Travel insurance, think about it

Before 9/11, about one in ten Americans insured their trips. Now, about one-third of all vacations are insured. That’s great news for insurers as they rake in about $1 billion in revenues annually. This past year, the U.S. Travel Insurance Association’s membership climbed about 40 percent. Sounds great for the travel insurance business, but is it really a good time to buy travel insurance for you?

It all depends, really. First, determine whether you need protection at all. Industry experts say that with numerous travel insurance products available, complete research is crucial. Read the policy in its entirety. Access America, one of the largest travel insurance companies, is ultimately concerned when people have the feeling they are covered when, in fact, they aren’t. The company has started simplifying the language in its policies through a campaign called “Plain English,” which will detail charts, tables and be written in easy-to-understand language to clearly communicate policy specifics.

Back to our first question, do you really need insurance? The general rule of thumb is that any major vacation purchase—anything above $10,000—should be insured. Insurance experts say this however, if you can’t afford to lose it, you should insure it. Also, get insured the day you book your vacation so that you have the widest range of coverage.

Where to buy insurance

G1G Insurance Services: Allows you to browse an arrangement of policies, from medical and trip insurance protection plans for individuals or groups.

InsureMyTrip: Offers more than 100 plans from 18 insurance providers.

SquareMouth: Has online applications that help travelers compare all the major travel insurance plans and policies.

Travel Insurance Center: Offers tools to help you compare travel insurance packages.