Martin Lewis has issued a warning to Brits planning their summer getaways, urging them to adhere to his golden rule or face the possibility of losing thousands. As summer approaches, many are beginning to book their holiday bookings.

Statistics indicate that only 15 per cent of Brits leave their bookings until a month or less before departure, meaning the majority tend to book well in advance. During an episode of The Martin Lewis Money Show, the financial guru highlighted a crucial step to take immediately after booking your holiday.

Mr Lewis emphasised the importance of travel insurance with his mantra: ASAB – as soon as you book. He said: “Travel insurance is not just to cover you while you’re away. It’s also very important to cover you in case something happens before you go that stops you going.

“I have a rule: you should get your travel insurance ASAB – as soon as you book. Right now, many people have already booked. If you don’t have your travel insurance and your holiday is already booked, do it right now.

“The reason I do this is that, at this time of year, someone asks me a question like, ‘I’ve been diagnosed with cancer, we can’t go on the holiday, and they’re saying we can’t get our money back – what can we do?’

“I’m impotent, because the answer is you get on your travel insurance, and they say, ‘I haven’t got my travel insurance yet.’ Do not get your travel insurance the day before you go – get your travel insurance ASAB.”

Mr Lewis shed light on a viewer – known as C – who got in touch with the programme after a medical issue meant they could not fly, reports Devon Live. However, having no insurance put them at risk of losing their fully-paid holiday.

C explained: “I booked a holiday for Christmas last year but I was medically advised not to fly. The holiday was already paid for and I hadn’t taken out any travel insurance. I’m now being told I’ve lost all the money for the holiday! Is there anything that can be done?”

Mr Lewis replied: “Please don’t be the person this summer who asks me that question. If you’re going to get travel insurance, do it ASAB.”

Mr Lewis said: “The answer is no. Very simply, if you just think about it for a second, if you bought a tennis racquet and you broke your arm, you can’t say to them ‘I want a refund because my arm’s broken’. The tennis racquet still works and the flights still work, the hotel still works, it’s not them that’s got the problem, it’s you. That’s the logic and that’s what you have insurance for.”