There are a number of different risks for which you can buy travel insurance.

Most consumer advocates seem to feel that travel insurance is overpriced (adding 10% or more to the cost of a trip), offers limited benefits, and may be in many respects redundant.

For example, if you check your medical insurance (and we recommend that you do) you may find that you are covered for emergency treatment overseas.

If you check your homeowner's insurance (and we recommend that you do) you may have coverage for lost luggage; your existing life insurance or disability insurance policies (we recommend you check those too) may provide adequate coverage for accidental death or dismemberment while travelling.

The risks, which may make the most sense to cover, are expenses you would find difficult to cover on your own.

Trip cancellation coverage would cover your lost investment if you could not go because of illness or other emergency.

Trip interruption coverage would pick up the extra expenses you might incur if your departure is delayed or you must return home early.

Most carriers will now even cover costs attributable to "pre-existing conditions" (i.e. medical conditions you had before you booked the trip) if you buy the insurance within 7 days of making your deposit.