Travel insurance is an essential part of booking your holiday, but timing is everything.
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There are lots of reasons why you need travel insurance: delays, lost luggage, and theft. But the number one reason why you need travel insurance is to minimise your out-of-pocket medical expenses if you get sick while you’re on holiday.
When to book travel insurance
Did you know that your travel insurance can cover you when things go wrong before you’ve even left the building?
As soon as you can
That’s why booking your travel insurance is recommended as soon as you know your travel dates.
“Buy travel insurance as soon as you know your travel dates. That way, you’re covered if your trip is cancelled before you even leave or if you are unable to travel at all,” says the Australian Government Smart Traveller website.
The website adds: “The further out from your departure date that you buy travel insurance, the more you’re likely to pay for it, but you’ll be covered from the moment you buy your policy. For example, if you buy insurance two months before you fly, you effectively have cheap coverage for any events that affect your travel plans in those two months.
“If you pay for your trip in full six months in advance, but you only buy an insurance policy two weeks before you depart, you may not be covered for any cancellation costs if you contract Covid-19.”
In saying that, some insurers recommend getting travel insurance as soon as you’ve finalised your flights and holiday bookings to help you determine the type of coverage you need.
“Though you can buy travel insurance before you book your flight, it’s better to wait until after you reserve your seat on the plane, says Travelers.com. “This way, you’ll know your ticket price and can make sure your travel insurance will cover the full cost of the ticket in case you need to file a claim later.”
“Typically, the more information you have about your trip and your estimated expenses, the easier it will be to buy coverage that best suits your needs.”
When is it too late to buy travel insurance?
In most cases, coverage must be purchased no later than 15 days before your trip. Most insurers won’t let you purchase coverage if your holidays have already started.
“Only a few insurers let you buy insurance once you’re already overseas, says the Smart Traveller website. “Look for the ‘Have you already left Australia?’ checkbox when viewing policy options.”
For more travel insurance questions, head over to Smart Traveller.
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