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In conclusion, securing travel insurance shortly after making your initial trip deposit is the best way to ensure maximum protection for your travel investment.
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Why Travel Insurance is Essential After Booking Your Trip
In today’s world, travel insurance is no longer just a suggestion—it’s an essential part of your vacation planning. A comprehensive travel insurance policy offers you financial protection for trip deposits, medical emergencies, delays, and other travel-related disruptions.
The most robust policies combine various benefits like trip cancellation, delay, interruption coverage, baggage protection, medical expenses, and emergency evacuation. Timing, however, is crucial. To get the best coverage, it’s recommended to purchase your travel insurance as soon as you’ve made your first trip deposit.
“Purchasing travel insurance early ensures that you’re covered before departure,” advises Annie, spokesperson for Travelex Insurance Services. “We recommend securing a plan right when you make your first payment, giving you peace of mind as your travel preparations unfold.”
When’s the Best Time to Buy Travel Insurance? Early, and With Confidence
When you book a vacation and start making payments, it’s smart to buy your travel insurance plan within 15 days. By doing this, you can unlock optional upgrades and enjoy maximum coverage from the outset.
“Even if you don’t have all your trip details finalized, as soon as you’ve put down money—whether it’s for a flight or accommodation—get your travel insurance,” Annie suggests.
If your itinerary changes, don’t worry. You can usually adjust your insurance policy to reflect updated travel dates or costs. Annie emphasizes that you don’t need to have every travel plan confirmed before securing your insurance. It’s all about getting that initial protection in place.
Comprehensive Trip Cancellation Insurance
For first-time buyers, it may come as a surprise that your trip cancellation benefits kick in the moment you purchase your policy.
“No one plans to get sick or face an emergency, but these things happen,” says Annie. “Having insurance in place ensures that you’re financially protected weeks or even months before your trip begins.”
With a standard trip cancellation policy, you’re covered for specific cancellation reasons. If you have to cancel your trip due to an illness, injury, death in the family, military orders, severe weather, or other listed reasons, you’ll be reimbursed for non-refundable, prepaid trip costs.
Additionally, Annie recommends checking whether your policy covers Covid-19-related cancellations and medical issues. Some companies, like Travelex, treat Covid as any other illness, but not all providers do—so be sure to confirm.
Adding “Cancel for Any Reason” Coverage
While standard travel insurance policies cover specific cancellation reasons, they don’t offer protection for every scenario. For instance, a spike in Covid cases at your destination or bad weather may not qualify you for a refund under normal cancellation policies. If you want the flexibility to cancel for any reason, consider adding “Cancel for Any Reason” (CFAR) coverage.
“The CFAR option is available when purchased alongside your initial insurance plan, typically within 15 days of your first trip payment,” says Annie.
Although CFAR coverage can increase your travel insurance cost by around 50%, it provides significant flexibility. You’ll be able to cancel your trip for any reason and still receive partial reimbursement—usually 50% to 75% of non-refundable trip costs—as long as you cancel at least 48 hours before departure.
Considering “Interruption for Any Reason” Coverage
Standard trip interruption insurance reimburses prepaid, non-refundable trip costs if your travel is disrupted for covered reasons like illness or severe weather. However, if you’d prefer the ability to cut your trip short for any reason, you can opt for “Interruption for Any Reason” (IFAR) coverage.
This upgrade typically adds 3% to 10% to the cost of your plan and allows you to return home early, no matter the reason. Like CFAR, it must be purchased soon after your initial deposit, and coverage often begins 48 hours into your trip.
Waiving Pre-existing Medical Condition Exclusions
Another key reason to purchase travel insurance early is to secure a pre-existing medical condition exclusion waiver. This waiver ensures that pre-existing conditions—whether yours, a travel companion’s, or an immediate family member’s—are covered if they cause you to cancel or interrupt your trip.
“By purchasing insurance within 15 days of your first trip deposit, you can get this exclusion waived,” says Scott Adamski from AIG Travel.
Take Advantage of Travel Assistance Services
Many travelers aren’t aware that travel assistance services are available the moment they purchase a policy, not just when they’re on their trip. These services, often available 24/7, include everything from passport and visa requirements to health advisories and even concierge services like restaurant recommendations.
“These services are incredibly helpful and can be used before departure, offering guidance on health, weather, local transportation, and more,” Annie adds.
Extra Perks of Buying Travel Insurance Early
Purchasing travel insurance early offers valuable perks, including protection against financial default and cancellations due to unforeseen business issues. For instance, Travelex’s Travel Basic plan provides coverage if your travel provider goes bankrupt or if you face a work-related emergency that prevents you from traveling.
“These benefits don’t cost extra but are only available if you buy insurance within the first 15 days of booking your trip,” Annie notes.