Should You Buy Travel Insurance in Advance or After Booking?

Planning a trip involves several important decisions, from selecting destinations to booking flights and accommodation. One crucial aspect that travellers often overlook is travel insurance. But when is the right time to purchase it?

Should you buy travel insurance before finalising your bookings, or can you get it afterwards? Making the right decision can help you avoid unexpected expenses and travel disruptions. This guide explores the benefits of each and what factors to consider before buying.

What Is Travel Insurance?

Travel insurance is a financial protection net that shields you from unexpected events during your trip. These events can include:

1. Trip cancellations or interruptions due to illness, natural disasters, or other emergencies
2. Medical emergencies while travelling
3. Lost, delayed, or stolen baggage
4. Travel delays and resulting additional expenses
5. Emergency evacuations for medical or political reasons
6. Accidental death or dismemberment during the trip

Purchasing travel insurance ensures you are financially protected against various travel-related uncertainties.

Benefits of Buying Travel Insurance Before Booking

Purchasing travel insurance before making your travel arrangements has several advantages:

1. Coverage for Trip Cancellation

Buying insurance early ensures coverage if something prevents you from booking your trip later. Many insurers offer trip cancellation cover for specific reasons, including:
● Unexpected illness, injury, or death of the insured or a close family member
● Natural disasters or severe weather affecting travel plans
● Job loss or mandatory work commitments
● Travel supplier bankruptcy or cancellation

If you book an expensive holiday, purchasing insurance early ensures you are covered for trip cancellations and interruptions, even before departure.

2. Pre-existing Condition Coverage

Many insurers require you to purchase travel insurance within a specific time frame after booking to receive cover for pre-existing medical conditions.

Pre-existing conditions refer to medical issues existing before the policy’s purchase. Some insurers offer a pre-existing condition waiver if the policy is bought within 14–21 days of the initial trip deposit.

3. Protection for Trip Deposits

If you’ve made partial payments for flights, hotels, or tours, early insurance ensures reimbursement in case the trip is disrupted before departure.

4. Additional Benefits for Early Buyers

Some policies offer extra benefits if purchased early, such as Cancel for Any Reason (CFAR) cover, which allows greater flexibility in cancelling your trip.

CFAR cover allows you to cancel your trip for reasons not typically included under standard policies, such as personal issues or a change of mind. However, CFAR policies often require purchase within 14–21 days of your initial trip payment.

Advantages of Buying Travel Insurance After Booking

Waiting until after booking also has its benefits:

1. Tailored Coverage Based on Confirmed Plans
   Once you’ve finalised your travel details, you can choose a policy that aligns with your itinerary, ensuring you don’t pay for unnecessary coverage.
2. Flexibility in Choosing Policies
   If your travel plans are uncertain, waiting to purchase travel insurance gives you time to adjust your coverage based on confirmed bookings.
3. No Risk of Wasted Premium
   If you buy travel insurance but decide not to proceed with your trip, the early-purchased policy may go unused. Delaying your purchase ensures coverage only for confirmed plans.
4. Coverage for Last-Minute Travel
   Many Indian insurers allow you to purchase single trip insurance up to 24 hours before departure, making it suitable for spontaneous or emergency travel.

Key Considerations Before Purchasing Travel Insurance

Regardless of when you buy travel insurance, consider the following factors:

1. Trip Costs and Non-Refundable Expenses
   If you’ve already paid significant non-refundable amounts, purchase insurance promptly to protect those expenses.
2. Policy Inclusions and Exclusions
   Check what is and isn’t covered. Some policies exclude high-risk activities or certain destinations.
3. Your Health Status
   If you have pre-existing conditions, consider buying insurance early to ensure coverage and avoid exclusion clauses.
4. COVID-19 and Pandemic Coverage
   Due to ongoing global health concerns, ensure that your policy covers COVID-19-related cancellations, medical treatment, and quarantine expenses.
5. Destination-Specific Risks
   Some destinations are prone to natural disasters, political unrest, or disease outbreaks. Verify that your insurance covers these potential risks.

Should You Opt for Single Trip Insurance?

If you travel occasionally, single trip insurance may be a more suitable and economical option. It offers protection for one specific journey, unlike annual or multi-trip policies.

Advantages of single trip insurance:

● Cost-effective for infrequent travellers
● Tailored coverage for the destination and travel duration
● Optional add-ons for adventure sports, business travel, or cruise cover

If you travel multiple times a year, a multi-trip or annual policy may be more cost-efficient.

The timing of your travel insurance purchase depends on the specifics of your trip. Buying early ensures broader protection and added benefits such as pre-existing condition cover and CFAR options. On the other hand, waiting until after booking allows you to tailor the policy to your actual travel plans.

Evaluate your travel risks, health needs, and budget to decide when to secure your single trip insurance. In either case, having adequate coverage will give you peace of mind throughout your journey.