When Is The Best Time To Buy Travel Insurance? (2024)

FAQs

When Is The Best Time To Buy Travel Insurance? ›

Travel insurance covers many events that happen during your trip, but it can also offer protection for unexpected events before you leave, sometimes days, weeks, even months prior to departure. That's why we say it's best to purchase protection as soon as possible after your initial trip payment is received.

If you're wondering when you should buy travel insurance, the simple answer is as soon as possible. Ideally, you'll buy coverage no later than 15 days prior to your trip.

From medical emergencies to lost luggage, travel insurance is an essential tool for ensuring peace of mind. The best time to secure travel insurance is immediately after booking your holiday.

Because of this, the effective date of the plan will be one minute after midnight the day after you bought the plan. If you purchased your travel insurance on April 26th at 4:13pm, your plan will go into effect on April 27th at 12:01am. This will allow you to utilize your trip cancellation coverage if needed.

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).

For most vacations, it's advisable to begin planning at least six months in advance. This timeframe allows you to research destinations, compare prices and make reservations without the pressure of last-minute booking.

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.

Purchasing the night before your trip works. That's because trip insurance goes into effect the day after you purchase it. So if it's midnight on the day of your departure, it's too late to buy comprehensive travel insurance.

Travel insurance can be useful, but it's not always necessary. The key to knowing if you need travel insurance is figuring out your specific risks for any given vacation, then deciding if you can buy coverage that adequately protects you from any financial losses and pitfalls that might occur.

What date to put on travel insurance? ›

Your travel is apt to begin in the departure date, but if you are delayed en route, it could end a day or two later. I'd choose a insurance end date a day or three after your planned arrival.

a 72-hour waiting period applies from the time the Certificate of Insurance is issued before cover for any events begins.

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.

And most insurers require you to buy policies with medical coverage within 14 to 30 days of your first trip payment. After that, pre-existing medical conditions may not be covered. Buying early also gives you peace of mind that you're properly covered in case you need to cancel for any reason.

While it's possible to buy travel insurance up until just before — or even after — you depart, the best time to do so is shortly after you begin booking the trip.

The average cost of travel insurance is about 3% to 5% of a trip's total value, according to quotes gathered by our research team across different travel insurance providers for various traveler profiles. Solo travelers can expect to pay around $60-$100 for coverage.

Coverage period of multi-trip insurance policies

Note that in case of multi-trip insurance policy, your insurer provides coverage only for a certain number of days at a particular destination which varies across policies. While some policies can offer coverage up to 90 days, others can extend it to 180 days.

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.