diff --git a/one/api.py b/one/api.py
index 888b06e0..a00ef38a 100644
--- a/one/api.py
+++ b/one/api.py
@@ -236,7 +236,8 @@ def refresh_cache(self, mode='auto'):
         if mode in {'local', 'remote'}:
             pass
         elif mode == 'auto':
-            if datetime.now() - self._cache['_meta']['loaded_time'] >= self.cache_expiry:
+            loaded_time = self._cache['_meta']['loaded_time']
+            if not loaded_time or (datetime.now() - loaded_time >= self.cache_expiry):
                 _logger.info('Cache expired, refreshing')
                 self.load_cache()
         elif mode == 'refresh':