You can purchase travel insurance from the first day you make a deposit on your trip up until the day before you depart. The cost will be the same regardless of when you purchase, but there are advantages if you buy sooner than later. The only time it is too early to buy is when you haven’t yet made any sort of deposit for your trip.
If you know you need travel insurance, it’s best to buy it as soon as possible because you get better coverage for the same price if you purchase the policy within 14 days of your initial deposit. The best plans have cancel for any reason coverage that gives you the ability to cancel your trip for an uncovered reason and get up to 75% of the cancellation penalties refunded. Many policies offer a pre-existing medical conditions waiver if purchased within 14 days of your initial deposit. This provides you better medical coverage, and much faster claims service. If you have to file a medical claim without this pre-existing conditions waiver, the insurance company will request medical records from your doctor that can slow down the payment of your claim.
What if you want to purchase a plan, but haven’t made all of your deposits yet? You don’t have to wait until you’ve paid for everything. You can increase your trip costs anytime as you make additional deposits. If the cost of the policy changes, all you have to do is pay the additional premium. If you have a policy with a pre-existing medical conditions waiver, be sure to change the trip cost on your policy within 14 days of any additional deposits you make.
If you procrastinate, and don’t think about purchasing your policy until the last minute, you can purchase a plan up until the day before you depart. It is still a good idea to buy travel insurance because you are covered for missed connection, trip delay and interruption, baggage, medical and medical evacuation.
Be aware that if you purchase a plan after a hurricane warning has been issued for your destination, then you will not be covered for any risks involving that hurricane. All travel insurance companies limit coverage to unknown risks. If the hurricane is named, it is no longer considered an unknown risk.
It’s never too early or too late to purchase trip insurance, just make sure you do so.