Why Do You Need Travel Insurance?

Travel insurance—specifically trip cancellation insurance, emergency medical assistance and medical evacuation coverage—can protect the costly investment a major trip can involve. It also can ensure that you and your family get good medical care if you get sick or injured while you're away.

You aren't likely to need travel insurance if you’re piling into the car and driving 50 miles to grandma's house. But if you're planning a major jaunt, especially abroad, it's something to consider.

Before you travel abroad on a holiday or trip of any nature it is vital to make sure that you have travel insurance. It doesn’t matter where you are going or for how long, adequate medical and personal liability insurance cover is a necessity, not a luxury.

If you are unlucky enough to have an accident or fall ill whilst abroad it could cost you thousands of pounds if you are not properly insured. Amazingly, 15% of British people still risk going on holiday without travel insurance, which could result in financial ruin if they required medical treatment.

So many budget travel products are non-refundable: the best airline and cruise deals usually come with few options if you can't actually make the trip. For the bigger expenditures, you need to consider low-cost travel insurance.

Should you have travel insurance? An interesting question. But if you question the need for travel insurance, perhaps you are the same person who questions the need for any kind of insurance. Most people have auto insurance, health insurance, homeowners' insurance or renters' insurance, and maybe even life insurance or disability insurance - so I ask you: Why not have travel insurance?

Insurance is protection for that unwanted and unexpected challenge. Your auto insurance protects you from shelling out $2,000 for that unexpected fender bender that wasn't even your fault. Travel insurance does likewise. Have you ever had luggage "misplaced" by an airline and been left with no clothes to wear on your trip? Have you ever had to cancel a trip that was fully paid due to some unforeseen incident that arose before you even had an opportunity to leave? Or have you had to cut short that cruise because of something that happened at home? Ever gotten sick on vacation?

If you're asking yourself whether you need to buy travel insurance for an upcoming trip, first look at the insurance policies you already have to see what they will cover. Some medical insurance policies will cover medical emergencies overseas while others will not. Many homeowner's policies cover baggage loss. Also, many credit card companies (particularly gold cards) offer their members baggage loss, international medical assistance, and accidental death and dismemberment insurance if they simply charge their airline tickets on their credit card or for a small additional fee.