Travel insurance – good or bad idea?

A hearty welcome to all of our new visitors!

Before launching into our topic for today, we’d like to welcome our new readers. It seems that WordPress has a new system for showing their bloggers other blogs that relate to their own. Since IFO is so eclectic in her topic selection, she gets lots of newcomers checking out her blog.

So, we want to say: WELCOME!

Now on to Insurance. We checked and note that we haven’t written about insurance lately.

In years past, we have written about bank deposit insurance, medical insurance (now called “health care,” or “ObamaCare”), homeowners insurance, weather/earthquake insurance, and burial insurance, but find we haven’t discussed Travel Insurance.

Not that there aren’t gazillions of other kinds of insurance. As a member of the board of a local historical society, we’ve learned about insurance for our collection as well as other regular policies. There are also fire, auto, umbrella, and leg insurance.

Here she is! The gorgeous Betty Grable!

What? Leg insurance? Yes, famed actress and popular WW II pinup girl, Betty Grable, had her legs insured in the 1940s for $1 million.

But as a frequent traveler and occasional member of a tour group, IFO has been implored to buy travel insurance.

Long time readers will not be surprised to know that IFO has never purchased travel insurance.

Partly because of her natural reluctance, nay abhorrence, to dealing with all things insurance due to early conditioning by her equally insurance-phobic father, and partly because she is too stingy to bet a small amount of money on losing a bet on an equally small chance of something bad occurring.

She also turned down a suggestion at the cameral store that she buy camera insurance. “Why?” she demanded rudely. “Nothing has ever happened to any of my other cameras purchased over the years!”

The clerk tried to explain all the bad things that could happen, but she just rejoined, “Well, maybe I shouldn’t buy the camera if it is so likely to break?” Conversation ended.

Here is how we look at it. If you can’t afford to lose the money invested in a trip, you shouldn’t go on it. Harsh, but practical. But don’t just believe IFO. Seems that a Motley Fool writer agrees with her! Yay!

After noting the peace of mind you may gain if you buy a policy, Anisha Sekar, at NerdWallet.com adds “… insurance in general is a losing proposition for the majority of people who purchase it, and travel insurance in particular is rife with exclusions.”

NerdWallet, based in San Francisco and founded in 2009, is a company that appears to have a wealth of information on all things financial, from an individual consumer’s point of view.

A quick scan of the site looks very promising. Plus there is a veritable United Nations of whiz kids, which they call the Lead Nerds, heading the operation.

Think we’ll put it on our blog roll.

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About InvestingforOne

I've been investing in various assets by myself using a discount broker for many years. Over that time, I've developed some theories that others might find useful. Plus, there is more to investing than money. Time, talent, work, friends, family all go into developing a good and satisfactory strategy.
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