Planning a vacation is hard work. You want all the details to be just right so that you can enjoy your well-deserved time away. Travel insurance can protect your investment. Learn more about whether it’s a necessary purchase for your vacation or if you can skip it. What is Travel Insurance? If you need to cancel, postpone or cut your domestic or international trip short for any reason, travel insurance reimburses your deposit. It can also pay for medical care you need while traveling or cover rescheduling fees if your flight is cancelled. Without insurance, you’re at the mercy of travel companies and vendors who are often unwilling to change travel reservations or refund payments. Is Travel Insurance a Smart Investment? Most travel insurance policies go unclaimed. Trips go off without a hitch, and no change of plans is necessary. However, you’re not guaranteed the same good fortune. Ask yourself these questions as you decide if travel insurance is a smart investment for you.
- Can you afford to lose your deposit? If so, you may not need travel insurance. However, if the trip deposit is a significant amount of your travel budget or would take years to repay, purchase the policy and peace of mind.
- Is your trip expensive? Travel to a nearby destination, and you probably don’t need travel insurance. It could be a good idea, though, if you’re taking an expensive trip across multiple cities, across the country or around the world.
- Do you have health concerns? A pregnancy, chronic medical condition or other health concerns could require you to postpone your trip or cut it short. You could also experience a medical emergency that requires treatment once you arrive at your destination. Insurance will cover necessary schedule changes or medical treatment that affects your trip.
- Do you already have travel insurance? Check the insurance policies you already before you purchase travel insurance. Your homeowner’s policy may cover stolen luggage, your auto policy might cover your rental car and your health insurance may pay for emergency medical treatment. You should also find out if your credit card company will offer reimbursement for plan changes that you charged. In these cases, you don’t need to purchase duplicate coverage.
Where do you Buy Travel Insurance? Your travel agent might offer insurance. Check the rates for coverage from your auto club and independent agent, too. For the lowest rates, purchase your policy no more than two weeks after you book your trip. You should also read the fine print to make sure all the details of your trip are covered. Travel insurance provides you with peace of mind. Consider purchasing a policy as you plan your next trip.
