We get it. Not everyone wants to shell out their hard-earned cash on travel insurance. With the already high prices of flights, hotels, and all travel-related costs, it can seem counterintuitive to spend even more just in case something happens. But things do happen and it pays to pony up on travel insurance.
According to Yonder Travel Insurance, the advantages of purchasing travel insurance early on outweigh any disadvantages. Most beneficially, early bookings for travel insurance give travelers Cancel for Any Reason (CFAR) coverage. This allows travelers to cancel their trip for any reason at all (even reasons not typically covered by other policies). Still, this coverage can only be purchased within a certain timeframe of your first trip payment.
Additionally, those who book travel insurance within a specific timeframe (usually within 14 days of the initial trip deposit) are also eligible for Pre-Existing Condition Waivers. For those with underlying health conditions, this policy allows coverage on any medical claims while traveling, which are often not covered.
Equally as compelling when booking early travel insurance policies is Travel Supplier Bankruptcy coverage. If any tour operator or airline goes bankrupt after booking your trip, this coverage will save you from financial loss.
With travel instability these days, you can never be too prepared. Luckily, there are options to ensure that your travel goes as smoothly as possible.