Will travel insurance cost more if I get it last minute?
Your trip is in a couple days, you are doing your final check list, and you realize that you forgot to get travel insurance. Don’t panic, you can still get your travel insurance even though it’s last minute! But it is important to note that while getting your travel insurance last minute before you leave on your trip will not inherently cost more, it may have some negative repercussions that can cost you more in the long run.
Get coverage ASAP
When possible, it is advised that as soon as you know the location and date of your trip, you should seek out travel insurance. Travel insurance is not necessarily more expensive if you book later in the game, but you may end up spending more money in the long run if something goes awry before you leave on your trip.
Why get your travel insurance early
So, what perks may you be missing out on if you don’t book your travel insurance early? For the most part, you forfeit the coverage that applies outside of the dates of your trip, such as the cancellation coverage. In addition, if you have a pre-existing medical condition, you may not get the full coverage you need. As 1, it can be harder to find coverage with a pre-existing condition, and 2, some policies require you get coverage a certain amount of days before your trip.
Travel insurance can only cover you for things that happen after you obtain the coverage, so if you are forced to cancel your trip without having travel coverage already in place, you will lose any money already spent on flight, accommodations, etc.
Understand your policy
The best way to know how timing will affect your travel insurance is to speak with your travel insurance broker, and read the fine print of your policy. By asking questions, and understanding your policy you will be able to know what your insurance will cover you for, especially if you obtain it last minute.
What happens if you book your trip last minute?
So, what if you find yourself in a situation where you have booked a trip last minute and are now looking for travel insurance. Important thing to remember is to actually remember to get travel insurance. With the flurry of excitement and panic that can be booking a last-minute trip, travel insurance may not be on the forefront of your mind.
This is one of the main drawbacks of booking a trip late and getting your travel insurance last minute. While you will have coverage for your emergency medical while you are abroad, you may not have coverage for things outside of your control leading up to the trip.
Opt for an annual/multi-trip policy
If you know that you will be traveling multiple times throughout the year, or have a habit of booking last minute trips, you may want to look into getting an annual or multi-trip travel insurance policy. These policies will give you coverage for 365 days, eliminating the need to get a new policy every time you leave your home province. If you plan a last-minute trip, you do not have to worry about scrambling around to find travel insurance as you will already have it. While an annual or multi-trip policy does cost a bit more upfront, it will save you money in the long run as you only need to buy one policy for the entire year, no matter how many trips you go on.