Each year almost a quarter of us Britons travel on holiday, without taking out any travel insurance cover. In a way this can be seen as a way of saving yourself some money. However if you were to eventually find yourself in some kind of situation, where you fell ill abroad or had some kind of accident, you could eventually end up spending a large sum, which you had not intended to do leaving you out of pocket.

Studies have found that one in three of us will need to make a claim on travel insurance at some point during our holiday. The most common claims are for cancellations and medical expenses. I would also like to add that these two in particular, commonly pay out quite a substantial amount of compensation. So for you the most important money saving strategy is to take out some good quality travel insurance.

Many people believe that travel insurance is expensive, but in most cases this is not the case. I’m sure you are well aware that when in search of travel insurance, or any insurance for that matter, you benefit by shopping around and getting quotes. There are numerous insurance providers out there and thanks to the internet, you have the ability to go through a vast amount of them, with the touch of a button and the click of a mouse.

It may be financially wiser to opt for annual travel cover, rather than insuring your trips on a singular basis. This would probably be the best choice for those of you that travel frequently during the year, most especially if it is long haul flights. And if you happen to be travelling to the US, it could prove very important as there is no NHS and the expenses for medical care are extremely expensive.

Whether you are travelling with your other half, as a family or even with your friends, taking out a joint policy is a good idea, as they tend to be cheaper than individual policies. Joint annual policies ensure that you are given the complete best for your money, besides the fact that all of you who are travelling together are protected by the same amount of cover, if any of you need to claim. Various companies will also provide cover for those named on the policies for separate travel too.