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

<p><span style="font-weight: 400;">This week’s topic is about travel insurance and is it worth the cost?</span></p> <p><span style="font-weight: 400;">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.  </span></p> <p><span style="font-weight: 400;">This is where travel insurance can soften the blow.</span></p> <p><span style="font-weight: 400;">Typically it covers medical emergencies, trip cancellation, trip interruption, delays, medical needs, and lost, damaged, or stolen luggage.</span></p> <p><span style="font-weight: 400;">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.</span></p> <p><span style="font-weight: 400;">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.</span></p> <p><span style="font-weight: 400;">Now the proverbial question . . .  Is it worth it? </span></p> <p><span style="font-weight: 400;">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. </span></p> <p><span style="font-weight: 400;">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.</span></p> <p><span style="font-weight: 400;">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.</span></p> <p><span style="font-weight: 400;">Website  </span></p> <p><span style= "font-weight: 400;">https://www.somethingonmymind.net/</span></p> <p>Merchandise</p> <p>https://www.somethingonmymind.net/shop</p> <p><span style="font-weight: 400;">Social Media </span></p> <p><span style= "font-weight: 400;">https://www.instagram.com/somm.podc