The basic rule of most insurance is that it covers specific contingencies that you can’t foresee at the time you buy. That’s why travel insurance is called “named peril” insurance: it covers only the contingencies specifically enumerated as “covered reasons” in each policy. And that’s why most insurance does not cover any situation or circumstance, even if named, that is foreseeable at the time you buy your insurance.
Some insurers offer an extra-cost TCI feature that allows you to cancel a trip for any reason, named or foreseen or not. But it usually covers only 50 percent to 75 percent of your trip cost, it does not cover cancellation within 48 hours or less of departure, and it adds cost.
The reason you need to buy travel insurance early is that most TCI, TII, and TMI exclude claims based on a pre-existing medical condition, and many — perhaps most — of you probably have enough of a pre-existing condition to disqualify a claim. But many insurers waive that exclusion if you buy the insurance within a week or two before you make your first payment. Similarly, a cancel-for-any-reason add-on typically requires early purchase.
The basic rule of travel (or any other) insurance is to buy the minimum amount you need and the least expensive policy that meets those needs. And the best way to find the right policy is through one of the several specialized online travel insurance agencies’ comparison sites, including:
- Insure My Trip
Read the full MSN article online here: https://www.msn.com/en-us/travel/news/ed-perkins-on-travel-getting-back-to-travel-insurance/ar-BB1d5HHu