PFT #58 - Personal Finance Tip of the Week: The Benefits of Travel Insurance

This week’s topic is about travel insurance and is it worth the cost? As a result of the Covid pandemic, many vacations have been cancelled and  thousands of people have lost thousands of dollars that can not be redeemed.   This is where travel insurance can soften the blow. Typically it covers medical emergencies, trip cancellation, trip interruption, delays, medical needs, and lost, damaged, or stolen luggage. On the other hand, it may not cover glasses, hearing aids, dental bridges, tickets, passports, keys, cash, cell phones and rental car damage; however, your credit card or renters insurance may cover some of these expenses. So let’s get to the cost: Like any insurance, costs vary; however, you can expect to pay  between 4-12% of your total trip cost. Now the proverbial question . . .  Is it worth it?  Just recently, we had a trip cancelled due to Omicron that covered $3,500 in expenses and we paid $140 for the coverage which totaled 4% of the total cost.  So In my opinion the answer is yes. In fact, I have used it on more than one occasion and it has saved me over $10,000. The bottom line is that you can’t predict the future and it takes just one missed trip over several vacations to reap the value that the insurance provides. Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast