Some travelers make the mistake of waiting until the last minute to purchase travel or trip insurance for their business and leisure trips. This is understandable. After all, buying insurance takes time and your focus may be on getting the best ticket prices.
Nevertheless, buying travel insurance at the last minute may prevent you from receiving the full benefits you may need. Here are some of the top reasons why you don’t want to buy last-minute travel insurance.
It Takes Time to Research and Compare Travel Insurance Plans
Travel insurance can be complicated and you’ll make a more informed choice if you give yourself more time. By starting early, you’re giving yourself the time to research travel insurance plans, compare travel coverage options and buy the travel insurance policy that best suits your needs.
Depending on where you’re traveling to, you may need a higher-than-average medical limit and for that, you’ll need to research the plans to be sure the coverage applies to the countries on your itinerary. Buying the right coverage can mean the difference between having the support you need in a travel emergency and being forced to handle the emergency on your own.
You Need Time to Read the Policy Documents
Purchasing your travel insurance plan early means that you’ll have the time you need to read the plan and policy documents. This gives you the time you’ll need to understand your insurance rights, know the exclusions, and contact the insurance provider with your questions.
To ensure you understand your policy’s documents, VisitorsCoverage’s Customer Success Team is always available to help make sure you get the right policy for your trip without the stress. They can help you compare different policies based on what they cover and their limits, enabling you to make a more informed decision by reviewing the policy documents efficiently.
If you wait until the last minute, you won’t be able to change your plans or get more clarification about how the plan works.
It Gives You Time to Find the Best Cancellation Coverage
Trip insurance comes with basic cancellation protections. This means that if you have to cancel your trip for a covered reason, you’ll be able to recoup some prepaid travel expenses. But this coverage is limited to things beyond the insured’s control like natural disasters and airline issues. If you purchase travel insurance when you’re pressed for time, you might expect that this cancellation coverage is the best you can get.
When you purchase a travel insurance plan with trip cancellation coverage early, you have the plan in place in case you need to cancel your trip. While you may not think you’ll have to cancel, unfortunate things like illnesses, death in the family, car accidents, and more can happen anywhere, anytime.
It’s unfortunate to have to cancel your travel plans or if an emergency calls you back home in the middle of your vacation. But knowing you can cancel your trip and get your prepaid expenses returned to you is an excellent benefit.
Some Coverage Requires Purchasing Early
For certain plans, like trip insurance, there are specific time-sensitive benefits that you can consider if you purchase your insurance plan ahead of time.
Pre-existing Condition Waiver
Travel insurance plans typically exclude medical charges related to a sudden flare-up of a pre-existing medical condition. However, some plans also include coverage for pre-existing conditions with a waiver. You are eligible for the waiver if you purchase the policy soon after your first trip payment (14-21 days), insure the full cost of your trip, and are medically stable at the time of purchase.
With the waiver, the policy may cover trip cancellations, interruptions, or delays related to your pre-existing condition, which would have otherwise been excluded.
Cancel For Any Reason Purchase Period
The Cancel For Any Reason insurance benefit is also a time-sensitive benefit that you can add to your insurance plan. Each insurance provider will have their own timeline, but most of the time, you can only add CFAR to your travel insurance plan within 14-21 days from your initial trip deposit date, similar to the pre-existing conditions waiver.
Cancel For Any Reason insurance provides great peace of mind for cancellations that may not be covered by a standard travel insurance policy. If you worry about potential events causing you to cancel your trip, CFAR is a great backup that can recoup up to 50% to 75% of your prepaid, nonrefundable travel expenses.
Avoid Last Minute Travel Insurance and Purchase Early
When you start planning a trip, take the time to buy your travel insurance as soon as you start making your trip reservations. This way, you’ll have the longest amount of time to be sure the coverage is right for you and the opportunity to use those benefits if you need them.
Whether you are looking for travel medical insurance or a trip insurance plan, doing your research and purchasing early ensures you get the best travel insurance coverage you need.
Frequently Asked Questions (FAQs)
Does buying travel insurance early make it cheaper?
Buying travel insurance early doesn’t necessarily make the base price of your insurance cheaper. However, if you booked your trip on the earlier side, you get the opportunity to score early-bird travel deals, which can make the price of your travel insurance “cheaper”. If your trip costs less, then your travel insurance can cost less.
Buying your travel insurance early still allows you to qualify for certain benefits, such as the ability to purchase Cancel For Any Reason insurance or qualify for the pre-existing conditions waiver. By getting your travel insurance early, not only can you qualify for certain benefits, but you also have a better coverage window.
What coverage begins immediately after I purchase a policy?
The main kind of coverage that begins after you purchase your policy is the trip cancellation benefit, which kicks in at 12:01 a.m. once you have purchased your policy. This is why getting your travel insurance plan early can be beneficial, since you have a better trip cancellation coverage window.
The same goes for Cancel For Any Reason insurance, which allows you to cancel for *literally* any reason that is not covered by your standard travel insurance.
What cancellation reasons are covered if I don’t have Cancel For Any Reason insurance?
If you need to cancel your trip, the following reasons are covered with a standard insurance plan without CFAR:
- Family or travel companion illness or death
- Damage to your house due to a natural disaster, such as a flood, fire or earthquake
- Complete cessation of travel services due to strike
- Terror strike in your destination country
- You or your companion are affected by a job termination or a layoff
- Inclement weather
- You or your travel companion becomes pregnant and is not allowed to travel during pregnancy
- You or your travel companion is summoned to appear in court, including jury duty
Some plans may have different reasons for cancellation, so it is recommended to review your specific policy documents for any limits and exclusions for trip cancellation.
Can travel insurance cover a medical emergency unrelated to pre-existing conditions?
Yes, travel insurance can cover medical emergencies, including if you need to evacuate or return home for a medical reason that is unrelated to a pre-existing condition. This coverage usually includes emergency hospital stays, doctor visits, and prescription medications while you are traveling abroad.
Can I get reimbursed for unused trip expenses if something goes wrong during my trip?
Yes, with trip delay and interruption benefits, you can get reimbursed for your unused, prepaid nonrefundable expenses if there is a snag during your trip. For example, if you experience a significant travel delay, causing you to miss a day of your trip, you can get reimbursed for the following expenses:
- Hotel accommodations for overnight delays
- Meal expenses during extended waits
- Essential toiletries and clothing if needed
- Transportation costs to and from the airport/hotel
Do I need travel insurance for international travel if I already have health insurance?
Absolutely. It is recommended to get travel insurance for an international trip since your domestic health insurance may not cover you abroad. Especially if you are traveling somewhere with expensive medical care, you would have to pay out-of-pocket for medical treatment abroad, which can cost thousands without good travel insurance.
What documents do I need to submit a claim?
The necessary documents you will need to file a trip insurance claim can be various items, such as copies of your passport and/or US visa/entry stamp, itemized medical bills, and receipts. However, each provider may have slightly different steps. Typically, your insurance company will let you know which type of documents they expect, but if they don’t specify, check your policy or reach out to their customer service team for guidance. The more information or documentation you provide, the better. Keeping clear records and acting promptly can help the process go more smoothly.
How long does it usually take to receive my claim reimbursement?
The duration of the claims process can vary from case to case, typically spanning from a few weeks to a couple of months. You can check the status of your claim by logging into your VisitorsCoverage portal or by contacting our Claims Assist Team.
