People are signing up for travel insurance now more than ever. Enrollment for people over the age of 65 has jumped 23% in the past year. Things come up and you may have to cancel, incidents could happen while you are out of the country, theft, loss and more. When taking a long and/or expensive vacation you want to do all you can to keep yourself protected.
You want to make sure you get the best and affordable coverage for your needs. You don’t necessarily need travel insurance for every trip you take. Small inexpensive trips generally do not require insurance. If you are planning a $25,000 trip oversees though you absolutely want to get the trip insurance.
Just like any other insurance you would get, there are options. Medical, flight/trip cancellation or adjustment, lost items/baggage and any high priced items you may be travelling with. You want to get cancellation insurance for the whole trip because most of the time when you book a large package it is all bundled in so you stand to lose a lot more than just the cost of a plane ticket.
Sometimes when travelling abroad your health insurance is not accepted so you want to look into temporary coverage in the event of sickness or injury. This is definitely something you want to check into with your current HMO/PPO and areas you are travelling for before purchasing because you may not necessarily need it, but its good to be aware and cover all of your bases.
Lastly, a common mistake people make is assuming that their credit cards or other programs that offer travel rewards provide these services; that is incorrect. Some provide rental car insurance and limited baggage insurance but not medical, cancellation or anything else that could come up.