Travel insurance is a waste in most situations, but before dismissing it outright, ask yourself four questions:

What Could Go Wrong? Is an elderly parent sick? Could you be called into work? By identifying specific incidents that could arise, you can better evaluate whether insurance is worthwhile.
What Coverage Do You Already Have? What parts of your trip are not already covered by your credit card, health insurer, or auto club?
How Expensive Is The Trip? Travel insurance is a waste for discount air tickets, but might be worthwhile for a pricey cruise.
What Is Already Prepaid Or Nonrefundable? Know what you can realistically expect to get back.

Beyond those four questions, we previously covered nine specific instances when travel insurance might be worth considering. If you decide to get insurance, shop around for the best price, and read the fine print to make sure that the situation you have in mind will be covered.

Travel: To insure or not? [L.A. Times]
(Photo: HansNYC)

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