Going abroad soon? If you are one of the 6.4 million who take multiple trips aboard then you could be paying too much for your travel insurance.

With Christmas and New Year over, many people are now turning their thoughts to booking their holidays. However, new research from Sainsbury’s Bank indicates that the nation is paying too much for travel insurance because people took several trips abroad but purchased single trip cover each time as opposed to an annual multiple trip policy.

A family travelling to Europe three times during the course of a year could, without compromising on cover, reduce the cost of their travel insurance by around a quarter if they were to buy an annual policy as opposed to cover for each trip.

The bank’s research indicates that the nation took nearly 69 million foreign holidays over the past 12 months, with some 22% of people (10.1 million people) taking more than two overseas breaks a year.

Karen Preston, travel insurance manager, Sainsbury’s Bank said: "The beginning of the year is one of the busiest times for holiday booking. However, as people get excited about choosing where to go, they can often overlook the importance of choosing the right travel insurance policy or even forget to take out cover at all, especially when taking shorter weekend breaks."

"Before buying insurance, you should consider whether you are going to make multiple trips abroad as you could make a substantial saving by purchasing an annual policy instead of single cover for each trip."

The bank believes it is especially important to consider the quality of cover as well as price and offers the following advice when purchasing travel insurance:

How comprehensive is the cover?

Make sure you understand the basics of what you need in order to find the right product for you. You should ensure that you have cover for all of the main problems you could encounter such as cancellation, the cost of medical treatment, money being stolen or lost, or even missing your flight, but you should also check the full range of benefits and exclusions within the policy.

Dealing with the insurance company

Always read the small print and make sure you are up front with your insurer about any pre-existing medical conditions, if you fail to do so you could later find that you are not covered if you try and make a claim.

Are you paying a fair price?

Once you have identified the level and quality of cover that’s right for you, you then need to review the cost of the policy. Be careful, as insurance policies from travel agents can be among the most expensive available – without offering the best levels of cover.