A recent insightful column by the Frugal Traveler exposes the step-by-step decision-making process of a traveler who is considering whether or not travel insurance is a wise investment for his upcoming trip to Asia. While the decision that each traveler may reach regarding this choice is decidedly different — and should be, since the need for insurance is based on highly individual factors — the issues that are raised in the column are common to almost all travelers, and should be considered whenever you’re planning a trip.
Among the concerns raised by the Frugal Traveler are the cost of travel insurance relative to the cost of a trip; the relative likelihood of misfortune befalling you on your trip (for example, greater for one who is traveling by motorcycle through remote mountains than for one who is visiting Grandma for a week); the coverage already offered to you by your own medical insurance or homeowner’s insurance; and your individual financial tolerance — whether or not you think you’d be able to absorb the cost of a medical evacuation or other major unforeseen expense. In most cases, the Frugal Traveler recommends using InsureMyTrip as one of the key sources for comparing and purchasing travel insurance options that suit your needs.
The entire column, “Should You Buy Travel Insurance?” can be found on the NY Times website.