Should I Get Travel Insurance?

key-west-81664_1280No one like to think about insurance.  That is especially true for travel insurance.  Many travel agents today will not even ask their clients if they want insurance for fear of losing the deal.  Many people considered it a rip-off and not necessary.

This is not so true anymore.  People are realizing that they potentially have a lot to lose when traveling today.  Smart travelers are considering the right insurance an essential item when planning a trip.  Some even consider it downright irresponsible to leave home without it. So when you ask yourself “Should I get travel insurance?” think long and hard before you say no.

There are many reasons why you should have travel insurance.  Here are a few:

  1. Your flight can get cancelled and totally wreck your plans
  2. Your baggage can get lost
  3. Your passport or wallet can get stolen (You need emergency cash)
  4. You get sick
  5. You get injured
  6. Your cruise line, airline, or tour operator goes bankrupt
  7. You are forced to evacuate your hotel, cruise or resort due to storms or disasters (hurricanes, wildfires, etc.)
  8. Rental car accidents
  9. Trip cancellations
  10. Peace of mind (probably the most important)

I am sure there are other reasons but these are the ones that come to my mind.  Most of them are related to recovering your financial losses, but knowing you are cared for in an emergency situation can be priceless.

What should you look for when buying travel insurance?  The first thing to consider is what coverage you may already have.  Some credit cards offer varying degrees of protection if you use them to book your travel.  Some car insurances cover your rentals.  You may have adequate life insurance coverage and don’t need any extra.  Make sure you check all of these out before deciding what travel insurance you need.

So what are the types of travel insurance?  Here are some of the basics:

  • Medical – If you travel out of the country your health care insurance probably won’t cover you.  This includes foreign-flagged vessels such as most major cruise ships.  I would strongly consider getting this if that is you situation.
  • Trip Cancellation – Most booking d3eals you get today are non-refundable.  If you have a big investment in your trip you should get this insurance.  Less than $100, not so much.
  • Baggage – Damaged, stolen or lost it’s good to have some reimbursement to get those new clothes you have to buy when you arrive.
  • Evacuation – Natural disaster or civil unrest can be very unsettling.  And very expensive to relocate to safety.  This can cover those costs.
  • Death – Think regular life insurance.  For your loved ones in case the worst happens on your trip.

Should I Get Travel Insurance?

It is very hard to put a price tag on peace of mind.  Just remember to make sure you get what you need but only what you need.  Do your research so you can have peace of mind in knowing you are covered as well as not spending more than you had to.

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