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 thereâ€™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 donâ€™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 â€œrule of thumbâ€ 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.