People determined to travel via cheap airplane tickets and stay in discount hotel rooms or purchase cheap vacation packages often times dismiss the very idea of travel insurance since it will only add to the total cost of their trips.
Trip Cancellation/Interruption (TCI) insurance is wise if you have to make advance unrecoverable payments for a trip that would create a hardship to lose if you later had to cancel a trip. If you decided to buy TCI, buy it at the time you make your first payment, or within whatever window TCI is being offered. Otherwise you may face problems with medically based cancellations that an insurance company blames on a pre-existing condition.
Make certain to read the fine print carefully. Covered reasons vary by policy. An event or condition not listed as a covered reason or a named peril will result in non-payment.
If you want to ensure your cancellation will be covered, especially for work related reasons or sudden concern about your destination, purchase a cancel for any reason policy. Be aware that such policies are more costly and usually do not refund 100 percent of your travel outlay but at least you, not the insurance company, decide whether to cancel.
If traveling outside the country, you may want medical insurance to cover potential doctor visits, hospitalization and even emergency transport home. Before deciding on such a policy, check the travel coverage of your regular health insurance. Some cover foreign travel as well as medical evacuation. Others do not.
In almost every case travel insurance is secondary and only pays after you have made all other possible claims. Homeowners policies usually cover personal property while traveling. Travel companies, such as airlines and cruiselines are responsible for baggage loss and damage. Some credit cards cover expenses generated by delays and lost luggage.
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