Financial Focus: Is travel insurance worth it?

1:10 PM, Jul 04, 2019

COLORADO SPRINGS — Travel insurance: it's something you might need for those unexpected situations when you're away from home - domestically or internationally. But, is it worth it?

Our partner at Carlson Financial explained some things you should consider.

Carl Carlson, CEO of Carlson Financial, said, "I think, overall, it's worth it. It just does a lot of sleep at night, knowing that you've got all that insured in case those things happen...if the trip gets canceled, a flight gets canceled."

Something similar happened to James Pearson when he and his wife took off for their honeymoon to Italy.

Pearson said, "We got to make the first leg of our journey and the flight was delayed which means we couldn't get our connecting flight."

It delayed them for a few days. Thankfully, they had bought travel insurance which cost about $200.

"We were lucky we had the insurance because it paid for all of our expenses that we accrued while we were waiting."

A good thing because on top of the flight delay their luggage got lost. The expenses added up to about $750.

"We still had to go shopping and buy clothes, and the travel insurance paid for that."

Carlson says something else to consider when you're taking a trip - what if you get sick?

"That travel insurance is going to start picking up some things like that, sometimes including medical insurance."

However, something he wants people to remember is that "if you start looking at your health insurance it is possible that your health insurance can cover things internationally."

Bottom line - do your research to make sure that extra protection is the right fit for you.

Carlson also added that sometimes if you buy flights on your credit card the company may have some sort of coverage. In the event you have to cancel you'll get your money back.

Carlson Financial is a sponsor of Financial Focus.

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