If you’ve read the other articles on this site, listing what travel insurance includes, and if you should buy it or not, you’re probably wondering if there is a way to calculate if travel insurance is right for your specific situation. While it’s generally advised that you protect yourself with insurance overseas if you travel frequently, it’s not clear if this type of insurance is right for you. Maybe you’re on the edge when it comes to finally jumping into the realm of being an insured traveler. Below are lists of factors that can help you determine if travel insurance is the right path for your situation.

How to Calculate Risk to Consider if Travel Insurance is Right for You

• If you’re considering buying a new plan, your decision will really depend on three factors. First consider how often you travel. Traveling more than 10 times per year definitely qualifies as someone that should continue reading with the other factors.
• The next thing to consider is how expensive your flights are on average. If you’re just traveling from one state to the next a few times a year, you probably won’t need it. However, if you’re traveling to various countries for business or work, then you should, at least, consider a basic insurance plan.
• Finally, the most important factor is how much you can afford. Often, travel insurance is somewhat of a luxury item and only necessary if you travel a lot. If you’re struggling to pay rent month to month, and your job doesn’t cover at least a small portion of your traveler’s insurance, you should honestly reconsider, even if you travel frequently.

Calculating risk is all about probability. The more you travel, the more likely you are to come across a situation where insurance would come in handy. A pretty simple concept to grasp, but it’s rarely that easy.

You should also consider your personal financial situation, as well as they the average cost of your flights. All in all, if you travel a lot and can afford it, it’s extremely helpful in a lot of circumstances that would normally end up costing you a lot of money.