Money Magazine, May 16 2016 – These 10 Travel Myths Are Total Money-Wasters

Published by Megan Singh May 16, 2016

Myth No. 10: Travel Insurance Never Pays

People typically buy travel insurance to protect themselves against a large financial loss if they unexpectedly have to cancel an expensive trip, or in case they have an accident or suddenly get ill while traveling.

Should you buy travel insurance? If your trip is not expensive and your health insurance offers adequate coverage where you are going, travel insurance might be an unnecessary expense.

But, for big-budget trips and remote adventures, it can be worth putting out an extra 5 or 6 percent of your trip’s total cost for an insurance policy, said Rachael Taft, content manager for the travel insurance review and comparison site SquareMouth.

“Travel insurance can cover medical bills if you are traveling somewhere that you don’t have health insurance coverage, or your coverage is limited,” she said. “Travel insurance can also help in the event you need to be evacuated to a medical facility, which can be costly, particularly for cruisers or travelers in remote locations.”

Read the full Money Magazine article online here: http://time.com/money/4336950/dangerous-travel-myths-save-money-abroad