A further 26% buy it the week they go on holiday, meaning many travellers are leaving it late to secure cover.
But does it really matter when you buy your travel insurance, and does buying later result in a more expensive premium? We take a closer look.
When do people buy travel insurance?
According to Go Compare’s data, many holidaymakers leave their travel insurance until the last minute, with more than half arranging cover within a week of their trip.
Here’s how travel insurance purchases compare between 2024 and 2023:
Find out more:What are the risks leaving it late?
Buying travel insurance at the last minute might not seem like a big deal, but it could mean missing out on important cover.
Travel insurance isn’t just there for when you're on holiday, it can also protect you against issues that arise before you leave.
Here are some things to consider if you delay buying a policy:
No cover for pre-departure cancellations:Limited protection for pre-existing medical conditions:Less protection if a travel provider collapses:It’s also worth noting that cancellation claims aren’t always due to personal illness.
Multitrip.com found that 32% of cancellation claims were due to a travelling companion’s illness or injury, 13% were related to the death of a non-travelling relative, and 8% involved the illness or injury of a non-travelling relative.
Find out more:Is buying travel insurance at the last minute more expensive?
but leaving it late can affect the options available to you. With more time to compare policies, you may have a wider choice of cover that better suits your trip.Some insurers limit availability for late buyers, so if you need cover for certain activities or have a pre-existing medical condition, you might find fewer suitable policies.
Find out more:How far in advance should I get my travel insurance?
The latest you should buy travel insurance is the day you book your trip. This ensures you’re covered immediately if something unexpected forces you to cancel before you travel.
While travel insurance doesn’t technically start until the day you depart, cancellation cover kicks in as soon as you take out the policy. If you leave it too late, you won’t have this protection.
If you have an annual policy, you may already be covered, but it’s worth double-checking that it applies to your destination and trip length.
Find out more:Forgotten to buy travel insurance before departure?
Some insurers offer post-departure travel insurance, known as ‘already travelling’ insurance. This can be useful if you forgot to buy a policy before you left or realise your cover has expired.
You won’t be covered for anything that’s already happened. If your luggage has gone missing or you’ve had medical treatment, you can’t take out insurance and claim after the fact. Travel insurance only covers unexpected events, not ones that have already unfolded.
Buying a policy once you’ve started your trip is possible, but it’s not ideal. You might find fewer options, higher prices, and stricter checks to make sure you’re not claiming for something that happened before you were insured.
Find out more:source https://www.which.co.uk/news/article/1-in-4-people-buy-travel-insurance-on-the-day-they-go-on-holiday-what-are-the-risks-aTovU5K3gXti