Is there anything better than knowing you're about to go on a trip? A study has actually found that planning and anticipating a vacation is the most enjoyable part of the process. There are a lot of things to consider when you go away - where to stay, what to see, what to eat. It's very easy to imagine yourself, say, quaffing a pint of beer in London; sampling cicchetti and wine in Venice; scaling the Great Wall of China; and deciding what insurance policy to take out.
Ok, maybe the last example isn't so sexy, but travel insurance can be a very important component of planning a successful trip.
Buying travel insurance is a way of safeguarding your money and your well-being. If you're living in San Francisco and you're taking a weekend jaunt around Napa Valley, you probably don't need travel insurance. But if you're spending a few thousand dollars on a major trip, then it's probably worth it. If your flight gets cancelled, or the cruise company goes bankrupt, or if you get sick and can't go, then travel insurance will help you get your money back.
Plus, if you're traveling with medication, or if you get sick and need emergency medical care or even evacuation, then insurance is also very handy to have. The last point is especially worth noting if you're the type of person who does physically active travel, like skiing, hiking, climbing mountains, and so on.
The Huffington Post said you should buy travel insurance if:
- If you're spending a substantial amount on your vacation
- If you're a nervous traveler who is seeking peace of mind
- If you're on a cruise or a packaged tour
- If you have a complex and lengthy itinerary
- Any time you leave the country
- If you're on Medicare
One thing to keep in mind is that some insurance providers may already cover medical costs while traveling abroad, and certain credit card rewards programs also cover things like lost luggage or cancellations. Be sure to check what's already available to you before buying travel insurance.
Check out the chart below to see which travel insurance providers are out there, and it'll help you decide which type of insurance you'll need. Once you get that out of the way, you can go back to daydreaming about exploring old cities, digging your feet in the sand, trying exotic cuisine...