You get to the end of your flight reservation and the page comes up: For a few extra dollars, would you like to purchase travel insurance for your trip? Or maybe you're planning that once in a lifetime trip, and an experienced agent has suggested you purchase a travel policy. So what should you do?
These days, travel can be a serious gamble. Not only is it more commonplace for reservations of all types to be changed by the vendor; but it's becoming more likely that your flight, hotel, or Broadway show will actually be canceled. Leaving you high and dry, and, sometimes, without any recourse. There are several different types of travel insurance, which can be purchased alone or in combination. Travel insurance can cover a variety of issues, including:
- Missed, canceled, or delayed flights and transportation
- Emergency medical care
- Lost or stolen belongings
- Trip cancellation
- Rental car damage
Whether it makes sense to invest in a travel insurance policy really depends on the type of trip, where you're going, how you plan to get there, and how much time, effort and resources you have put into putting it all together. If it's a once in a lifetime trip that you've put thousands of hours and dollars into planning, it's probably a really good idea to have some sort of insurance in place. Not only does travel insurance protect you if something goes wrong on the trip: it can help you to recover expenses if you have to cancel because of an injury or a death in the family, for example.
Travel insurance is also strongly recommended if your travel carries a higher level of risk: perhaps you are traveling to a dangerous area or for the purpose of doing an extreme outdoor activity. On the other hand, in some cases purchasing travel insurance might mean that you're actually doubling up on protection that you already have through the travel company or your homeowner's insurance. Be sure to read the fine print, talk to your insurance agent, and review the coverage that you already have so that you're not purchasing coverage that's redundant.
Of course, the cost of any travel insurance plan will depend on quite a few different factors, like how many people are going, where you are traveling, and the overall cost of the trip. The good news is that if you decide travel insurance makes sense, it's generally very affordable, in the range of 5-10 percent of your total trip cost. That means for a trip that costs about $1000, you're going to be paying $50-$100. Not bad when you consider what you could lose if something totally unexpected happens to prevent you from going or staying on the trip.
The bottom line? Travel insurance is not always warranted, but it's often a good investment.
For any of your insurance questions, call or contact Post Insurance and Financial today.