Many of us pay for all kinds of insurance. There’s life, auto, homeowner’s, flood, earthquake, renter’s, long-term care, and of course what politicians are fighting over, health insurance.
If you gamble, you can even get insurance against the dealer having a blackjack. It’s generally considered a bad bet.
Insurance bears some resemblance to betting, although insurance companies allot millions of dollars to determine the odds. With life insurance, you are betting that you might die during the term of the policy. The insurance company is betting you’ll make it through without your heirs collecting.
As with life insurance, perhaps the biggest reason to buy travel insurance is the peace of mind argument. If you are stranded, your luggage disappears or you need medical evacuation, it’s a small price to pay.
Is buying travel insurance a good bet? How much do you need? And what kind? As with other kinds of insurance products, the answer is: it depends.
While travel insurance is a growing category, many people are put off by what they consider to be high costs and an even higher confusion factor. Does my credit card provide travel insurance? What kind? Should I buy travel insurance though a travel supplier like an airline, or direct? Through a travel insurance company, insurance aggregators like Squaremouth.com or TravelInsurance.com, a travel professional or insurance agent?
Read the full Forbes article online here: https://www.forbes.com/sites/michaelgoldstein/2019/10/18/is-buying-travel-insurance-worthwhile/#23e3cee17f2e