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What is the best time to purchase travel insurance before a trip and why?

Gwen Copas

As a seasoned traveler and frequent purchaser of travel insurance, I can confidently say that the best time to purchase travel insurance is AFTER you've booked your trip and BEFORE any unexpected events occur that could potentially cause cancellation or interruption. Why is this controversial, you may ask? Well, let me explain.

Many travel insurance companies will offer coverage for trip cancellation, interruption, and/or medical expenses related to pre-existing conditions, but only if the policy is purchased within a certain timeframe, typically within 10-21 days of the initial trip deposit. This means that if you wait too long to purchase insurance, you could potentially miss out on these benefits.

However, purchasing travel insurance months in advance of your trip may not be the wisest decision either. Why tie up your funds with insurance premiums for a trip that is still far off in the future? Plus, if something unexpected were to happen in the months leading up to your trip, you may still be out of luck if the policy doesn't cover pre-existing conditions or if certain events are not covered.

So, when is the sweet spot for purchasing travel insurance? I recommend waiting until after you've booked your trip and have a firm understanding of the cancellation policies of the airlines, hotels, and other travel providers you've booked with. Then, look for a policy that will provide coverage for any potential gaps in your existing coverage. For example, if your airline will only provide a refund for non-refundable tickets if you cancel within 24 hours of booking, consider a travel insurance policy that will cover cancellations for any reason up until the day of your trip.

Waiting until the last minute to purchase travel insurance may give some people anxiety, but I believe it's worth it to ensure that you're getting the most comprehensive coverage for your specific trip. Plus, it allows you to fully understand the risks associated with your travel plans before making a major financial commitment to insurance premiums.

In conclusion, the best time to purchase travel insurance varies from person to person and trip to trip, but waiting until after you've booked your trip and have a firm understanding of the cancellation policies and existing coverage is the most strategic approach. Don't let fear-mongering advertisements pressure you into a hasty insurance purchase - take the time to evaluate your risks and make an informed decision.