This avoidable last-minute travel mistake could cost you thousands in the long run

An avoidable last-minute travel insurance mistake that’s costing Aussies thousands is failing to buy travel insurance soon after booking the trip, or even waiting until the last minute to purchase it. Many people assume travel insurance is only needed just before departure, but delaying or not purchasing insurance early can result in significant financial losses in the event of unexpected cancellations, medical emergencies, or other travel disruptions.

Here’s why it’s such a costly mistake:

1. Missed Coverage for Trip Cancellation or Interruption:
   One of the key benefits of travel insurance is that it can cover the costs of cancelling or changing your trip if something unexpected happens—like a serious illness, injury, or family emergency. However, you must purchase insurance as soon as you book your trip to ensure you’re covered for cancellations that happen before your departure. If you wait until the last minute, you may not be covered for circumstances that arise after your insurance policy is in place.

2. Exclusions for Pre-Existing Conditions:
   Many travel insurance policies have exclusions related to pre-existing medical conditions. If you wait until just before your trip to buy insurance, you may not have the time or opportunity to secure coverage for any medical conditions you may have had prior to booking. Additionally, some policies require medical waivers or a declaration of pre-existing conditions to ensure you're fully covered. Waiting too long could mean paying out-of-pocket for medical bills abroad, which can easily run into the thousands.

3. Higher Premiums & Fewer Options:
   Waiting until the last minute to purchase travel insurance can sometimes lead to higher premiums, especially if you're booking close to your departure date. Additionally, some policies may only offer limited coverage or exclusions as departure dates get closer. Booking early gives you access to a wider range of comprehensive options at better rates.

4. No Coverage for Activities & Itinerary Changes:
   If you plan on engaging in activities like adventure sports, cruises, or international travel, last-minute insurance might not cover certain high-risk activities or itinerary changes. Many policies have specific time frames for covering such changes, and without early purchase, you may find you’re left without adequate coverage for planned activities.

5. Not Taking Advantage of Travel Insurance Add-Ons:
   Many travel insurance providers offer add-ons or upgrades for specific scenarios—like coverage for lost or delayed baggage, flight cancellations, or rental car insurance. If you don’t buy early, you could miss out on additional protections that can offer more peace of mind and save you money in the long run.

6. Financial Fallout from Travel Disruptions:
   Without travel insurance, any significant disruption—like a medical emergency, flight delays, or natural disasters—could result in significant out-of-pocket costs. Australians are particularly vulnerable when travelling internationally, as medical care abroad can be extremely expensive. Without the right insurance in place, medical bills and emergency evacuation costs can run into tens of thousands of dollars.

The Fix:

• Buy travel insurance as soon as you book your trip—even if it’s months before departure. This ensures you’re covered for potential cancellations, interruptions, or emergencies well in advance.

• Read the fine print: Make sure you fully understand the policy, including any exclusions or time limits for coverage.

• If you have pre-existing medical conditions, talk to the insurer about getting appropriate coverage or waivers.

• Consider comprehensive insurance that covers not just basic cancellations, but also medical emergencies, flight delays, baggage loss, and other disruptions.

Bottom Line:

By delaying your travel insurance purchase until the last minute, you’re risking not only your peace of mind, but also potentially thousands of dollars in unforeseen costs. Early planning and securing the right coverage can provide financial protection and ensure you're covered for the full range of unexpected events that could otherwise ruin your travel experience.