Travel Insurance: The Pros and Cons, and How to Protect Yourself

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Research Cancellation Coverage

We have all heard the horror stories of trying to cancel flights, hotels, car rentals, etc. You book a trip months in advance and then life throws you a curveball and you have to cancel your plans. Whether you have to cancel because of a death in the family, a new job, financial reasons, a new baby or any other life experience, it shouldn’t be stressful. That’s where cancellation insurance comes in, this peace of mind offering ensures that you don’t have to pay for a vacation that you are not going on, because let’s be honest, who wants to pay for something that they cannot do? If there is one coverage you should plan on splurging on and you are the type to book way ahead of time, this is the one. If you are more of a last minute traveler, this coverage is pretty much useless to you. Remember to double check if you can cancel without penalty on cars, flights and hotels, before purchasing additional insurance.

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How Much Does it really Cost?

When it comes to comparing costs of different coverage, it can vary greatly when it comes to travel insurance. As much as insurance companies want you to believe that the cost is low; it often expensive to purchase, especially when you are looking for complete coverage. It is up for debate on when to purchase insurance, it often looks cheaper to purchase at the time of booking but you must book with a specific company. On the other hand, many people have an issue paying for travel insurance and then not needing it. An extra couple hundred dollars is not worth the risk for many travelers who have vacationed without coverage previously. The question really comes down to how comfortable you are paying out of pocket if something happens.

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