Martin Lewis has issued some stark advice to holidaymakers as the threat of coronavirus heightens.

Speaking during an appearance on ITV's Good Morning Britain today (February 27), the money mogul has advised that anyone planning to travel in the near future will need travel insurance - or risk losing out.

He explained whether or not you're covered if your holiday destination is hit with coronavirus.

Explaining the current situation surrounding travel insurance and coronavirus, he said: "The current rules are, unless the Foreign and Commonwealth Office (FCO) has warned you against travel to a country, and it says don't go unless for essential travel, then you can't claim on your travel insurance.

"Travel insurance does not cover disinclination to travel."

In other words, if you choose not to travel to a destination but the FCO hasn't advised against it, your travel insurer is unlikely to cover you.

Some might not even cover you for pandemics at all.

Martin Lewis on Good Morning Britain

"Not all travel insurance policies will cover you for pandemics but you should check and talk to your travel insurer," Martin warned.

The financial expert then went on to advise holidaymakers to buy travel insurance as a matter of urgency.  He said: "This is the big warning. I do it every year - I talk about booking travel insurance ASAB - as soon as you book.

“Because if you don’t and something happens in the meantime before you get travel insurance, you’re not covered.

“Anyone who has booked a holiday now for this year - if you have not got travel insurance, if you get the travel insurance and the Foreign & Commonwealth Office then says you can’t go to a country, you’re covered.

“If the Foreign & Commonwealth Office rules out a country in future and you haven’t got travel insurance at that point, you’re not covered.

“Get your travel insurance now if you’ve booked your holiday.

“Because if for example you have skiing trip and in two weeks time they say ‘you can’t go’ but you haven’t got your travel insurance yet because you are going in four weeks time, you’re not covered.

“But if you get it now, you are covered. ASAB has never been more important for travel insurance."

He added: “If you booked a holiday, you should have travel insurance in place now, if you don’t go and do it now."

At the moment, the FCO is currently advising against all travel to Hubei province in China as a result of the coronavirus outbreak.

They are also warning against “all but essential” travel to the rest of mainland China.

But at the moment, the FCO does not advise against travel to Italy despite the outbreak, so trips can go ahead as normal.

More for information on travel insurance and other money saving tips, head to the  Money Saving Expert  website.

For coronavirus travel advice from the FCO, head to the  gov.uk website  .

Good Morning Britain airs weekdays from 6am on ITV.