So, you have decided to book a spontaneous adventure to Europe, because why not. Or maybe your office needs you to shoot down to the United States for a work meeting last minute. Both are very real scenarios, and both situations that still require you to get travel insurance before you leave. But, if you try to get travel insurance last minute, will it cost you more? Let’s have a look.
Whether your trip is a last-minute decision, or even if you are booking months in advance, get travel insurance as soon as possible after booking. It is recommended that as soon as you know the dates of your travel and the destination, you should set out to get your 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.
As mentioned above, while the travel insurance itself may not be more expensive when booking last minute, you may find yourself facing additional costs elsewhere. By getting your travel insurance as soon as you book your trip, you ensure that you have coverage should anything happen before you leave for your trip. If you need to cancel or delay your trip for some reason, your travel insurance should cover you. If you wait to get your coverage, you leave yourself venerable as you will only have coverage for things that happen once you obtain your insurance.
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.
It is always important to read and understand the fine print of your policy, especially if you obtained it last minute. Sometimes insurers will be a time restriction on some features of your policy, including trip/flight cancellations, and those with pre-existing conditions may find themselves without full coverage. When in doubt about your situation, it is best to speak to your travel insurance broker, they will be able to answer any question you may have, and ensure you have the coverage you need for your trip.
If you tend to sweep off for spontaneous adventures, or you find yourself travelling last minute for work often, it may be in your best interests to look into getting an annual, or multi-trip travel insurance plan. Initially, these plans do cost a bit more than your traditional travel insurance, but it ensures that no matter how many trips you take throughout the year, you will have coverage. You pay one initial premium and will have coverage for the next 365 days without having to worry about scrambling to obtain coverage or filling out additional applications and paying additional premiums.