To determine what kind of travel insurance you need, including how much coverage you need in terms of dollars, consider the following questions: But if you’re going on a cruise that costs thousands of dollars and need to make payments months in advance, you might want the extra protection that travel insurance offers. If you spend $200 on an airline ticket to visit your parents one state over, you might not need additional travel insurance. The difference may depend on where you’re headed and how much the trip costs. In other cases, you might want to boost your benefits by purchasing travel insurance. In some cases, the insurance benefits provided by your credit card may be enough. And the travel insurance you purchase may offer coverage that your card doesn’t include, such as medical evacuation insurance. Travel insurance (sometimes called trip insurance) will reimburse your prepaid travel expenses if things go awry or compensate you in the event of an emergency.ĭepending on the type of coverage you have - either offered via a credit card or with a travel insurance policy you paid for - you may get your money back if you have to cancel the trip before you depart or if you cut your trip short for an unforeseen reason.Ĭredit cards may include types of coverage that you won’t find with a travel insurance policy you purchase, such as coverage for rental cars.
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That said, the type of coverage varies.Īccording to Carol Mueller, vice president of Berkshire Hathaway Travel Protection, about 25 percent to 30 percent of leisure travelers in the United States purchase travel insurance.īut before you purchase a travel insurance policy for your next vacation or hop on a flight assuming your credit card’s got you covered, here’s what you should know about travel insurance and how to pick the right coverage for you. A number of credit cards offer travel insurance, covering everything from canceled or interrupted travel to lost luggage and damage to a rental car.
One way to protect your investment in a grand getaway or storybook honeymoon is through travel insurance. In fact, many countries-from Anguilla to the United Arab Emirates-require visitors to have travel insurance upon arrival. Travel insurance has your back when the unexpected happens on a trip.
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