When you go on a trip, you hope that everything will go as per the plan. No one prepares you for eventualities such as a delayed suitcase, a canceled trip, lost luggage, or a sudden fever. While these are pretty normal problems for travelers, being stranded or falling sick overseas without enough finances can be quite stressful. Thankfully, a travel insurance policy can come through for you in case you find yourself in a financial predicament.
Travel insurance protects you against the financial losses associated with taking a trip. However, like any other insurance policy, travel insurance has terms that every policyholder should follow. Here’s some more information on this topic.
When Should I Buy Travel Insurance?
Travel insurance terms vary from one insurance provider to another. While some may accept your purchase up to a day before your trip, others will require you to buy insurance within 15 days of making your first deposit for the trip. Generally, most insurance carriers give a 10 to 14 days window for you to buy travel insurance if you’ve made your first deposit.
Can I Buy Travel Insurance Right Before the Trip?
You should purchase travel insurance at the time you book your trip. This not only gives you enough time to compare quotes and choose the right coverages but also gives you access to discounts. Nevertheless, if you have an emergency trip, buying travel insurance at the last minute is better than traveling without coverage. In other words, depending on your insurer, you can purchase travel insurance up to one day before your trip, as earlier said.
However, here are some of the benefits you will miss out on if you make a last-minute purchase.
- Trip Cancellation Insurance – This policy reimburses you in case you cancel your trip for any reason listed in it. However, if you happen to cancel your trip before you buy insurance, you will lose your deposit without a refund.
- Imminent Risks Coverage – Travel insurance covers unfortunate, unforeseen events. However, if there’s a hurricane, and you sense that you may fall sick on your trip, travel insurance will not cover such if you purchase it at that time. However, it will provide coverage if you buy it early enough before any signs of peril.
- Pre-Existing Medical Condition Exclusion Waiver – In case you have a pre-existing condition that flares up during your trip, this policy will cover the resulting costs, although you have to purchase it early enough.
- Cancel for Any Reason Coverage – While the typical travel insurance will only cover cancellation for reasons outlined in the policy, this coverage allows canceling for any reason. You can add it as an endorsement to your primary coverage, although it requires purchasing within 2 weeks of making your first deposit.
While you will miss out on these benefits if you buy travel insurance at the last minute, this coverage will protect you from eventualities during your trip. Specifically, it will cover the costs associated with delayed flights, emergency medical evacuation, and baggage delay.
If you intend to travel overseas during the COVID-19 pandemic, consider buying the pandemic travel insurance plan. This plan will cover trip cancellation costs if you contract COVID-19 as well as quarantine expenses.
If you buy travel insurance at the last minute, you’ll likely miss out on these benefits. Obtaining the right travel insurance plan that meets all of your needs doesn’t have to be difficult. Contact the insurance professionals at Donald Weiss Insurance Services to have an expert customize a great travel policy that includes cancellation coverage.