You can take out a travel insurance policy right up until the day you leave on holiday to Europe. But it’s recommended that you get cover in place as soon as you book your trip. This is because it can cover part or all the cost of cancelling your holiday before you leave if you have to due to illness, job loss or bereavement, for example. Check the wording of the travel policy before you buy as not all insurers cover cancellation – and where cancellation is covered, the terms and conditions can vary widely between providers.