New statistics from direct insurer More Th>n reveal that travellers wasted an estimated £6.1bn last summer, because they had to cancel holiday plans and didn't have travel insurance.
Despite many people already starting to book mid-year breaks, More Th>n is warning that people are delaying arranging their travel insurance, meaning that people risk having to pay for their pre-booked travel and accommodation, even if their plans fall through.
The company said that last year 26% of its travel claims were for cancellation of holidays, at an average cost of £856.
Keira Clark, head of travel insurance at More Th>n, said: “It's encouraging that holidaymakers are catching on to the importance of travel insurance, but many still don't realise that by purchasing their policies late, they miss out on valuable cancellation cover.
"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."
