Is Travel Insurance a Good Idea for Your Vacation?

Jul 23, 2013

There are many insurance products out there, and while many of them make a lot of sense – like auto insurance or homeowners insurance – there are those that are not worth the money you spend on them. For example, an extended warranty is a type of insurance that often costs more than it would save you in the long run – not to mention the waste if you don’t spend it. But is travel insurance on the list of insurances that makes sense or that’s more trouble than it’s worth? The truth lies somewhere in between.


It’s Not Likely a Good Choice if You’re Not Going Far Away

If you’re simply traveling 60 miles away to visit Grandma for the week or weekend, then it’s likely not worth the cost. In fact, many of the things that would go wrong and require insurance should already be insured if you’re that close to home. For example, you’d like be in-network if you had to see a doctor, you’re likely driving your own car which your auto insurance would cover, and you probably are staying at Grandma’s house.


Travel Insurance Can Protect Your Deposits

One of the reasons people love travel insurance is because it protects your deposits. If you’re planning a trip to Mexico in 8 months and have made a deposit on that trip, without travel insurance you’d simply lose that money if you ended up not able to go. For example, perhaps you get sick the week of your trip. Travel insurance could help you get some of the money back you spent on tickets, hotel reservations, events, and more.


If You’re Traveling Overseas You’ll Likely Want Some Type of Travel Insurance

No matter how long you’ll be gone, if you’re leaving the United States and traveling overseas then you’re going to want some type of vacation insurance. Insurance is there to protect you in case the worst happens, and consider that it can cost up to $100,000 to medically evacuate you back to the United States if you were injured. When you compare that cost to the relatively low cost of travel insurance then you may find that it’s well worth it.


You May Already Have Certain Coverages

It’s always a good idea to take a peek at your current insurance policies to see if they cover any type of travel insurance. For example, your credit card likely includes some coverage if you’re in a rental car. Some airlines will allow you to get a partial refund if you have to cancel your flight at the last minute. Remember that your homeowners insurance will cover you in the event that something happens to your home while you’re gone. For more information about the coverages offered by your homeowners insurance, take a peek at


The bottom line is that travel insurance is not always necessary but in many cases it can protect you in the event that you’re not able to travel or that something goes wrong while you’re traveling. Remember that you’ll also get the benefit of peace of mind that your trip is covered and you can simply enjoy yourself.

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