What is the Right Time to Buy Travel Insurance?
If you are in the process of planning a business or leisure trip and are confused regarding when you should buy travel insurance, the answer is NOW. Most travellers commit the severe mistake of waiting till the last moment to buy their travel medical insurance.
Here are some key reasons why you should not delay buying travel insurance.
You Might Not Have Time to Research and Compare Plans
Underscoring the importance of safety in a foreign land, a lot of companies offer travel insurance. The two broad categories of travel insurance available today are :
- Limited Coverage Travel Insurance Plan
- Comprehensive Coverage Travel Insurance Plan
Both these plans are designed keeping in mind different needs and nature of travel. If you are already wondering which one to choose, wait. A large number of companies selling these plans will make this task further difficult for you.
It is really important that you research different travel insurance plans, compare their coverage and premiums, to end up with a product that best suits your needs. For this, you’ll need time, which you won’t get if you look for travel insurance just before your trip.
If you’re traveling this year, I recommend getting a travel insurance plan, so you can avoid expenses during an unfortunate event. I suggest Atlas America.
You Don’t Have Time to Read the Plan’s Terms and Conditions
Even if you have managed to finalize the best travel insurance product in the last minute, how do you ensure that you have time to read through the fine print and all the terms and conditions so that if the need arises, your claim isn’t rejected by the insurer?
Reading the policy document carefully helps you understand the benefits and exclusions set by the insurer. When in doubt, the buyer always has the right to contact their insurance provider to get answers to their questions and get more information about how the plan works. In case they don’t like something, they can request the insurance provider to make changes.
However, all of this will probably not take place if you decide to buy travel insurance as an afterthought.
You Don’t Have Trip Cancellation Benefits
When we are planning a trip, you might not be thinking of what worst could occur during your travels. However, there are many instances when travellers have to cancel a trip due to a sudden illness, accident or death in the family and more. Today, when we pay for everything, from airline tickets to hotel bookings in advance, any trip cancellation could lead to huge financial losses. This is where trip cancellation coverage comes to the rescue, reimbursing you for all pre-paid expenses in case you need to cancel the trip.
However, to avail the trip cancellation benefits, you’ll have to buy travel insurance as soon as you make the trip arrangements. As a rule of thumb, buy travel insurance as soon as you make the first trip deposit, which will be recorded as the initial trip deposit date.
There are other types of coverage, such as cancel for any reason, pre-existing medical condition, hurricane coverage and more that will require you to buy travel insurance soon after you make the first trip deposit.
In a nutshell, buying travel insurance early will only help you get the best deal and stay protected throughout your travels.
Got questions? Ask in comments.