When is the Best Time to Buy Travel Insurance?
Planning a trip is exciting, promising new adventures, relaxation, and memorable experiences. However, amid all the anticipation, it’s wise to consider protective practicalities like travel insurance. We explain when to buy during your trip planning, why timing matters, and what travel insurance covers. Let’s get into it.
Buy Travel Insurance When You Book
The best time to purchase travel insurance is when you book your trip (even if it’s a last-minute travel booking). The next best time is within 14 days of making your first-trip deposit.
Why Timing Matters
Purchasing early protects you from unexpected cancellations, illness, or other unforeseen events affecting your trip. If you delay, you risk missing out on key coverage options like pre-existing conditions and cancel-for-any-reason (CFAR) coverage, which usually require early purchase—often within 14-21 days of your first trip payment. When you buy early, you ensure you have the following:
- Ensuring Comprehensive Coverage: Purchasing travel insurance early ensures travel protection of your total trip costs if unforeseen circumstances, such as trip cancellations due to personal emergencies, illnesses, or natural disasters, occur.
- Pro Tip: If you need the flexibility, you can add Cancel For Any Reason coverage. The premium increase could be worth it since CFAR lets you cancel for reasons not typically covered by standard policies, allowing you to recoup up to 75% of your prepaid, non-refundable trip.
- Preparing for Pre-Existing Conditions: Many travel insurance policies offer a waiver for pre-existing medical conditions if you purchase the insurance within a specific period after your initial trip deposit. This period usually ranges from 14 to 21 days, allowing your pre-existing condition also to be protected.
- Gaining Peace of Mind: Unforeseen events can ruin a trip. So, imagine the relief of being protected when you book your non-refundable vacation. Travel plans can be interrupted for many reasons, both within and outside your control, from flight cancellations to political unrest in your destination country. Early coverage ensures you’re protected right from the start, giving you the peace of mind to focus on your upcoming adventure’s excitement, not the uncertainty.
What Happens If You Wait?
While it’s possible to buy travel insurance any time before departure, waiting until the last minute could limit your coverage. Buying sooner ensures you’re eligible for more benefits, including:
- Trip Cancellation: Reimbursements for non-refundable trip costs.
- Pre-Existing Condition Coverage: Available only when purchased within a specific window post-booking.
- Cancel-for-Any-Reason Coverage (CFAR): Gives flexibility but often needs to be bought early.
Purchase Protection Up Until You Depart
Sometimes, you might book your trip in stages — flights first, accommodations later, and activities closer to your departure date. Or perhaps you’re a one-and-done booker. Either way, you can add insurance coverage as you make additional bookings or purchase protection after you’ve finalized your travel details.
We recommend buying travel insurance once all your trip details are confirmed. This approach ensures that the insurance coverage matches the total value of your trip, including all non-refundable expenses.
Consider Seasonal Factors
Travel seasons can influence the timing of purchasing travel insurance. For example:
- Hurricane Season: If you’re planning a trip to the Caribbean or the southeastern United States during hurricane season (June to November), we recommend buying travel insurance as soon as you book your trip to protect you against weather-related cancellations or trip interruptions.
- Peak Travel Seasons: Travel disruptions are more common during peak seasons, such as summer vacations, holidays, or spring break. However, purchasing travel insurance early can help you avoid potential risks.
Last-Minute Bookings
Travel insurance can still benefit spontaneous travel and last-minute bookings. However, certain benefits, like coverage for pre-existing conditions or the Cancel for Any Reason (CFAR) upgrade, may not be available if you wait too long to purchase.
Remember that if your primary concern is medical care or even trip cancellation coverage to ensure protection during your trip, you can buy a policy until the day before you leave.
Special Considerations
When you make your travel arrangements, think about two key reasons travel insurance coverage exists: allowing you to have medical coverage while traveling and preparing for disruptions to your travel dates. So, look for policies that offer the following add-ons:
- Cancel For Any Reason (CFAR): If you want the flexibility to cancel your trip for any reason not covered by standard policies, we recommend CFAR, an optional upgrade available on many travel insurance plans. With CFAR, you can cancel your trip for reasons not typically covered by standard policies, such as a change of mind or a sudden work commitment. Most CFAR policies can only be purchased within 14–21 days of your initial trip payment, so don’t wait.
- Travel Health Insurance: If you’re traveling abroad, make sure your travel insurance includes health coverage since many health insurance plans do not cover you outside your home country.
What Travel Insurance Policy is Right for Me?
If the best time to buy travel insurance is when you start incurring travel expenses, which policy is the best for your trip? Squaremouth’s compare tool can help you answer that quickly.
Early purchase provides the most comprehensive coverage, including protection for pre-existing conditions and peace of mind. Whether booking well in advance or making last-minute plans, travel insurance is crucial to a well-planned trip. Ensure you’re covered for the unexpected so you can focus on enjoying your adventure.
Remember, each trip is unique, and so are your insurance needs. Always read the fine print, understand what is covered, and choose a policy that fits your travel plans.