Save money with our guide to getting the cheapest online holiday insurance

While nobody enjoys paying out their hard earned money for holiday insurance, it's becoming more and more important to ensure that you're covered for any trips abroad so that you don't get caught out and end up stranded and out of pocket.

There are plenty of hints and tips to be found that will minimise the cost of your holiday insurance, and we've compiled the very best of them in this handy to follow guide to getting the cheapest online holiday insurance. If you follow this guide you'll be able to save yourself a fortune, while retaining the peace of mind that you and your family will be covered for the duration of your trip abroad, whether you miss flights, have personal items stolen, are involved in an accident or end up delayed in a foreign country.

The most important thing you need to do before taking out a holiday insurance policy is figuring out exactly what you need to be covered for. While this might sound like a silly suggestion, many insurance companies offer a range of services that you may not need, so removing them from your policy will save you considerable sums. Ideally, you want personal liability cover to the value of £1m, medical expense cover to the value of £2m, baggage insurance to the cost of £1,500, cash insurance to the value of £250 and, most importantly, cancellation insurance to the value of £3,000.

There are variables to consider that may drop the cost even further - for example if you have booked your flights with one of the many low fare airlines, then it's probably not going to be worth your while to insure against cancellation. After all, a £40 flight isn't exactly breaking the bank, and it's hardly worth the additional cost on your premium.

If you want to receive maximum benefit from your insurance policy, then take it out as soon as you have booked your holiday. This means that you'll be fully covered should you need to change or cancel your departure dates due to an unexpected emergency at home. Failure to book your insurance until the last minute will mean you don't have a leg to stand on should you need to alter your travel arrangements.

If you are planning more than one trip abroad, you can save substantial amounts by taking out multi-trip insurance, which will cover you any time you travel abroad for a full year. This is ideal for anyone who works abroad, or takes regular holidays to a family owned villa or holiday home in the sun.

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