Do I Need Travel Insurance?

Do I Need Travel Insurance?

Family vacations can be very expensive. Between airfare, hotel, and food, you may end up spending a fortune. The last thing you need is to pay for something you don't need or already have. Before you shell out a penny on travel insurance, make sure you're not buying insurance on something that's already covered. For example, if you purchase your airline tickets with your credit card, you may already be covered and not need Trip Cancellation Insurance. Also be aware that insurance protects your money, not your trip. You will be reimbursed for the money you spent, but an alternate trip may not be arranged.

Buying Insurance From a Reputable Source

If you are planning to buy travel insurance, you probably want to buy from an established third-party insurance agency. Cruise lines and travel agencies are among some of the places you can buy travel insurance. However, if their business goes bankrupt, your trip will not be protected. Buying insurance from a well-respected agency that has a known track record can give you peace of mind that you'll be covered should anything happen to you during your trip or if the trip is cancelled.

Compare and Contrast

Consider shopping around for the best insurance coverage. You may want to find out what kind of coverage each policy offers and what kind of assistance to expect in case of a medical emergency. Finally, consider asking the insurance agent to explain how they determine reimbursement and how soon you would receive it.

Cancellation Waivers

Some cruise lines or airline affiliates offer cancellation waivers for about $50 to $70 or a percentage of each plane ticket. If you feel there's a chance you may cancel your trip, then it may be worth it. It's important to know what the restrictions are for the waivers before you purchase anything.

Medical Insurance

Consider looking into medical assistance coverage, especially if you or any member of your family has a medical condition or in case there is any emergency that requires a lengthy hospital stay. But before you do that, you may want to find out if your health insurance provider will cover you out of state or abroad.

Relax and Enjoy

A family vacation is an investment of your time and money to create precious moments with your family. Whether or not you choose to purchase travel insurance, be sure you that you are protected from losing your money should you have to cancel your trip or lose your baggage. Don't forget that this is still a vacation--you've worked hard all year, so go ahead and enjoy this time with your family.