Travel Insurance Policy Effective Date (2024)

FAQs

What is the effective date of a travel insurance policy? ›

The “Effective Date” is the Day After You Purchase the Policy.

In fact, if you've already booked your holiday then your travel insurance should ideally start on the day you buy your policy, not the day your holiday starts. Doing this means you're covered for any events that might prevent you from going away in the first place.

The effective date is the date in which a person's coverage under an insurance policy begins for that year or period—in other words, when coverage starts. It typically applies when a person begins a new job, makes changes to their benefits during open enrollment, or experiences a qualifying event.

In general, you can buy coverage any time before the date of your trip. That said, it's always best to buy coverage as soon as you make your reservations. The sooner you buy travel insurance, the sooner you'll be protected and the more benefits you may be eligible to receive.

Time Sensitive Period means insurance must be purchased within 20 days of the date Your initial Payments or Deposits for Your Trip is received and within 15 days of payment for any subsequent Travel Arrangements added to Your Trip.

Our simple answer is to get travel insurance as soon as you have booked and paid for your holiday, especially for a non-refundable trip. Although it is tempting to leave booking travel insurance until the last minute, it's more beneficial to get it in advance as the sooner you buy cover, the sooner you are protected.

Unlike other aspects of your travel experience like airfares or hotel-room rates, the price of travel insurance doesn't increase the closer you get to your travel date. There's no financial penalty if you wait to buy travel insurance (except for those bonus coverages, of course).

Do you count the day you make your initial deposit for your trip? The answer is: Yes! So, for example, if you make your first payment for your trip on January 1, you have until January 15 to purchase your travel insurance and qualify for the additional benefits (on most policies).

Travel insurance is designed to protect a traveler from certain unforeseeable events—not things that are easily foreseeable, or things that have already happened at the time you purchase your plan. That's why it's smart to buy insurance as early as possible in the booking process.

Effective Date: means the date which the current policy enters into force. Establishing and Maintaining Presidential Policies: “Policy on Policies” that establishes the Policy Framework and Policy approval process.

What is an example of effective date of coverage? ›

Example: An employee is hired on April 15 in an agency which requires one full month of employment before coverage becomes effective. The first date of eligibility is June 1. The employee applies for coverage on June 10. The effective date of coverage is July 1.

Date of issue in insurance refers to the actual date your policy was created (note: this isn't when your insurance kicks in and becomes active, that's the effective date).

You'll simply need to make the purchase at least one day before travel. However, there are some types of coverage that you'll need to buy soon after booking or they won't be available. These include Cancel for Any Reason insurance as well as pre-existing medical condition insurance.

We at the MarketWatch Guides team awarded Allianz Travel Insurance 4.1 out of 5 stars based on our provider review methodology. Named our pick for concierge services, Allianz offers 24/7 travel assistance through a multilingual team, which can help policyholders with travel and coverage issues while abroad.

Most travel insurance policies won't pay out if you're negligent while under the influence of alcohol or drugs, and have an accident or have property stolen.

Buy close to booking

With many plans, purchasing travel insurance 10 to 14 days from your first trip payment entitles you to “early purchase” benefits such as a waiver for pre-existing medical conditions that impact travel.

Coverage period of multi-trip insurance policies

Such policies remain valid for a period of one year from the date of policy issuance.

All travel insurance claims must be made within the specified timeframe detailed in your policy. Most companies state you must register a claim within 28 to 31 days of returning home, otherwise a claim cannot be considered.

The medical stability period is a defined time frame in which an individual's pre-existing medical condition must remain unchanged to be covered under a travel insurance policy. This period can vary, typically ranging from 30 to 180 days, depending on the insurer.