Traveling can be fun, exciting, relaxing, sometimes even exasperating – but it’s rarely cheap. You want to save money whenever possible, but you don’t want to risk losing the money you spent on your trip if you need to change your plans or have a medical emergency while traveling. Should you get a travel insurance or not?
In some cases, it makes sense to get a travel insurance. In others, you’re probably duplicating coverage you already have. Many policies offer baggage protection and legal assistance, along with travel arrangement and medical protection.
Here’s what to do before buying a travel insurance.
Consider the risk: Costly trips to faraway, potentially dangerous places are more likely to call for trip-cancellation insurance.
Trip-cancellation insurance policies should protect you if a medical emergency or death in your family forces you to cancel or cut short your trip. Make sure you’re also covered if your travel agency goes out of business. It’s a good idea to look into terrorism coverage as well.
Examine exclusions. What if you become seriously ill while traveling? It’s important to realize what your travel medical insurance does not cover. You might not be as protected as you think.
For example, your travel medical policy likely to exclude any pre-existing conditions as well as many popular vacation activities such as mountain biking, scuba diving, etc. You should read it carefully.
Check homeowner’s policy: Worried about your possessions while on vacation? Experts say that you can add a personal effects floater to your travel insurance. But before you do that, check your homeowner’s policy. Chances are you’re already covered.
Talk with an agent: Some travel agents also sell travel insurance. Ask about it when you’re planning your next trip. Getting a travel insurance is always a personal decision.
Personally, I think that the farther your travel is and the more money you would spend on it, the higher that you should consider buying a travel insurance most especially if you have dependents.