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Is Travel Insurance Worth It

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You work hard for years, save as much money as you can and finally have enough money saved to book your dream trip. It is something that you and your family have been looking forward to for years and finally it is becoming a reality. Knowing how hard you worked to save and prepare for that trip makes it all the more sweeter when the time comes.

But what if something happens before or during the trip? You could stand to lose all of the money that you worked so hard to save! Weather, illness, family issues. Anything can derail that carefully planned for trip of a lifetime. So many people turn to travel insurance to help offset the chance of monetary loss.

But we ask – is travel insurance worth it? Does the additional cost of this “maybe” used product justify the value and price of the insurance?

Here is what to know before buying travel insurance.


* There are many types of travel insurance so know what you are buying before signing on the dotted line! Every policy varies so read each carefully! This only reflects a few of the policies available for purchase on the market. *

Trip Cancellation Insurance
This will come into effect if you need to cancel your trip prior to leaving. This could be due to major illness, death in the family, job loss, natural disasters at home, etc. This could be a good buy if you have multiple destinations that you are visiting or if you have questionable health issues. Some companies offer policies that will cover you if you cancel or any reason.

Lost Baggage Insurance
If you use a credit card to pay for your ticket, this could be covered already so additional insurance is not necessary. Check with your card provider for insurance coverages with purchase.

Non Refundable Ticket Coverage
This could be valuable to you should you know there is a chance for a change to your trip. If you cannot afford to lose the price of the tickets, then insurance could be the answer.

International Medical Insurance Coverage
Many US insurance medical coverages do not work outside of the US borders. Before traveling outside of the country, check with your insurance company for their policies. If you are not covered, purchasing a short term medical policy could be advantageous to you especially if you are going on a trip that involves activities where you could be injured or you have medical conditions that warrant coverage. Look for pre-existing condition exemptions before choosing your policy.

Comprehensive Trip Coverage
There are several companies that offer a bundle of policies for a trip. You may save more by bundling policies as long as you need the coverage. If you don’t, then buying just what you need could be a better value.

As previously mentioned, many credit card companies offer travel insurance so check with your card company before purchase to see what is covered and do the research to find the right policies for your specific trip. Every trip is different and having certain insurances in place before traveling can help recover some of the costs should a loss be incurred.

Image courtesy kangshutters and freedigitalphotos.net

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