It has been advised that holiday goers should carefully consider the relative merits of single-trip and yearly travel insurance policies.

According to a study conducted by a travel insurance company, more people are likely to switch from a yearly cover to a single-trip travel policy in an attempt to save money as they cut down on the amount of travel expenditure during the credit crunch.

“Travel insurance is extremely important and compared to the cost of an average holiday, it is a very small expense that could save you tens of thousands and a lot of heartache in the long run,” John O-Roarke, managing director a travel firm noted.