What is travel insurance and do you really need it?

Have you ever waited by the baggage carousel only to realize your luggage isn’t coming? Frustrating, right? That’s exactly the kind of scenario travel insurance can help you prepare for. It may not be the most exciting part of trip planning, but it can save you from major stress and unexpected expenses if things go wrong.

Here are some quick tips to help you decide if travel insurance is worth getting.

Think about what could go wrong

Lost luggage, canceled flights, medical emergencies, these are just a few things that can derail your plans. Travel insurance is designed to help cover the costs when life throws a wrench in your itinerary. If the thought of paying out-of-pocket for a hospital visit in another country makes you uneasy, insurance might be a smart move.

Know what travel insurance typically covers

Most policies are bundled packages that may include:

• Trip cancellation/interruption: If your plans change due to illness, work, or family emergencies.

• Medical coverage: Especially important if you're going abroad where your regular health insurance may not apply.

• Baggage protection: For lost, delayed, or stolen items.

• Flight or accident coverage: Usually covers serious emergencies, like evacuation or accidental death.

Not every plan covers everything, so be sure to check what’s included.

Compare before you buy

You can buy travel insurance from online providers, tour operators, airlines, or travel booking platforms. But prices and coverage can vary widely. Shop around, compare plans, and always read the fine print.

Don’t assume you’re not already covered

Before you purchase anything, check your credit card benefits and home or renter’s insurance. Some credit cards offer automatic travel insurance if you book your trip using their card. Others may offer perks like rental car protection or baggage coverage.

Know when it’s worth it

For a quick weekend trip with minimal costs, insurance might not be necessary. But if you're spending a lot of money on flights, hotels, or international travel, it could be worth the peace of mind. Ask yourself: What would it cost me if everything went wrong?

Some people argue that travel insurance is a waste of money, but while the odds of a disaster may be low, the cost of not being prepared can be high.

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