As the great Thanksgiving travel rush gets into full swing, millions of Britons are preparing to take to the skies. Yet, amidst the excitement, a single piece of advice from travel experts could save you from significant financial stress: it is not too late to buy travel insurance.
Why Last-Minute Cover is a Lifeline
This year, projections from AAA indicate that more than six million people are expected to fly for the Thanksgiving holiday. Such a colossal volume of air traffic, combined with unpredictable winter weather, makes flight interruptions and cancellations almost inevitable. These disruptions do not just ruin carefully laid plans; they can also hit your wallet hard if you are left without financial protection.
Fortunately, securing a safety net is still possible. Jesse Neugarten, CEO of Dollar Flight Club, assured travellers that purchasing cover right before a trip can be immensely valuable. He explained, 'Even this close to Thanksgiving, it can absolutely be worth buying travel insurance. This is one of the most chaotic travel weeks of the year, and we consistently see a jump in last-minute disruptions.'
He highlighted that factors like fully booked planes, adverse weather, and tight connections mean a minor delay can quickly escalate into a missed connection, an unexpected overnight stay, or lost luggage.
What Your Policy Can Cover
According to Chrissy Valdez, a senior director at Squaremouth, most comprehensive travel insurance policies remain available for purchase until the day before you depart. Key benefits like travel delay coverage and emergency medical care are not time-sensitive and can be secured even at the eleventh hour.
A standard policy typically includes a range of protections designed to mitigate travel woes:
- Trip Delay: Offers reimbursement for expenses if your journey is delayed, often for more than six hours.
- Trip Cancellation/Interruption: Covers prepaid, non-refundable costs if you must cancel or cut short your trip for approved reasons, such as illness or severe weather.
- Lost or Delayed Baggage: Provides limited reimbursement for belongings that are lost or arrive significantly late.
- Emergency Medical: A critical benefit that covers medical treatment abroad, with many policies offering substantial coverage limits of $250,000 or more.
Additional cover can often include protection for missed connections and damaged personal items.
Understanding the Limitations
While last-minute insurance is a powerful tool, it is not a cure-all. As Neugarten pointed out, policies will not cover scenarios where you simply change your mind, voluntary alterations like switching to a cheaper flight, or issues that were already known at the time of purchase, such as an active storm.
Furthermore, one of the most flexible coverages is likely off the table. Melanie Musson, a Clearsurance.com insurance expert, noted that 'cancel-for-any-reason' coverage is difficult to obtain immediately before a trip. This is primarily to prevent people from buying insurance to claim for losses they have already decided to incur.
Coverage for pre-existing medical conditions is also typically excluded unless a specific waiver was secured by purchasing the policy well in advance.
Cost and Final Considerations
A welcome relief for procrastinators is that the cost of travel insurance does not increase simply because you bought it late. Bree Spearman, founder of Carpe Diem Getaways, confirmed that pricing is based on factors like trip cost, traveller age, and trip length, not the purchase date.
The main consequence of waiting is the loss of eligibility for enhanced benefits, such as the 'cancel-for-any-reason' add-on or pre-existing condition waivers.
Ultimately, the argument for purchasing insurance remains strong regardless of timing. Musson emphasised, 'The need for travel insurance doesn’t lessen as you get closer to a trip. The most significant risks of things going wrong and disrupting your trip occur after your trip has begun.' For anyone embarking on holiday travel this week, securing a policy could be the wisest decision they make.
