Firstly, the question should not be whether or not to purchase travel insurance coverage.
It is advisable to get adequate travel insurance coverage when you go on holiday. This is to protect you against minor inconveniences and major emergencies.
At the same time, you need to assess what is considered as adequate coverage for yourself, as the cheapest travel insurance may not always be the most suitable for you.
Finally, you should consider purchasing your travel insurance as soon as you book your trip as you will be able to maximise your coverage, especially against closure of your travel agency or having to cancel your trip due to an illness or other reasons covered by your policy, including for epidemics such as Coronavirus Disease 2019 (COVID-19).