When is the Best Time to Buy Travel Insurance? A Complete Guide
Travel insurance can be beneficial if you’re taking a trip that you’ve already paid for. Most travel insurance plans will reimburse your pre-paid and non-refundable expenses if your trip gets canceled or interrupted due to a covered reason. It can also cover costs related to emergency medical care, lost baggage, and travel delays.
Typically, you can purchase travel insurance at any point before you leave for a trip. However, that doesn’t mean you should wait until the last minute to purchase a travel insurance plan. In this article, we’ll discuss when you should purchase travel insurance, and explain why it’s better to buy coverage early.
How Many Days in Advance Should I Buy Travel Insurance?
The best time to purchase travel insurance is as soon as possible after booking pre-paid travel, but ideally, within 15 days. Waiting too long to purchase travel insurance can prevent you from getting the full benefits of your plan, and it could disqualify you from certain add-on coverage.
Why Buying Early is Important
There are two main reasons why buying travel insurance early is a good idea. Here’s what you need to know about each one.
Maximum Coverage Window
Travel insurance only covers unexpected and unforeseen events. Buying insurance early, before anything known could impact your trip, maximizes your coverage window.
For example, if you wait too long to purchase travel insurance and a hurricane is forecasted at your destination, you wouldn’t be able to cancel your trip and recoup your pre-paid expenses because the hurricane is a known event.
If you had bought travel insurance right after booking, you could have canceled your trip and received a full refund, since the hurricane wouldn’t have been predicted at that time.
Time-Sensitive Benefits
If you’re planning on adding optional coverages to your travel insurance plan, like Cancel For Any Reason (CFAR) coverage or a pre-existing condition waiver, many insurers require you to get insurance within a certain amount of time after booking a trip.
For instance, if you want travel insurance with CFAR, most insurers require you to purchase coverage within 10 to 21 days after your initial travel payment. If you don’t get a policy within the allotted window, you won’t be eligible to add the coverage to your plan.
Can I Still Buy Travel Insurance After Booking?
Yes, you can still purchase travel insurance after booking a trip and making the first payment. However, you might have limited coverage options if you wait too long to purchase a travel insurance plan.
For example, if you decide to get travel insurance a few days before you leave, you might only be eligible for a medical-only travel insurance plan, which doesn’t cover things like trip cancellations and trip interruptions.
If you’re on the fence about getting travel insurance and just want basic coverage, you can wait to purchase a plan. But if you want comprehensive travel insurance with additional benefits like CFAR, you should plan to purchase a policy as soon as possible after making your first deposit.
I Forgot to Buy and I’m Leaving Soon, Can I Still Get Coverage?
If you forgot to purchase travel insurance for an upcoming trip, don’t worry—you can still get coverage, as long as you haven’t left yet. You can usually get travel insurance at any point between booking your travel and the day before you leave, or even on the day of departure, depending on the insurer.
While you can typically get coverage at the last minute, keep in mind that you probably won’t be eligible for coverages like trip cancellation and trip interruption.
Bottom Line: Why You Should Buy Travel Insurance Early
If you’re thinking about getting travel insurance for an upcoming trip, it’s best to purchase a plan early. Waiting too long to purchase travel insurance can make you ineligible for certain types of travel insurance and optional benefits, like CFAR coverage and pre-existing condition waivers. Plus, you won’t be covered for any known events that could disrupt your trip.
It’s typically recommended to buy travel insurance within 15 days of your first non-refundable deposit. That way, you can get a comprehensive travel insurance plan with coverage for many of the most common risks you might face before departure and during your trip.
Written by Elizabeth Rivelli