When should you buy travel insurance? The simple answer to this is ‘when your money is at risk’, in other words, as soon as you have made a financial commitment towards your trip. If you’ve purchased a flight, put a deposit down on a holiday or paid out for accommodation, now’s the time to get travel insurance in place. Think of travel insurance as a back up if things don’t go to plan – it’s your security if you have to cancel!
If you’re buying single trip travel insurance, providing the policy includes cancellation cover, you will be protected from the moment you pay! This essentially means, that if you are forced to cancel your trip between the time you purchase your cover and your holiday departure date, you can turn to your insurance policy to recover your holiday costs (minus any excess applied to the policy).
Annual Multi Trip travel insurance works a little differently. Unlike single trip insurance where the cancellation cover becomes active the moment you pay for the policy, the cancellation cover on annual multi trip kicks in from the policy start date instead. So for instance, if you pay for you policy today but don’t start it until 4 weeks time, you actually have no protection in place for those 4 weeks. This isn’t necessarily a problem providing you have not already booked and paid out money towards a holiday. If you have, its wise to start your annual policy on the same day you pay for it!
When booking last minute breaks or if you’re travelling soon and have yet to arrange your travel insurance, whatever you do, don’t forget to buy it before you leave the UK. Once you have left it will be too late and you won’t be able to get insured, leaving you vulnerable for the time you’re away without protection for emergency medical costs due to accidents and illness and other unforeseen eventualities.
Again, you should get travel insurance in place as soon as you’ve booked the cruise to protect you in case you have to cancel. If you’re booking your cruise holiday well in advance, say a year to 18 months, the cost of travel insurance can be a bit more to insure against cancellation, as of course there is a long period before your departure date. Some insurers don’t like to insure too in advance, so it’s worth seeking quotes before you book.
If you’re planning a Staycation, whether it be a week away or a weekend, the same rules of travel insurance apply. Once you have paid towards a hotel or accommodation you need to consider how much you stand to lose if you were to cancel, and if the amount is significant, then its time to get travel insurance in place!
When arranging holidays think Travel Insurance, its just as important as your suitcase and passport!