Martin Lewis has warned holidaymakers not to book trips for the next two or three months.
Speaking on This Morning, the MoneySavingExpert.com founder told viewers to double-check the small print of their travel policies, as insurers pause or restrict cover for new customers.
Late last week four major insurers pulled cover for new customers, while a others said they wouldn't pay out for problems caused by coronavirus or countries where there has been official advice not to go to.
"This is something we’ve been expecting. We’ve already seen some insurers stop offering packages like ‘travel disruption’ protection, which is crucial for coronavirus," Martin said.
"And this is likely to get worse as the foreseeability of the need to claim increases."
And even people with existing cover should be careful, he added.
"Not all packages are equal – most will cover you if the Foreign Office advises against travel, but few will cover you if, for example, the country won’t allow you in," Martin said.
The financial guru added that he planned to practice what he was preaching too - saying he "wouldn't be booking to go away in the next two or three months".
He said that particular period of time would be the "peak of coronavirus and the peak of worry about this."
As for people looking for a bargain break later in the year as travel companies cut prices, he said to make doubly sure you have cover in place that will work for you.
"I would get my travel insurance in place and I would consider doing that based on my personal vulnerability," Martin said.
"As a man under 50 with no underlying health conditions and with a family who’s young, yes I would.
"If I were 65, 70, and I had some vulnerability to coronavirus I wouldn’t be booking anything at the moment."
