When should I buy insurance?

More in that in a moment. You might also consult an online pany that specializes in - paring and evaluating insurance policies, such as Squaremouth, Travel Insurance Review, Trip Insurance Store, and InsureMyTrip . These can be useful resources for quickly finding the best travel insurance policy for your circumstances.Travel insurance is extremely petitive, and by checking with multiple sources, you won't just find better terms or prices, but also avoid buying a potentially useless policy.How much should I pay for travel insurance?We've already talked about situations that call for travel insurance and ??where to find it, but how do you know if you're getting a good deal? There's no authoritative buyer's guide that can tell you whether you're looking at a bargain or a rip-off. That's because no two travel insurance policies are exactly the same. They vary according to your age, state of residence, and types of coverage.Travel insurance typically costs between 4 and 8 percent of your trip's prepaid, nonrefundable cost. However, a cancel for any reason policy can run you 10 percent of the nonrefundable cost, or even slightly more. Your policy may be more expensive if you're older or engaging in a risky activity that makes a claim more likely. A word of warning: If the policy is less than 4 percent of the cost of your vacation, that should raise red flags. Too-good to be true trip "protection" policies have cost travelers millions and perhaps tens of millions in unpaid claims. If it's really travel insurance, it will be underwritten by a reputable insurer. At the same time, policies that cost significantly more than 10 percent of your trip's prepaid, nonrefundable cost may also be a cause for concern. Read the terms very carefully, and make sure there's a good reason why you're paying that much for your insurance. One way to check if your insurer is legit is to find out if it belongs to the U.S. Travel Insurance Association. Its site lists every member.You can get travel insurance up until the day before you travel from some travel insurance panies, but the sooner you buy your policy, the better. Why? Well, let's say your airline declares bankruptcy between the time you book your vacation and your departure date.