These days, we all want someone to shoot straight with us. What do we really need? What is essential, and what is just extra? We know that investing is important, and we want to invest in things that matter and make a tangible difference in our lives. 

And so, the question applies: Among all of the other essential things in life, do I really need travel insurance? How important is it actually, and how do I distinguish when I need it and when I don’t?

This is a valid question, and perhaps surprisingly, it changes from situation to situation. In some cases, travel insurance is very, very important. It could be a matter of life or death (or, at least, of lost luggage), or it could be just an extra bit of peace of mind. How do you know which situation is which?

Two significant factors play a big part in whether insurance is important for you and the specific trip you are going on. Those two factors include financial risk and medical implications. 

Financial Risks

First, what are the financial risks of your trip? Did you just book a last-minute $74 flight to Boston for the weekend? If so, that probably isn’t a trip you need insurance for, because you aren’t risking much money on it. However, if you have just scheduled a six-week cruise that cost a pretty penny, that might be a situation where you are more inclined to invest in insurance. There is significantly more at stake on that trip than there is if you spend 72 hours in Boston. 

Next, consider where your trip is. If you are traveling within the United States, travel insurance is significantly less important. Chances are, it will be significantly more expensive to get travel insurance than the investment is worth. But when it comes to traveling overseas or outside of the continental United States, travel insurance will grant not only peace of mind but also a great benefit to your travels should any conundrums arise. 

Medical Considerations

You should also consider the medical implications to your traveling. Especially if you are out of the country, your health insurance may stay within the borders of your home country, leaving your virtually defenseless if anything happens on your trip. If you have a diagnosed medical condition, then travel insurance is a no-brainer. But even if you don’t, think through the activities you’ll be participating in on your travels. If you know you’ll be involved in some rough sporting activities or some more dangerous events, having travel insurance might be essential.

Picking Travel Insurance

Deciding you need travel insurance is only half the battle — choosing which insurance to get can be difficult and overwhelming. Should you invest in a package deal that comes with your cruise or resort package? Or should you find something external? How do you filter through all of the options to make sure you choose what is right for you? A service like the Midwestern Insurance Agency Alliance could be a great option for you. 

MIAA is not an insurance provider. Instead, it’s more of an umbrella organization that helps collect all of your options, so you can make the most informed decision. If you are an insurance agent looking to cover your bases and gain leverage with your clients, joining the MIAA is an excellent option. If you are a traveler looking for someone to help you collate your options and get the best bang for your buck, MIAA is also for you. Whatever you choose and whatever you do, ensuring your safety with good travel insurance will help your travels be that much more enjoyable.