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A week's vacation can easily cost thousands of dollars, so many vacationers choose to protect their investment with travel insurance. Travel insurance can sometimes be a good deal, but as with all things financial it pays to proceed with caution. Travel insurance is not always worth the cost, so before you sign up, take the time to consider other options and weigh the cost of the insurance against the potential benefits.

Cost of the Trip

While travel insurance might make perfect sense for a $20,000 cruise around the world, it might not be as beneficial for a $200 plane trip. The cost of the trip has a bearing on the need for travel insurance, and you need to weigh the possibility that something will go wrong and cause you to cancel your trip against the extra cost. If you have to pay an extra $50 or $75 to cover a $200 trip, the cost is probably too high. But if you have a significant amount of money at stake, it makes sense to insure that investment.

 Other Coverage

If you booked your vacation with a major credit card, you might already be protected against trip cancellation, lost luggage and other travel hazards. Contact your credit card issuer to determine what type of travel protection you already have in place before purchasing additional travel insurance that might simply protect against the same hazards. If you have not yet booked your trip, go through the credit cards in your wallet and choose the one with the best travel protection coverage.

 Your Personal Situation

If you have relatives who are struggling with an illness, the chances are good that a serious health problem could impact your travel plans. If you buy the right travel insurance, you will be protected if you have to cancel the trip to tend to an ill family member. You need to read the fine print carefully to make sure that situation would be covered, since not all policies provide that type of coverage. If everyone in your life is relatively healthy, the chances of your needing this type of coverage are greatly diminished, and the small risk might not be worth the extra cost.

 Read the Policy

Each insurance company has its own brand of travel insurance, so you need to read the fine print carefully. Different policies have different coverage options, and reading the fine print and understanding your coverage is the best way to ensure you have the protection you need. Read the policy from cover to cover, and ask the agent for additional information if there is anything you do not understand.

 Natural Disasters

If the date of your long awaited cruise falls during hurricane season, trip insurance can be a very prudent purchase. Trip insurance covers you in the event your vacation is cancelled or interrupted by a hurricane or other natural disaster. For that reason trip insurance can also be a smart move if you are traveling to a part of the globe that is prone to natural disasters. Researching the prevalence of typhoons, hurricanes and other potential hazards before you leave is a good way to determine if trip insurance makes sense.

For more information regarding Travel Insurance call 540-657-5633.

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Posted 10:56 AM  View Comments

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Tabitha E. Walker Insurance Agency

385 Garrisonville Rd., Suite 105
Stafford, VA 22554
 
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