How do you decide if you need travel insurance or not?

First of all, if you are reading this and spending time researching travel insurance, there is a reason. Maybe the weather has you worried. You booked a nice week in Florida, but in the back of your mind there’s the thought of a hurricane ruining your trip.

Maybe you are concerned about your health while away from home. You know your insurance does not cover you outside the US, and you don’t want to risk an accident or injury in a foreign country.

There are also simpler concerns like lost baggage or delayed flights. Either one could be a major nuisance, and make your relaxing vacation a nightmare.

Here are a few “rule of thumb” situations where you probably want some travel insurance:

Expensive trips-The more potential loss, the more need for insurance. If you are planning a big trip, consider the total costs and ask yourself if you are willing to lose that amount.
Trips planned several months in advance-There is more potential for something to happen and cancel you trip. In the time leading up to the trip, you can get sick, lose a job, have a home fire, etc. There are also added benefits to purchasing close to the time of initial trip payments, such as Pre-existing Condition Coverage and financial default of travel companies.
Extended trips-For a week in Europe you might not worry about travel medical coverage, but imagine a month spent in South America without any coverage. Longer trips or certain destinations require travel medical coverage.