When Should You Purchase Travel Insurance?
You’re all set to schedule your next trip, or perhaps you’ve already done so… But when is the best time to purchase travel insurance to cover your trip? That will most likely depend on your individual situation and needs, so we’ll break it down below.
Additional Benefits for Early Purchasers
Almost all comprehensive travel insurance policies (single trip plans with Trip Cancellation coverage) provide early purchase discounts if you purchase your plan within a certain time frame after placing your initial trip deposit. Travel Insurance Select is the most popular comprehensive plan at USI Travel Insurance Services. If you purchase this plan within the early purchase period (21 days from the day your initial trip deposit is received), you may be eligible for the following benefits:*
Optional upgrade for Cancel For Any Reason (CFAR)** Interruption For Any Reason (IFAR)** Waiver of Pre-existing Medical Conditions Exclusion Coverage for Financial Default of a Travel Supplier (as a covered reason for Trip Cancellation and Trip Interruption)
These early purchase bonuses are also popular on other firms’ travel insurance programs. The early purchase duration may vary according on the company and plan, but 14-21 days following the initial trip payment is most common.
What does this early buying timeframe imply?
If you want to take advantage of the early purchase benefits, you must purchase your travel insurance within 21 days of making your initial trip deposit, even if you’re only making a small deposit and paying the remainder of your trip cost later. For example, if you pay a $200 hotel deposit but intend to book the rest of your trip later, the day you pay the $200 hotel deposit counts as your initial trip deposit.
Once you purchase your travel insurance plan, you must contact Their Customer Service team within the same timeframe for any subsequent trip payments (within 21 days of any subsequent payments) to update your travel insurance coverage accordingly. If you do not add your future trip expenditures to your plan within 21 days of payment, you will forfeit all of your early purchase benefits, so keep track of your travel insurance as you plan your trip! For example, if you book your ticket for $1,500 after making the initial $200 hotel payment, you must call within 21 days of booking the flight to increase your insured trip cost amount in order to retain your early purchase benefits, including CFAR coverage if applicable.
Even if you’ve already passed the early purchase deadline based on when you paid your initial trip deposit, you should still purchase your travel insurance coverage as soon as possible. the plan goes into effect the day after you purchase it, and the Trip Cancellation benefit kicks in immediately, which means you could be reimbursed if you have a covered event and need to cancel your trip.
If you are concerned about hurricanes affecting your journey, make sure to get the package before a storm forms. If a hurricane becomes a named event, you will no longer be able to purchase coverage for that hurricane if you purchase your plan after that date, because the hurricane is now deemed “foreseen.”
If you’re not the kind to prepare ahead, bear in mind that you may normally purchase your plan until the day before departure.