When your organising your holiday, travel insurance is not one of the things you think about first. In fact, it’s probably one of the last. But is taking out your travel insurance last minute putting you at a disadvantage?
If you ask the majority of people when do they think about and take out travel insurance it is more than likely that most will answer ‘the day before’. It is becoming all too common for travel insurance to be taken out in a last minute panic.
The main advantage of taking out your travel insurance in advance of your holiday is that you will fully benefit from cancellation cover. If you have to cancel your holiday for a reason which is covered by the policy, then you will be able to claim against your insurance for this meaning you do not lose out on the cost of your holiday. This is usually a standard benefit and for us at SportsCover Direct, will not affect the premium. So if you take out a policy 28 days in advance you will benefit from cancellation cover for that period. If you take out the insurance 2 days before your trip you will only benefit for those two days for the exact same price as if you had done 28 days prior.
Recently, there has also been a number of stories in the national press relating to travel insurance policies being taken out and then not covering the person for various medical emergencies. However, all too often than not this is because the policy taken out doesn’t cover the activity, place or level the person needs. And this may be due to a last minute price comparison and purchasing the cheapest policy without really looking or understanding the benefits it provides.
It is important to make sure you fully read the terms of any insurance policy you take out to ensure you are covered for all your activities and there are no exclusions which you should be aware of. For example, some adventure activities and sports may not be covered under standard travel insurance policies. Taking a policy out last minute may mean you do not have time to read properly and end up taking out insurance may not cover you comprehensively.
In conclusion, taking out travel insurance last minute may leave you at a disadvantage if you were to end up in the unfortunate position of needing assistance while abroad. You will benefit more from your travel insurance if you take it out early and do your research ensuring it is exactly the type of cover you need.