Timing to buy travel insurance

Giggerata

Hello, I wonder if someone can advise about the timing of buying travel insurance.

I understand that I must have insurance in place before I spend on travel (tickets, hotels etc.) but get into this routine each year where I am at the point of spending on travel which will occur after my existing travel insurance ends. I have been buying new insurance each year when I buy tickets but feel I am wasting my money and wonder if anyone has had to deal with a simiar issue.

many thanks!
K

InsideInsurance

Are you buying annual cover or single trip?

Single trip there is no "waste" because its going to be the same price if you buy today or buy it 2 days before you leave but buying today you have all the cover for the period before incase anyone falls ill or has an accident etc

Quentin

You do need insurance in place as soon as you buy any part of the holiday to get the cancellation cover.

If you do this then you aren't wasting money at all!

Giggerata

Thanks, I travel quite a lot as my Mom is in Canada and one of my daughters is in the Middle East so I am always on the lookout for bargain flights!

It is quite a bit more expensive, as I understand, to buy per trip insurance rather than annual.

InsideInsurance

It depends on your circumstances as always but yes, single trip tends to be more expensive as soon as your taking 2+ trips a year.

Annual policies you could allow to lapse and only rebuy as soon as your ready too book your next holiday but evidently if you've already booked by the time the policy lapses then you should rebuy immediately to avoid the risk of something happening during that period of non-insurance.

As I was travelling a fair bit previously I went for a packaged bank account which included family world wide travel insurance and access to airport lounges (plus other gubbins) and so didnt ever see renewals or have concerns about wasted insurance as there was no direct premium being paid

Quentin

If you use annual cover for a holiday to start after the policy year ends, then bear in mind that when you renew all disclosures have to be made for the new policy, and any new issues (eg health problems with travellers or relatives) may not be covered.

The only way to ensure cover for trips covering an annual policy renewal is to take out a single trip policy when you book.