What if My Trip Cost Increases After I Buy My Travel Insurance Policy?
When a traveler purchases a comprehensive single trip travel insurance policy, one of the details they need to provide is the cost of their trip. Specifically, they will need to reveal the total sum of all of their prepaid, nonrefundable expenses such as flights, hotels, tours, excursions, and rental cars.
Given that plans can change, and that most travelers purchase insurance long before their departure date, it’s common for a traveler’s trip expenses to increase as their departure date approaches. Luckily, most travel insurance providers allow customers to modify their policy after it has been purchased.
Updating Your Trip Cost For Travel Insurance
Travelers can increase the trip cost on a policy, typically up until the day before they depart on their trip. To do so, it’s best to access your policy online or reach out to customer service for assistance. Travelers can update their trip cost as many times as they need to.
It’s important to keep in mind that updating your insured trip cost will impact your premium. As a rule of thumb, the cost of travel insurance will increase in response to rising trip costs. The extent of this increase will largely depend on the additional trip costs.
Keep in mind that some benefits require travelers to insure 100% of their prepaid, nonrefundable expenses in order to maintain coverage. These benefits include Cancel for Any Reason and Pre-Existing Condition coverage. If travelers require this coverage, they must insure all their expenses.