You may think that travel insurance (sometimes called trip insurance) is one of those frivolous insurances that you don’t really need. But do you? Every traveler is different, as is every trip or vacation, so you have to weigh the benefits and see if it’s beneficial to you. Your vacation is an investment, so think carefully about how it from that perspective. Then consider if it’s a smart move to have it insured. Here are some questions to ask yourself and help you determine if travel insurance is right for you.

Are you booking travel insurance at the last minute?

To qualify for full coverage and the best rates, you almost always have to buy travel insurance within 15 days of booking your trip. Waiting until the last minute to add a policy gives the impression to the insurance provider that you’re trying to game the system. You might also be required to notify the insurance provider within 72 hours of your cancellation intent. The longer you wait to get a policy means the less opportunity you have to cancel and file a reimbursement claim. If your personal circumstances change after the booking date but before you buy a policy, you can also jeopardize your claim eligibility. The early bird gets the worm, especially when it comes to travel insurance.

Do any of your credit cards offer trip protection benefits?

Some credit cards come with complimentary trip protection benefits, so it’s wise to review the terms and offerings that may be already available to you before doing anything else. While these trip protection benefits are great and may cover common trip cancellation claims such as reimbursing non-refundable travel purchases, covering incidental delay-related expenses, and even offering primary rental car collision damage waiver protection—you might still want travel insurance for the additional benefits and coverage such as Emergency Medical Visits and Transportation, Pre-Existing Conditions, Change Fee Coverage, and Extreme Sports. Each vacation is unique, so some of these things may be beneficial to have, so may not. 

What do your medical and car insurances already cover?

Your car insurance provider might already offer rental car collision and theft protection. Getting travel insurance, primarily duplicate coverage, means you’re paying extra for marginal benefits. That’s money you could be spending on your vacation instead. Before booking travel insurance, check your current medical and car insurance benefits guide first. Are there any gaps in coverage that you’re concerned about? That’s when travel insurance can fill in those coverage gaps. A primary incentive to get travel insurance can be for the emergency medical assistance. Without these benefits, you can easily spend over $10,000 out-of-pocket for treatment and transportation expenses.

Is the travel policy cost worth the potential payout?

Travel insurance typically has more lenient reimbursement policies than travel provider policies. Although you still need to submit supporting documentation in most cases, the small cost of buying a policy is worth the potential payout. Some reasons why you might buy travel insurance include: Cancel for Any Reason, Unexpected Work Requirements, Military Deployment, Personal or Family Illness, Legal Divorce or Separation, or Travel Provider Goes Bankrupt. Once again, each insurance provider has different cancellation policies and notification requirements. Read up on what is being offered, compare it to what benefits you may or may not already have, and consider the cost versus the benefit. 

Do you worry about the “what ifs” of a vacation?

You know what they say: You can’t put a price on peace of mind. If you’re one who worries about the “what ifs” of any given situation, then purchasing travel insurance is one way to ensure more peace of mind when those unexpected things in life occur. Travel insurance can be a financial blessing for large, non-refundable travel expenses. Whether they stem from medical reasons, extreme weather, or local events, travel insurance can be worth its weight in gold. Even if it doesn’t make sense to buy travel insurance for this trip, familiarize yourself with policies and with your credit card travel benefits for future planning.

Do you have questions about your upcoming Florida Gulf Coast vacation rental and our policies? You can read up on Plumlee Gulf Beach Vacations rental policies right here. If you have any questions, feel free to contact us and we’ll be happy to help.