With vacation time quickly approaching us here in North America, those that can afford to travel for their holidays are beginning to make plans. Always, the question of whether or not to buy travel insurance comes to light, whether the travel agent asks you or the site online that you book your travel plans with. Lots of times, people say, "No, thanks" and take their chances. Could that be a big mistake? Certainly. Is the cost savings worth the risk? Let's look into the subject of buying travel insurance further and see.

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Thanks and have a safe trip!

Buying travel insurance is the same as any other type of insurance. You probably won't need it, hope you won't need it, but it's there, just in case you do.

People consider getting insurance when they travel for a variety of reasons. Since 9/11, I imagine more travellers than ever before are investing a little extra to make sure they're covered for the unexpected. Sometimes, peace of mind is worth spending a little money for.

Some of the things that people buy travel insurance for:

• medical emergencies
• trip cancellations
• getting stranded in a foreign country due to weather or your travel company suddenly declaring bankruptcy
• theft that requires emergency funding to get home
• terrorism
• lost baggage

*** Please note! I do not want to alarm anyone with this list, it is just an illustration of some of the things that people prepare for prior to leaving on their trip. ***

Buying travel insurance is not rocket science. You have the usual options:

• Via an online search
• Purchase insurance via your travel agent or online travel site
• Contact the insurance branch of your bank, if it has one
• Go through CAA or AAA, who often offer member discounts
• Your credit card company may sell you travel insurance

It is a good idea to check any existing insurance policies that you have to see if you are already covered for some or all of your travel insurance needs. There's no point in buying twice, if you don't have to. Also, it is a good idea to purchase the coverage at the same time you book your trip. That way, everything is in place in case you need to cancel and also, it will prevent you from forgetting.

When determining how much cancellation coverage you need, remember that you will not be reimbursed more than the price of your trip.

If you are a frequent traveller, ask about annual or multiple trip policies, which can often be cheaper than buying travel insurance one trip at a time.

Remember to read all the fine print on your policy and make sure that you are covered for the full duration of your trip.

The way that I see it, travellers are taking quite a risk by not buying travel insurance. I've only ever purchased it for one of my trips, but after researching this hub and watching the videos, I will definitely spend just a few extra bucks to make sure that I spare myself tens of thousands of dollars if something does happen. Just in case, better safe than sorry.

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