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Do I Need Travel Insurance?

Zbynek Pospisil istockphoto

Travel insurance can minimize the considerable financial risks of traveling: accidents, illness, missed flights, canceled tours, lost baggage, theft, terrorism, travel-company bankruptcies, emergency evacuation, and getting your body home if you die.

What are the chances you’ll need it? Hard to say. How willing are you to take risks? That’s up to you. Deciding whether to invest in travel insurance has always been a tricky decision, and of course the coronavirus pandemic has made that choice even more complicated.

Each traveler’s potential loss varies, depending on how much of your trip is prepaid, the refundability of the air ticket you purchased, your state of health, the value of your luggage, where you’re traveling, the financial health of your tour company and airline, and what coverage you already have (through your medical insurance, homeowners or renters insurance, and/or credit cards). It’s important to note that most policies won’t cover you if you change your plans to reduce your risk of contracting COVID-19.

Take these considerations into account, understand your options, and make an informed decision for your trip.

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