When Is the Best Time to Buy Travel Insurance?
For prepared travelers, purchasing travel insurance is an important part of the trip planning process. It ensures that the money you’ve invested in your trip will be protected even if your travel plans hit an unexpected snag. But when is the best time to buy it? Is it better to purchase travel insurance early, or wait until a few days before takeoff? Let’s find out.
The Ideal Time to Purchase Travel Insurance
Generally, you want to invest in travel insurance as soon as you put your money at risk. This is typically going to be the moment you make a trip payment for airline tickets, a cruise booking, or a hotel booking. These payments are typically nonrefundable, meaning you’ll lose them if you have to cancel your trip. A travel insurance plan may be the only option to get reimbursed for your prepaid, nonrefundable expenses, so it’s a good idea to purchase travel insurance for your trip as soon as you spend money booking it.
What’s the Danger of Buying Travel Insurance at the Last Minute?
There are several, actually. If you book a trip six months from now and only plan to buy travel insurance the week before you depart, that leaves a lot of time for things to go wrong. You or your traveling companion could get sick or injured, a major life change could happen, or any number of other things could occur that prevent you from traveling. And if any of them occur prior to purchasing the travel insurance plan, you won’t be covered.
You also have to consider natural disasters such as hurricanes and tropical storms. If you book your trip six months out and purchase travel insurance right then and there, you can be covered for trip cancellation if a hurricane severely damages your destination. However, if you don’t purchase the insurance until after the storm is named, it would be considered a foreseeable event that is not covered by travel insurance.
In short, remember this: The moment you pay money towards a trip, you need to purchase travel insurance to cover it.
Can You Buy Travel Insurance After Your Trip Begins?
In a sense, yes. This coverage is called travel medical insurance. Like travel insurance, a travel medical insurance plan can cover you if you get sick or injured during your trip, and some can offer benefits relating to travel delays, trip interruption, etc. However, travel medical insurance plans do not offer trip cancellation coverage [/travel-insurance/trip-cancellation-coverage/]. Being as your trip has already started, it’s impossible to insure against cancellation.
Before You Take Off
Remember, although it’s always preferrable to purchase travel insurance as soon as you book your trip, you still have options if you’ve waited until the last minute. The important thing is to insure as much of your trip as possible against as many unforeseen circumstances as you can. This way you can enjoy travel with greater peace of mind.
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International Private Medical Insurance Explained
International Private Medical Insurance (iPMI) is long-term health insurance that is designed for expatriates living abroad. It is sometimes also referred to as international health insurance or expatriate health insurance.
iPMI can be suitable for digital nomads, retirees, or anyone else living outside of their home country for an extended period of time who does not otherwise have sufficient health coverage.
iPMI vs Travel Medical Insurance
Though they can seem similar on the surface, iPMI and travel medical insurance are very different types of insurance coverage. Let’s examine some of those differences.
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iPMI vs Domestic Health Insurance
Some expats may consider purchasing domestic health insurance within the country they’ll be residing as a more affordable alternative to iPMI. This is especially the case for American expats. But while the lower cost of domestic coverage can be an advantage, there are disadvantages as well. Domestic health insurance will not cover you if you decide to travel back to your home country for additional medical treatment options, whereas iPMI can. iPMI can also continue to cover you if you decide to relocate to a different country. Domestic health insurance almost never offers this portability.
In addition, iPMI administrators are used to dealing with insurance providers in many different countries, and in many different languages. This can be a great help if you’re living in one country but get sick or hurt while visiting another. An iPMI provider can help you navigate the complex ins and outs of international health insurance.
Is iPMI PPACA Compliant?
If you’re an expat living in the US, you may wonder if iPMI is Patient Protection and Affordable Care Act (PPACA, also known as Obamacare) compliant. It is not. iPMI plans do not offer the “essential minimum coverage” required of PPACA plans. So, if you qualify for PPACA coverage, you should strongly consider it instead of iPMI.
If you’re a US citizen living abroad, please read ACA requirements for US citizens living abroad.
In Conclusion
iPMI coverage can be a great option if you’re living outside your home country long-term, yet still want the freedom to travel and relocate without risking your insurance coverage. However, if you’re only going abroad for a year or less and maintaining major medical insurance in your home country, travel medical insurance may be a better option.
Should You Buy Cruise Insurance from a Travel Insurance Company or the Cruise Line?
When booking a cruise, almost all cruise lines and travel agents will offer to sell you some sort of “travel insurance.” And while it might seem convenient to buy this coverage and purchase everything in one fell swoop, there are a number of reasons why you should always purchase cruise insurance from a reputable insurance broker like Insubuy instead of a cruise company or travel agent.
For one, the plans we sell pay out claims in actual US dollars. Cruise line protection plans usually just provide a voucher to use towards future cruises, which do you no good unless you can take another cruise. Cruise insurance purchased through Insubuy also offers meaningful coverage for emergency medical care and pre-existing conditions. Cruise line plans either don’t offer this at all, or the amount they offer is too small to cover anything
These are just a few of the many differences between real cruise travel insurance from Insubuy and cruise line protection plans. Want to see them all?
In the end, cruise lines and travel agents are not travel insurance brokers. The protection plans they sell can be severely lacking in the event that you actually need to use them. Any cruise line passenger is far better off purchasing travel insurance from a reputable insurance broker like Insubuy.