Buying travel insurance is one of the best decisions you can make when planning a trip. It will minimize the financial risks you don’t want to take alone – from lost luggage and trip cancellations to medical emergencies and terrorism.

You can compare the pros of buying travel insurance online, from an aggregator or through a travel professional. This is a great way to get quotes for different types of coverage, and find out how much you’ll save.

Cancel for Any Reason

If you’re worried about losing your nonrefundable trip deposit or want to cancel your trip because of COVID-19, a travel insurance policy that includes a CFAR (cancel for any reason) upgrade is worth considering.

But it’s important to consider your personal risk tolerance before deciding whether a cancel-for-any-reason upgrade is right for you.

Generally, this coverage adds about 40-50% to the cost of a travel insurance policy.

However, many TPG readers report that they’re happy with the added peace of mind that a CFAR policy provides.

A CFAR benefit can be added to any policy you’re purchasing, though it can be time-sensitive and requires that you purchase the upgrade within 14 to 21 days of making your initial trip deposit. CFAR coverage also has limitations, so it’s best to buy it when you’re sure your trip is still on the calendar and can be cancelled without much hassle.

Trip Delay

One of the pros of buying travel insurance is that it will cover the costs associated with an unexpected trip delay. This can include a night’s stay at a hotel, meals and any other expenses incurred as a result of a delayed flight or other unforeseen events.

A delay can be a very frustrating and expensive experience. This is why it’s so important to buy travel insurance to make sure you can handle any hiccups in your itinerary.

The best trip delay insurance policies will cover you when your travel plans are interrupted by unexpected factors, such as a delayed or cancelled flight. It will also reimburse you for your prepaid travel expenses.

Baggage Loss

When you’re traveling with high-value items, baggage insurance can be very helpful. Depending on the policy, you may be able to get a cash refund or future travel vouchers to cover the cost of replacing your belongings.

Most comprehensive travel insurance policies include coverage for baggage loss and delay. However, it’s important to read the fine print and understand what is covered before you buy.

Homeowners or renters insurance can also provide some limited luggage and personal item coverage. The downside is that you’ll have to pay the deductible first, and limits will apply.

While this coverage is typically secondary to airline insurance and other forms of travel insurance, it’s a good idea to have. It can be especially useful for travelers who use their credit cards to purchase tickets or pay for a trip.

Medical Coverage

Buying travel insurance is an investment in your well-being. If you get sick or injured abroad, your travel insurance can help pay for the medical bills that you may incur.

A good travel policy will include medical coverage, trip cancellation insurance, and a 24-hour emergency assistance hotline. It will also cover trip delays and cancellations due to weather.

When buying travel insurance, it is important to compare the different policies available. Make sure to read the fine print on each one, and find a policy that best fits your needs.

Health insurance covers a wide variety of expenses, from doctor visits to prescription drugs. It also covers preventive care, including vaccines, screenings and some checkups.