Should you buy travel insurance? -

Should you buy travel insurance?

If you're planning on a vacation so you can get out of town for a little bit, you may have thought about travel insurance.

So here's a question -- how do you know if you need it?

Money Expert Nathan Bachrach says you should only insure what you can't afford to lose. If you're spending a few hundred bucks on a plane ticket, travel insurance probably isn't worth it. But if you're planning a pricey cruise or a once-in-a-lifetime trip, it might be!

There are many kinds of policies out there. Some cover your losses if your trip is canceled; others cover the costs of any medical expenses abroad or lost luggage. Many travel insurers offer "bundled" plans, too.

Before you sign up, find out what your existing policies cover.  Many health insurers will not cover you overseas, or on a cruise ship flying under a foreign flag.

If you have a travel rewards card, you might have some baggage insurance, but travel insurance is likely not included.

"Now there are all sorts of exclusions that are written into these policies, so read the fine print very carefully," adds Nathan. "And check out a site like "insure my trip dot com" to price all these different policies and compare them!"

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