Date to Take Annual Multi-Year Insurance out

[FredF]

My current Annual Multi-Trip Insurance is about to expire, should I wait until I am about to go away next before renewing? Say I am going Away on 1 February, should I hold off renewing until late January (so the 12 months stretches a bit further) I would appreciate your views.
Thanks

 

[drron]

Definitely wait. We use SCTI and we can nominate the start date so always begin it on the day we leave. As well they do have the option of 60 day trips which we get close to on many trips.

 

[FredF]

Definitely wait. We use SCTI and we can nominate the start date so always begin it on the day we leave. As well they do have the option of 60 day trips which we get close to on many trips.

Thanks. I had a look at SCTI (because you mentioned it) and it appears they now have 90 trip cover! And the price seemed very competetive.
I will definitely look into that further

 

[RB]

Definitely wait. We use SCTI and we can nominate the start date so always begin it on the day we leave. As well they do have the option of 60 day trips which we get close to on many trips.

I guess the risk of that strategy is that you might miss cancellation cover if something happens between paying for part of the trip & when you start the insurance? I don't think it is a black & white situation.

 

[SYD]

I guess the risk of that strategy is that you might miss cancellation cover if something happens between paying for part of the trip & when you start the insurance? I don't think it is a black & white situation.

Some policies cover you from payment (take out the policy) and actual "start" date (that's usually the day of first flight etc) - which could be months away.

It certainly pays to read the fine print!

 

[Cynicor]

Normally the date of insirance 12 months from first flight, but you are covered for events happening prior. So buy now, if your purchase has a “travel date” or “first flight” date type field.

 

[SYD]

Normally the date of insirance 12 months from first flight, but you are covered for events happening prior. So buy now, if your purchase has a “travel date” or “first flight” date type field.

or purchase the insurance once you’ve booked a big ticket / non-refundable item.

 

[Mumanddad]

Thanks. I had a look at SCTI (because you mentioned it) and it appears they now have 90 trip cover! And the price seemed very competetive.
I will definitely look into that further

I've spent the morning doing insurance quotes. With SCTI having the 90 day cover now, so far they are the favoured option for our trips next year. Unlimited cancellation & medical, $250 excess, cruise and motorbike cover. Their annual multi-trip policy is cheaper for us than a single trip policy.

Just have to have another read of their PDS later today and if OK we'll jump onboard with them.

 

[VPS]

I'm sure my last multi trip lasted 12 months from the date of my departure even though I purchased it weeks beforehand - I must check next time

 

[Brissy1]

Some policies cover you from payment (take out the policy) and actual "start" date (that's usually the day of first flight etc) - which could be months away.

It certainly pays to read the fine print!

I presume that's normal. In fact priced in... eg taking out today a single 7 day trip cover for a trip next month will be less than taking out today the same cover for a trip in 6 months time. In my experience.

 

[SYD]

I presume that's normal. In fact priced in... eg taking out today a single 7 day trip cover for a trip next month will be less than taking out today the same cover for a trip in 6 months time. In my experience.

I have checked recently but when I was int rh habit of rolling over an anual policy, it was pretty similar pricing from a couple weeks out thru to starting a new one months out.

Single trips would be calculated differently (and I’m no expert) but how they rate the cancellation risk over a longer period v short notice .

But medical is always the biggest risk for the insurer, so maybe the calculation factors in the higher risk of something undiagnosed popping up over a longer period v short notice?

And this is why actuaries get paid a lot of money!

 

[sanne]

I've spent the morning doing insurance quotes. With SCTI having the 90 day cover now, so far they are the favoured option for our trips next year. Unlimited cancellation & medical, $250 excess, cruise and motorbike cover. Their annual multi-trip policy is cheaper for us than a single trip policy.

Just have to have another read of their PDS later today and if OK we'll jump onboard with them.

I checked out their T&C for an annual policy some years ago. I was a bit unsure of their cover if a new medical condition appeared during the cover. They were OK for our pre existing medical conditions that we told them about. If you find out any info on the coverage for any unexpected medical issues please could you post here. Thanks.

They were certainly very competitively priced but did have a look back period of 3 years which seemed more than other policies.

 

[SYD]

I checked out their T&C for an annual policy some years ago. I was a bit unsure of their cover if a new medical condition appeared during the cover. They were OK for our pre existing medical conditions that we told them about. If you find out any info on the coverage for any unexpected medical issues please could you post here. Thanks.

There will be a “Duty of disclosure” in the policy if something adverse arises between taking out the policy and travel commencing. How that’s handled would be a function of the underwriter - one would presume?

Obviously something that arises once away ought to be covered - otherwise it would be a junk policy.