According to research by comparethemarket.com, tourists on the hunt for cheap deals are exposing themselves to policies which fail to protect against common travelling problems including missed flights, lost bags and medical bills.

The study into the quality of cover available on price comparison websites found policies being sold for as little as £13, as well as many cases where travellers’ excesses were so high that it made their policy almost valueless, The Times reported.

Analysis also found that almost 14% of policies failed to reimburse customers for missed flights, while 32% had not paid out for missed connections on domestic UK services – despite covering international flights.

Researchers at the comparison site, which based its study on single-trip policies, believed that many holidaymakers “may not receive a penny” after cancelling their trips before the departure date as 45% of policies only offered cancellation expenses of less than £3,000.

It also discovered that 49% of policies only covered £250-worth of valuables or less and only a tenth offered protection for possessions amounting to £500 or more.

Gemma Sonfield, head of travel insurance at comparethemarket.com told the newspaper that purchasing a policy without reading the small print could “result in substantial costs” for travellers.

“Many people may assume they are covered in all instances when they are in fact not. Many fall into the trap of buying insurance at the last minute,” she added.