Travel insurance: when is a good time to buy it?
Regardless of your destination or how long you plan to be abroad, travel insurance is essential for protecting your health and the money you have invested in your trip. The right time to get insurance and to benefit from all its advantages depends on what exactly you want to cover.
You need only coverage for emergency medical care
Emergency Medical Care protection covers hospital costs, medical and paramedical costs incurred following an emergency that occurs during a trip, for example a health problem or accident.
The ideal time to buy it: This type of insurance can be purchased at any time prior to departure. Unfortunately, it’s too late once you are at your destination. We recommend that you not wait until the last minute: it is always best to take some time to read the insurance policy in case something needs to be clarified.
You need to protect your monetary investment in your trip
Trip Cancellation or Interruption protection covers you if you must cancel or interrupt a trip because of a fortuitous, unforeseen event beyond your control. With this type of protection, the insured recovers the disbursed amount in whole or in part.
The ideal time to buy it: It all depends on the insurer, because they have different requirements. Some insurers may require Trip Cancellation or Interruption insurance to be taken out at the time non-refundable costs are paid for the trip, while others allow a 72-hour period after booking. Some even offer the possibility of taking out this insurance at any time prior to departure, provided no event that could prevent the trip has yet occurred.
To get the maximum benefit from Trip Cancellation or Interruption protection, travellers are strongly urged to purchase it as soon as possible after booking a trip, even if this is not required by the insurer. Be aware that the insurance premium remains the same no matter when you buy it and varies on the basis of the coverage amount and trip duration. It would be a great pity if you had to cancel your vacation before taking out your insurance: this would mean the loss of all non-refundable amounts already invested. Check the conditions carefully with your travel counsellor to be sure that you sign up for your travel insurance at the right time.