When is the Best Time to Purchase Travel Insurance?

September 18, 2023

Traveling can be an exhilarating experience, offering opportunities to explore new destinations, immerse yourself in different cultures, and create memories that last a lifetime. However, with all the excitement, it’s easy to forget the uncertainties that come with traveling. Unforeseen events such as flight cancelations, medical emergencies, civil unrest, political turmoil, terrible weather, or natural disasters can disrupt even the most meticulously planned trip. This is where travel insurance steps in, offering protection and peace of mind. But one common question remains: How long before traveling should you purchase travel insurance?

The Early Bird Gets the Worm

Securing travel insurance right after booking your trip is a popular choice among seasoned travelers. This approach has several benefits:

• Comprehensive coverage: Buying early often means more comprehensive coverage. Many insurance policies offer “cancel for any reason” (CFAR) coverage, but it is typically available only if you purchase insurance within a short window after making your initial trip deposit.
• Pre-existing condition waivers: For travelers with health concerns, many insurance providers offer pre-existing condition waivers if insurance is purchased soon after the trip is booked. This ensures that any medical emergencies related to pre-existing conditions are covered during the trip.
• Protection against provider default: In the unfortunate event that your travel provider (airline, cruise line, tour operator) goes bankrupt or ceases operations, having insurance in place can protect your investment.

The Procrastinator’s Approach

While the early approach has its advantages, there is also a case to be made for those who wait:

• Changing plans: For travelers with uncertain plans or who make frequent adjustments to their itinerary, buying too early might mean more policy amendments or even purchasing a new policy before the trip begins.
• Last-minute coverage: Thanks to the advancements of the digital age, travelers can purchase insurance even a day before their trip. This offers flexibility for last-minute travelers or those who suddenly realize the importance of coverage.

According to a 2023 study of US travelers, 38% purchased insurance for their trip, including 13% who purchased cancelation insurance and 11% who purchased CFAR coverage. Of those who bought insurance, 35% were primarily concerned with issues such as delayed flights or moved reservations, 29% with potential health issues, 18% found the value or price appealing, 11% bought travel insurance out of habit, and 5% said a friend had recommended it.

The Benefits of Using CAP Tripside Assistance

While it is not a traditional travel insurance provider, CAP Tripside Assistance provides services that complement the protection travelers seek.

Rather than typical insurance payouts, CAP Tripside Assistance offers medical and non-medical travel assistance, including evacuation, legal aid, and travel information. These security features add another layer of support during a trip, ensuring that travelers aren’t just compensated from their travel insurance but also assisted during crises by CAP Tripside Assistance.

Unlike some forms of travel insurance that mandate early purchase for full benefits, CAP Tripside Assistance’s services are tailored for both early planners and last-minute purchasers, ensuring that everyone gets top-notch service. Additionally, one of the stand-out features of CAP Tripside Assistance is that, during an event in which assistance is required, they pay approved costs upfront. This means that travelers don't have to scramble to arrange finances in an emergency situation.

CAP Tripside Assistance Offerings

While purchasing travel insurance early undoubtedly offers peace of mind, the modern traveler also values flexibility. CAP Tripside Assistance bridges this gap, ensuring that comprehensive travel assistance is available regardless of when you purchase it before your trip. Ultimately, the best time to buy travel insurance or CAP Tripside Assistance depends on your travel plans, risk appetite, and the kind of protection you seek. Whatever the choice, the important thing is to ensure that you're covered so you can focus on what truly matters: enjoying your journey.