SACRAMENTO, Calif. — It’s summertime which means it’s peak travel season with many people hitting the road, hopping a flight or booking hotels.
Trips can get expensive, all things considered, but should you protect your investment with travel insurance? An expert told ABC10 buying some peace of mind could be worth it.
“Travel insurance can be a really helpful thing in the right situation for the right person,” said financial coach Maureen Paley.
If you’ve booked a trip online in the last few years, you’ve likely seen a prompt somewhere in the process asking if you want travel insurance. The option can appear in many forms and in a wide range of costs.
Travel websites make it easy to find and add trip protection to your purchase. Look close at what the fee gets you and decide if the extra cost is worth it to you.
“Insurance is protection…we may not use the protection but you’re purchasing protection and what this essentially is is peace of mind,” said Paley.
Travel insurance typically falls into two categories: basic trip cancellation protection and comprehensive travel insurance.
Basic protection usually covers things like lost bags, reimbursements if you miss a connection or a refund if you can’t travel because you’re hurt or sick.
Comprehensive travel insurance usually covers all the above, plus medical expenses.
Whichever you choose, always read the fine print and see if the insurance covers your specific needs.
“By paying attention to the fine print you can understand, does this insurance that covers medical needs as I’m traveling internationally, does it cover a pre-existing condition? Sometimes it won’t,” said Paley.
Also keep in mind that if you’re booking your trip online – like a hotel, flights or a rental car – you’ll likely be paying with a credit card. Double check to see what kind of insurance coverage your card offers.
“If you’re thinking you might need travel insurance or you just want to feel better about making that big purchase, look at your credit card agreement or call your credit card company and ask them if there’s any type of safety or reimbursement around booking travel,” said Paley.
If there isn’t and you’re still interested in insuring your trip, Paley recommends looking at companies offering insurance. She also recommends looking into cruises and seeing what insurance may be included in your package.
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