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Are you leaving the country or otherwise going on a long and costly trip? Hopefully you have at least considered travel insurance to protect your monetary investment and health. In recent years, travelers have found themselves with more and more options as insurers and independent companies jump into the travel insurance business. Obviously, to ask any of these insurers you would be convinced that you absolutely cannot live without these types of coverage, but it’s important to know that you might already be covered by insurance you already have! By educating yourself about the types of travel insurance out there and familiarizing yourself with the ins and outs, you can make a much better educated decision about what to purchase, if any.

First of all, when it comes to travel insurance (or any kind of policy, to be truthful!) you really need to know what’s out there. Delve into the fine print of the coverage brochure, and find out what specific things fall under the coverage: accidental death or dismemberment, medical and dental care, transportation to medical facilities, loss of luggage or personal possessions, and protection against the bankruptcy or default of your cruise line or tour operator. Whether you need or don’t need any of these will depend on yourself and your personal travel plans. Where are you going? What are you planning on doing when you are there? And what types of coverage are already included on your own personal insurance, if any? If there is a great deal of overlap, consider whether this is truly a cost that you need to undertake.

Finding out what coverage you already have is an essential next step. Do your homework, and cast your net for research broadly. Are you a homeowner or renter already carrying property insurance? Find out if your insurance provides for losses that take place when you are away from home, as so many do. Call up your auto and medical insurance providers: are you covered in other countries? If so, are there any limitations? Know that airlines will have to reimburse you if they lose your bags. Don’t forget to check into your current credit card perks and auto club membership, if you have one. You might be surprised at the travel protection that you get from your plastic. Take, for example, some American Express cards – these products give ample accidental death and dismemberment coverage, as well as insurance for the loss or damage of a rental car. Do you have a AAA membership? Many premium members are covered by their policies no matter what car they are driving. Does this extend outside the country? Check these things out before you leap into an unnecessary travel insurance policy that might not really be the best thing for you.

If you do end up electing to purchase this kind of coverage, make sure that it is all on the up and up for your own safety and protection. Buy the insurance coverage through a third-party insurer. Although it might be tempting to purchase an insurance policy through a travel agent, tour operator, or cruise line (and you can bet that they’ll use the ol’ hard sell on you to try and persuade you to buy with them!), you will always be safest and best suited by buying coverage from a disinterested third party that is established and insured. There are numerous websites out there through which you can compare rates and coverage plans, so make sure that you check these out.

When comparing insurance plans, make sure that you are dealing with apples and apples, as the old saying goes. Is the insurer licensed? If so, through which legislative body or bodies? Are disasters covered, and are there any restrictions? How is reimbursement determined and payout handled if either becomes necessary? What is the deal with trip coverage? A reliable, trusted insurer will refund the cost of your trip even if it gets cancelled in the event of a natural disaster or event beyond the traveler’s control.

It should go without saying that you should never buy travel insurance from a vending machine. Never heard of this? Check out the concourse the next time you have the occasion to be at a major international airport. These insurance policies are purposefully and deliberately placed to play on people’s fear of flying, but remember: the least expensive way to insure your life is through a term life insurance policy. And your credit card may provide such coverage. Never mind the fact that you should probably never buy anything that isn’t a candy bar or a bottle of water from a vending machine, anyway! Make sure that you understand the concept of a travel waiver before you dive headlong into a new insurance policy. Many cruise and tour operators offer these waivers for a fairly reasonable price – forty or sixty dollars – just in case you have to cancel your trip. The waivers provide some protection, but they often have many restrictions and are not regulated by state or federal law-making bodies.

Also consider extra coverage, depending on what you travel with and what value it has both materially and in terms of sentimentality. If you must travel with expensive electronic equipment, sporting gear or jewelry, you could consider a floater for your existing homeowners’ or renters’ policy. People who travel with laptops for work should definitely look into this, as very expensive items might not be covered by the standard coverage of most normal policies. While we are talking about coverage above and beyond the norm, consider the value of emergency medical assistance coverage. Get sick in a foreign country and need to be Med-Evac’d? What if you are climbing a mountain and have a bad fall? Any of these situations might really make you wish that you had all the coverage necessary to get you home quickly and safely, and without decimating your bank account. Before you buy one of these coverage plans, find out whether your health insurer would cover you overseas and pay for your flight home if an emergency strikes. If you have Medicare, this coverage could be valuable because you’re probably not covered outside the United States. Private insurance plans vary widely, so check with yours before jumping the gun.