Is Travel Insurance Worth the Money?
There are many kinds of insurance on the market, designed to cover everything from your life to your cars to your valuable antiques. Travel insurance, however, is one of the least used of all types of insurance, and few people take advantage of travel insurance. While it is often safe to skip travel insurance, there are some times when travelers should take advantage of the protection that this insurance can offer.
Travel insurance is designed to cover things such as lost luggage and valuables, cancelled and interrupted vacations, illness, injury, and other associated travel difficulties.
It is important to first consider whether or not you need travel insurance. For quick and inexpensive trips, travel insurance should not be necessary, but a lengthy and expensive vacation may require the purchase of insurance to cover the cost of the trip. In general terms, the more costly and complicated the trip the greater the need for travel insurance.
Before you purchase travel insurance, however, it is important to find out if you are covered elsewhere already. For instance, many car insurance policies and credit cards already cover theft and damage for rental cars, so this type of travel insurance may not be necessary. In addition, many credit cards cover lost luggage and even provide emergency cash, so again it may not be necessary to purchase additional travel insurance.
Travel insurance can be more of a necessity when traveling with children, since traveling with children can bring additional risks of illness and injury. It may be a good idea to add the peace of mind and protection that travel insurance provides to travel with young children.
If you do decide you need additional travel insurance it is important to purchase it from an insurance company that is not affiliated with the company providing your travel. If the insurance is purchased from the same company as the travel and the company declares bankruptcy the travel insurance could end up being as useless as the tickets you bought.
It is also important to read the fine print carefully when taking out a travel insurance policy. Reading the insurance policy carefully before you leave for vacation is vital to keeping yourself, and your wallet safe from harm. It is important to make copies of all your travel documents, including plane tickets, hotel confirmations and tour reservations, along with the travel insurance policy itself, before you depart and to keep them in a safe place in case they are needed later on to file a claim.