Is it for every vacation?
The short answer is, yes. BUT, it all depends on where you're going, how you get there and how long you plan to be there. It also depends on what coverage you already have with existing health, home, auto, and life insurance policies.
Thankfully, the right travelers insurance can protect you from suffering unnecessary losses. Before you make any travelling arrangements, check with your credit card company to see what kind of travel insurance or assurances they offer. Then, decide if you need anything more to augment what they provide.
What types of travelers insurance are there?
There are four main types of travelers insurance. What you purchase will vary based on your needs.
Trip Cancellation Insurance
This type of insurance provides reimbursement in case you have to cancel your plans because of an unexpected event - sickness, death in the family, cruise line our tour company goes out of business, etc. Most of these policies will also reimburse portions of an unused vacation if you or your immediate family becomes ill or has an accident during your trip.
Baggage insurance or personal effects coverage
Provides coverage in case your bags and other belongings are damaged, lost, or stolen. Before you buy a separate policy of this kind, check your current homeowners or renters insurance policy to see what coverage they provide for your belongings while you travel. Be sure to check with your travel agency or airline to see what assurances they provide.
Emergency medical assistance
Emergency medical expenses while your traveling can be quite costly. This type of coverage is quite useful if you plan to adventure outside metropolitan areas or enjoy potentially high risk activities such as mountain climbing, surfing, skiing or snowboarding and more. It also helps defer the cost of an extended hospital stay in a foreign country, specialized medical procedures, or flights back to your home country because of a serious illness or injury.
Be sure to check with your current health insurance policy to see what medical coverage you may already have for travel abroad.
This covers you in the event of your own death or the death of a family member traveling with you. Refer to any existing life insurance policies to see what coverage you may already have.
Other types of travel insurance
There are many other types of travelers insurance that might come in handy depending on where you're headed and for how long. With so many variables at play, you'll want to research and purchase travelers insurance based on your needs. Some other types include: missed connection, 24 hour traveler assistance, emergency evacuation, travel delay and more.