Can I purchase a travel insurance policy now, even if I haven’t paid my entire trip cost yet?

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Oftentimes, travelers question whether they can purchase their travel insurance policies before they’ve paid for all of their non-refundable travel arrangements. Some travelers are only required to put down a deposit toward their trip, but don’t have to pay it off until later. In these situations,  travelers have the option of increasing the insured amount on a policy up until the day before departure.

However, if they are interested in purchasing travel insurance early to maximize the pre-existing condition or “cancel for any reason” benefits, there are a few things to be aware of.

Because the pre-existing condition and “cancel for any reason” benefits are time-sensitive, they should be purchased as close to the initial trip deposit as possible, usually within 14-30 days. For travelers who have subsequent trip payments to make, it is important that they know what they need to do in order to maintain these time-sensitive benefits.

If a traveler has 14 days from their initial trip deposit to purchase a policy that will include “cancel for any reason,” then with each subsequent payment made, they must increase their trip cost on the policy within 14 days. It is important to remember that with “cancel for any reason,” travelers must insure the full trip cost.

As long as these modifications are made within the specified time frame, and the full trip cost is insured before the departure date, the traveler will maintain these benefits.