Is Purchasing Travel Insurance Smart?

To answer the question "is purchasing travel insurance smart?" let's look at what insurance is.

When you purchase insurance - health insurance, homeowner's insurance, car insurance, life insurance, or travel insurance - you're not making an investment. It's not the same as going to the bank and depositing money and expecting to reap financial rewards at some point. No, any insurance including travel insurance is about sharing risk in case of unforeseen catastrophic events.

For thousands of years, risks have been shared during times of tragedy. The first formal insurance company, Lloyd's, was formed in 1769, and their insurance concept remains today - to gather the premiums of clients as a pool of resources to return to clients who experience covered events.

Is purchasing travel insurance smart for you, then? Do you need a pool of resources from others' premiums to help you out in the event of a travel emergency? Or can you take care of any unforeseen circumstance on your own? It's not just about money, either.

To decide if purchasing travel insurance is smart for you, let's take a look at just a few of the things that could happen while you're traveling.

It's your first time in Europe and neither you nor your spouse speak any foreign language and your wallet is stolen. Your credit cards, your airline tickets, your passport and your money are all gone. What do you do now? Money may not be the primary problem here as you can always call your bank and have a wire transfer completed. Or can you? Do you know the international rules and capabilities for this? Where are the banks and do the tellers speak English? What about replacing your airline tickets? What about money to get to the airport and check out of your hotel? Your passports are the primary issue probably. They took a very long time to get. Now you can't get out of the country without them. Where do you go to replace them? If you had known this was going to happen, how would you have answered the question, "is purchasing travel insurance smart?"

Your child is involved in an accident and must have medical assistance but you find out your insurance does not cover you outside of the United States, and medical care is not adequate where you are anyway. How do you get your child back to the United States for medical care? If you had known this was going to happen, how would you have answered the question, "is purchasing travel insurance smart?"

So, to answer the question, "is purchasing travel insurance smart?" consider what could happen while you're abroad and determine if you might be grateful for outside assistance.

Steve Cogger is an avid traveler offering a wealth of travel information. For more information on travel insurance visit the 1 Happy Traveller website.

---

Insure Your House

When we talk about insurance the thing you have to... Read More

Tips For Lowering Your Auto Insurance Quote

Do you have many claims? If so, you should do... Read More

Credit Card Insurance

A word of warning about Credit card repayment protection schemesThe... Read More

What Is Meant By Automobile Insurance Standard Coverage?

Automobile insurance standard coverage is the basic amount of insurance... Read More

Discount Insurance - Get Affordable Coverage For All Your Insurance Needs

Insurance is an important part of our lives. If you... Read More

Everybody Wants The Best Term Life Insurance Quote

The information you need about the best term life insurance... Read More

Cheap Car Insurance

Finding good car insurance can be very difficult. Here are... Read More

Mortgage Life Insurance

Owning a home is a dream for most of us,... Read More

Home Insurance Rates in Northern Ireland

A recent survey took the most popular type of home... Read More

Will Online Automobile Insurance Quotes Really Save Me Money?

If you're looking to save money on your auto insurance... Read More

Sleep-At-Night Coverage With A Private Health Insurance ( Affordable Health Insurance )

Health Insurance: a sense of dissatisfactionThe three C's, customization, consumerization... Read More

Student Health Insurance - Is It Necessary?

As a young, healthy college student, it might be tempting... Read More

Are You Running the Risk of an Uninsured Business? Beware & Get Business Insurance

Human life is precarious and so are the activities they... Read More

Life Insurance Providing Little Protection from Terrorism

Recent statements by the City of London Police Commissioner James... Read More

Independent Insurance Agents Unite! Insurance and Financial Discussion Forums are all the Rage

The online discussion forum has emerged as the medium of... Read More

Private Health Insurance: A Sense of Dissatisfaction

The three C's, customization, consumerization and customer-satisfaction, seem to be... Read More

Alternate Risk Transfer (ART) - Insurance Strategies

Risk ManagementAlternate Risk Transfer is a fancy way of saying... Read More

Health Care and Health Insurance Costs Can Be Controlled Through Lifestyle Choices

As you probably know all to well, the cost of... Read More

Underinsurance Can Spell Disaster For Homeowners

Insurance is meant to give homeowners peace of mind, but... Read More

Insurance and The Engineer

The world is no longer right when the two words,... Read More

Does an HSA Cover Alternative Medicine?

A Health Savings Account (HSA) does not really cover alternative... Read More

How Is Your Auto Insurance Policy Price Determined?

The average auto insurance policy price is derived from a... Read More

What To Do When You Suffer An Injury On The Job?

For over 30 years I have been representing injured workers... Read More

Terrorism Insurance - What it Costs Small Business

The Terrorism Insurance Act of Nov. 26, 2002. This helps... Read More

What to Look for in Good Health Insurance

Health insurance is a kind of protection that provides payment... Read More

Is Life Insurance Comparison Really Necessary?

When you want to purchase a life insurance policy, you... Read More

The Awful Truth about Annuity and Insurance Leads

You see the websites, you see the ads: exclusive, never... Read More

Are Accidents More Likely To Occur Closer To Home?

If you are going to be involved in an accident,... Read More

Do An Auto Insurance Comparison And Benefit From The Savings

It is very important to do an auto insurance comparison... Read More

Why Bother With Farmers Auto Insurance?

Farmers auto insurance is a very large insurance company that... Read More

Health Insurance And Insurance Brokers

If you are in the market to purchase your own... Read More

What is Consumer-Driven Healthcare?

Consumer-driven healthcare is a label that we've put on a... Read More

Home Insurance: Premium Protection In Case Mishap Takes A Rain Check

My whinstone house my castle is, I have my own... Read More