This covers the cost of emergency treatment while abroad and repatriation back to the UK, and is the most important element. According to the Association of British Insurers, last year medical expenses accounted for 52 per cent of claims costs – £200 million in payouts.

Declare any pre-existing medical condition, otherwise problems arising from related health matters may not be insured. If quoted premiums turn out to be exorbitant, bear in mind that for those with ongoing medical issues, single-trip policies are usually much more affordable than annual cover.

Cancellation cover

With cancellations in 2017 amounting to 38 per cent of claims costs (£145 million), this is arguably the next most important area.

Take out cover as soon as your travel arrangements are fixed, and make sure the amount of cover exceeds the total pre-booked outlay for your trip.

Limits vary enormously, from as little as £750 on no-frills policies to £10,000 on luxury ones.

On the most basic policies, limits can be as little as £500 – not enough to cover most people’s gear: £1,500 is a more sensible figure. Single-item limits for valuables can be a pitiful £100.

Your belongings away from home may be insured under your home-contents insurance, so don’t unnecessarily duplicate the cover.

Unexpected events

Some policies automatically provide cover against scheduled airlines going bust – what’s known as ‘end supplier failure’ – and having your plans disrupted by strikes, terrorist activity and civil unrest.

However, others offer these elements as add-ons (for an extra charge) and many cheap policies don’t cover these scenarios at all. So check the small print.

If you’re travelling independently without the back-up that comes with a package holiday, having cover for unexpected events is a good idea.

If you’re going on a cruise, consider taking out specialist cruise insurance, or add on extra cruise cover to a general annual policy.

This should include things such as missing ports due to bad weather.

Who to turn to

It’s tempting to be lazy and buy insurance as an add-on when you book flights or holidays online. Don’t. There’s a good chance it will be much more expensive than a standalone policy.

Price-comparison websites such as moneysupermarket.com and compare themarket.com are good starting points. However, don’t buy solely on price: you need to check carefully that the insurance you buy has the right levels of cover for you.