Is travel insurance worth the cost? Here are pros and cons to consider

ORLANDO, Fla. - For years, a lot of us looked at travel insurance as a waste of money, something we didn’t really need. But now, travel planning experts say things have changed. 

Jenn Lee with Travel Planners International says, "Travel protection is not a ‘nice to have’ any longer. It’s a ‘must have’. There are so many moving parts in today’s travel."

Now, there are a variety of things insurance will protect when it comes to your travel investment, like if you miss your flight or a connection if your flight is delayed, or your luggage or passport is lost, if your trip is canceled altogether, or even if you get hurt or sick, and it’ll prevent you from traveling. 

The average cost for a policy is $271 according to travel insurance agency Square Mouth.

When it comes to deciding which insurance you should choose Lee says it depends on a few different factors, like how much your trip costs. If you’re spending a relatively small amount of money on travel – it’s probably not worth the most expensive insurance plan. It also depends on how long you’ll be there and if you’re traveling with children. It’s every parent’s worst nightmare to have a child get sick on the trip. But, should it happen, travel insurance can be a safety net for you and your budget. 

Lee says, "We always tell our consumers, look at the investment that you’re putting into your trip. As well as what is your ‘what if’ plan? What happens if you fall? You hurt yourself? You have a heart attack? Something happens. What’s your plan? What’s the plan to get back home or take care of that? If that plan isn’t’ rock solid and for only $200 you can get a plan that is solid, I would say it’s a wise investment."

Travel insurance doesn’t just cover your trip, it can also cover unplanned stops. "People don’t realize that travel protection will offer you additional monies for inconveniences. So let’s just say you’re trying to fly from Washington, D.C. all the way to California. Your D.C. flight gets canceled for weather. Maybe the airline is taking care of getting you rebooked, and they may even be paying for a hotel for you. But if you have the right travel protection, it’s also paying you sometimes up to $250 per person for the inconvenience," Lee adds. 

When it comes to the pros and cons of travel insurance, there are plenty of benefits, but the cost can be a huge drawback. It can be expensive. Your travel insurance claim could get rejected, and some policies could come with loopholes. But of course, only you can decide if adding travel insurance to your trip is best for you.