When to Buy Travel Insurance

If you've planned your dream trip, you imagine the experiences: sunsets, beaches, hikes, restaurants, or other special activities. You don't usually imagine lost luggage, delays that leave you overnight on the airport floor, or cancellations due to illness. That's where travel insurance comes in. You don't need to lose the experience and money when plans don't go your way. Read on to learn when to buy travel insurance to protect your trip. 

When Is the Best Time to Get Travel Insurance?

Generally, the best time to get travel insurance is while booking your flights. But there are a few other options. Here is an overview of each:

Immediately After You Have Booked Your Flights

To get the best coverage, it’s best to buy travel insurance after you have booked your flights or travel arrangements, especially if you have preexisting medical conditions. 

Another reason to book right away is if you want to cancel for any reason or have CFAR insurance. Insurance companies typically give you a short period of time to add on CFAR. For some, that may be the same day, while others allow two to three weeks from your initial trip deposit.

Within 14 Days of Making the Initial Payment for Your Trip

If you didn't buy travel insurance when you booked, it’s also good to buy it within two weeks after booking your flights or paying the initial payment for your trip. You can usually still add CFAR (if you want) during this window. While preexisting medical conditions may not be covered, you could purchase additional medical insurance for specific situations. 

Prior to Your Departure

If your departure date is looming and you haven't booked travel insurance, it's still not too late. You can still buy travel before your departure. Preexisting conditions won't be covered, and you'll unlikely be able to add CFAR, but other standard coverage should still be available. This includes travel delays, cancellations for reasons like illness or emergencies, and lost or stolen luggage. 

Before purchasing last-minute travel insurance, consider if you already have coverage from your credit card issuer, as many travel credit cards offer complimentary travel insurance. However, to qualify, you need to have paid for your trip with that card. While coverage limits differ by card issuer, you could be covered for:

• Trip cancellation, interruption, and delay insurance. 
• Baggage delay and lost luggage insurance. 
• Rental car insurance
• Emergency medical and evacuation insurance
• Travel accident (AD&D) insurance

How Early Can You Buy Travel Insurance?

For those who like to plan, the question becomes how early you can buy travel insurance. While different insurers have different policies, you can buy at least 12 months prior for some insurance companies. 

You could even buy travel insurance before you book the trip, but you'll need to know your destination, travel dates, and trip cost before purchasing travel insurance. For that reason, you'll usually want to wait and buy the insurance while booking or immediately after.

When Is It Too Late to Buy Travel Insurance?

It is usually too late to buy travel insurance after you've left for your trip. Unfortunately, it's also too late when something bad has already happened. Insurance covers possibilities; after the trip is underway, specific incidents won't be covered. 

Common Types of Travel Insurance 

Here is an overview of the common types of travel insurance you can consider. 

How to Buy Travel Insurance

You can often buy travel insurance bundled when booking your flight. Likewise, many travel credit cards offer some level of travel insurance coverage. You can consider both options, but you can sometimes find better coverage by comparing offers independently. 

Here is a step-by-step guide to buying insurance after booking a flight:

1. Compare offers: You can easily compare insurance offers online. Consider buying travel insurance from travel insurance company sites, comparison sites, or insurance agents. You'll need your age (and other travelers' ages), destination, and dates to compare insurance. 
2. Decide on coverage amounts: You could choose medical coverage from $100,000 to $1 million. Likewise, if you're not going to a high-risk area, you may not need a high value for emergency evacuation. Reducing costs you don't need can help you save on premiums.
3. Consider high-risk activities: If you plan to participate in activities like skiing, paragliding, or even hiking above specific elevations, you might need an additional rider. 
4. Get a travel insurance quote: Once you decide on the insurer you'd like to work with, get a final quote and prepare to purchase travel insurance. This involves filling out a detailed application form about all travelers' ages and asking for preexisting medical conditions. 
5. Purchase a travel insurance policy: Once you have decided on the insurance provider and policy, you can easily purchase insurance online. Enter your payment information, and you're done!

Compare the Best Travel Insurance Companies From Benzinga’s Top Providers

If you need travel insurance, you can get an idea of prices and offers by comparing Benzinga's top providers. 

Do You Need Travel Insurance?

Not every trip needs travel insurance. Short, inexpensive trips close to home usually don't need travel insurance. In addition, if you book trips with miles or points, you usually can't recoup those in dollar value with travel insurance. And if it's a business trip, check with your employer to see if you're insured — especially for international travel. 

There are ways you might already be covered: with travel credit cards or if you have home or renters' insurance. Carefully check the coverage you can get for free and research options to protect yourself and your next vacation! Ready to find excellent coverage? Find the best travel insurance or travel health insurance!

Frequently Asked Questions