Will you regret not buying travel insurance? Sometimes costly and often confusing, travel insurance coverage might seem like a trip-planning technicality that’s all too easy to ignore. But Murphy’s law is Murphy’s law, and a good policy could afford you priceless peace of mind. Below are a few things to know about travel insurance before you purchase coverage, including which policies might work best for your type of trip, which policies could be completely useless, and how to shop for the best plan.
Is travel insurance worth it? That’s the big question for any traveler considering travel insurance. Here’s my general rule: If you’re taking a long, expensive, or ambitious trip to a far-flung destination, travel insurance could be a smart choice. If a natural disaster or sudden illness were to ruin your travel plans, would you lose a great deal of money? Is this the trip of a lifetime? Have you been saving for this getaway for years? Are you traveling to a place with poor local healthcare facilities? Are your accommodations and plane tickets costly and nonrefundable? If you answered yes to one or more of these questions, you’d do well to seriously consider a plan.
Policies generally cost 5 to 15 percent of the total cost of a trip, depending on the age of the traveler, the level of coverage, and your trip details. If a good policy fits within your budget, it certainly can’t hurt to guard your health and your wallet against calamity.
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