Almost two thirds of holidaymakers purchase travel insurance at the last minute, research from price comparison site Moneysupermarket has shown.

The website found 63% of holidaymakers take out travel insurance less than two weeks before they go away, with nearly half (47%) waiting until the last week before they go to take out cover. Such people could be at financial risk if their holiday is cancelled, according to Moneysupermarket.

Peter Gerrard, spokesperson for the website, said: “It seems holidaymakers are booking flights but leaving their insurance until the last moment. However, they will miss out on valuable cancellation cover that will protect them for all or part of their flight if the trip is avoidably cancelled. 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 anxiety.”

He added: “Cancellation policies vary widely between providers, with some offering up to £3,000 worth of protection and others only £750, which might not be enough to cover flights for a family of four.”