money Saving Expert urged UK holidaymakers to secure travel insurance ASAB – As Soon As You Book – to avoid potential financial losses
The Manchester-born Money Saving Expert founder, 52, was speaking on The Martin Lewis Money Show Live on Tuesday when he explained that those with ‘Parkinson’s or physical disabilities, dementia or terminal illness’ are likely to be eligible for an extra payment.
Martin said that people who are ‘ill or disabled’ – which applies to the majority of those suffering from one of the four named conditions – might be missing out on a benefit called Attendance Allowance, worth £108.55 per week.
Appealing to those aged 66 or over, who typically receive a State Pension of £221.20, he tells viewers: ‘Millions of you can massively boost your State Pension.’
Paid by the Department of Work and Pensions (DWP), Attendance Allowance could add up to £6,000 a year in cash payments and, crucially, it is not means-tested.
The last point is particularly important because it means that someone ‘ill or disabled’ will be able to claim the benefit regardless of how much money they have in income, savings or assets.
