Purchasing travel insurance only makes sense if you purchase sufficient coverage to protect the investment you have made during your trip. For this reason, the cheapest travel insurance is not always the best. You need to shop around, but you also need to make sure you're buying coverage from a quality provider (like the ones included above). Additionally, check that your coverage has inclusions and limits appropriate for your trip.
To find the right travel insurance plan for your needs, start by counting the cost you paid for your trip, including prepaid fees for airfare, lodging and transportation. From there, you can select coverage limits for trip cancellation and interruption coverage, and you can also compare plans based on the most important items that could result in significant losses, like medical coverage and emergency evacuation. Also make sure your policy provides adequate protection for baggage and personal effects, as well as the implications of a significant travel delay. Finally, make sure you have the option to include any additional coverage you need, such as cancellation coverage for any reason or waivers for pre-existing conditions.
Ideally, you'll end up with a travel insurance plan that offers just the right amount of coverage for an affordable price.
Keep in mind that some of the most basic travel insurance plans don't include certain coverages that daily travelers may need.
“A lot of people focus on cost; one consideration is usually that economical plans won't have pre-existing condition waivers,” says Stan Sandberg, co-founder of TravelInsurance.com. “…and this may not affect everyone, but if someone has a chronic health condition like asthma, they would want a policy with a pre-existing condition waiver.”
