Between flights, accommodations, food, and excursions, traveling includes no shortage of expenses, and the question of whether or not to shell out more money for travel insurance is a logical one. In theory, it makes sense to have protection, just in case, but not all travelers may see the added expense as worth it. If you’re planning a trip and aren’t sure whether travel insurance is right for you, read on to learn more about some of the key considerations.
Risk Tolerance
Even the most well-planned travel is sure to include certain risks, and the decision of whether to purchase travel insurance will depend on how willing you are to assume them. If you’re comfortable accepting the potential losses that may come with cancellations or emergencies, you may be fine forgoing insurance. On the other hand, if you prefer to have a safety net, opting for insurance is probably the wiser choice. Shop around to find a plan proportional to your plans.
Existing Coverage
If you’ve already got policies in areas like health and homeowner’s insurance, check with your provider to see if they include coverage for some of the risks you might encounter while traveling. It’s possible that you may not need to buy additional travel insurance at all—your existing coverage may be enough.
Destination & Activities
The nature of your destination and travel plans are also key factors in what kind and how much insurance you may need. For example, if you’re traveling to a remote or politically unstable place where you plan to partake in a lot of high-risk activities, purchasing a comprehensive insurance plan is probably a good idea. If your plans are more low-risk, and you’re not spending a lot of money, it may not be necessary.
