Most people "buy insurance too late"

Two-thirds of people who buy their travel insurance last minute may lose out on valuable cancellation cover, according to a source.

MoneySupermarket.com has said that 47 per cent of people buy their insurance less than a week before they travel, meaning they could be out of pocket if the holiday is cancelled.

The price comparison website says that British people should take insurance out as soon as they book the trip.

Peter Gerrard, head of insurance research at MoneySupermarket.com, said that people may not be covered for other reasons.

"It is worth noting you may not be covered if you have cancelled your holiday because of any pre-existing medical conditions, the death or illness of a pet or if you have any travel phobias stress or anxietym, " he said.

Mr Gerrard went on to say that the amount of cover offered for cancellation may vary from £750 to £3,000 and that holidaymakers should check the small print.

MoneySupermarket.com says it is the UK's leading personal finance comparison site and compares flights, ,hotels, holidays and car hire

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