The Pros and Cons of Getting Travel Insurance

When you are planning a trip on a cruise to the Bahamas or a flight to a Paris vacation you might be thinking of getting travel insurance. Some feel that they must buy the insurance, and others may wish they had. If you are not sure whether to buy travel coverage read the pros and cons, then make your decision.

Cons of Travel Insurance

You may not need insurance if:

  • You have enough coverage from other sources, such as credit cards that provide travel assistance to their customers.
  • If you have travel protection benefits, coverage for stolen, loss, delayed, or damaged bags, trip interruption and/or cancellations, or travel accidents, from your credit card.
  • Your car insurance covers you when you rent a car, your health insurance would cover any health issues, and homeowners insurance would cover theft.

Pros of Travel Insurance

You may need insurance if:

  • You want peace of mind. A vacation may be a big purchase for some and they want to make sure that they have the security that if they have to interrupt or cancel their trip due to a family or medical emergency they will be reimbursed.
  • You want incremental coverage, which provides the customer with extra coverage beyond what is covered. This extra coverage could boost the amount of reimbursement for lost, delayed, stolen, or damaged bags over the airline limits. It could cover health coverage if you are overseas, which your health insurance may not cover.

Weight the pros and cons of acquiring a travel coverage, check your home, medical, and auto insurance policies, and then make your decision. Travel insurance may be an expense that you cannot include in your travel budget, and if this is the case, make sure you have insurance from some source.