Do I Really Need Travel Insurance?

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airplane ride

airplane ride

While there are multiple places to buy travel insurance from, an airline, cruise, independent insurance agency, most people question if they need to purchase travel insurance at all, or if it’s simply a waste of money.

Travel insurance is meant to protect you from unforeseen accidents while traveling, like your flight getting canceled or baggage being lost. And whether or not you purchase it depends on a variety of factors.

Here are two other things to consider before buying travel insurance:

  1. Will you lose a lot of money if your trip is cancelled? If your flight was a cheap $79 deal, then you probably don’t need trip insurance. But, if your trip was a $1500 european vacation and there may be a chance it will be cancelled due to weather or any other factor out of your control, you probably want travel insurance.
  2. Find out how much travel insurance costs for your trip. Use comparison sites like InsureMyTrip to compare independent agency policies available to you. This way you can decide whether or not travel insurance is in your budget. Usually the independent insurers are more affordable.

What does travel insurance cover?

  1. Trip cancellation or trip interruption insurance:
    This reimburses non-refundable travel costs if your trip is cancelled or seriously delayed due to a natural disaster, illness or if the airline goes out of business. This is the main reason people buy travel insurance.
  2. Baggage and personal items coverage:
    If someone steals something from your bag or your luggage is lost, travel insurance will cover your missing items up to a certain limit. Most baggage and personal belongings coverage only pay up to $2,000; it’s your homeowners policy that will do a better job of covering your personal property. If you’re looking to protect your belongings, travel insurance can only help to a certain amount.
  3. Emergency medical insurance:
    When you’re traveling abroad, it’s important to stay covered in case of accidents. This is another popular reason people get travel insurance. Before buying, check with your insurance agent to see if the insurance you currently have will protect you in case there is a health emergency outside of the country.
  4. Accidental death or dismemberment insurance:
    If you or a loved one dies on the trip or suffers a life-changing accident this insurance can pay out up to $500,000, depending on the situation. Again, check with your insurance agent as this may already be covered in your personal insurance and may not be needed.


Of course, always remember that insurance needs to be purchased before your trip, because just like buying insurance after your home burns down, if purchased after the fact it will not help you any. Talk to your insurance agent to learn more about travel insurance and whether or not you should purchase coverage before your next trip.

Have you bought travel insurance before? Was it helpful?