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Tips when you’re buying travel insurance

Travel insurance can be expensive but worth the

Travel insurance can be expensive but worth the cost. Photo Credit: Getty Images / iStockphoto

While travel insurance can be pricey, buying a policy can ensure you don’t lose money when a trip is canceled. Consider these tips before you take steps to insure your next trip.

  • See if your credit card offers any coverage for free. Many rewards cards offer trip cancellation/interruption insurance, primary auto rental coverage and baggage delay coverage.
  • Add-on policies aren’t always the best deal. Purchasing your own travel insurance policy from a company like Allianz Travel Insurance or World Nomads lets you tailor your coverage to your exact needs.
  • You can also purchase annual travel insurance policies. If you travel a lot, these policies can be a lot cheaper than buying travel insurance for each vacation you take.
  • If you’re taking a trip that is refundable then you don’t need travel insurance. Some hotel bookings and even flights can be refundable, making the value of travel insurance negligible at best.
  • Only buy insurance to cover the components of your trip that need coverage. If you’re not renting a car, you won’t need auto rental coverage.

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