Plenty of travel websites offer great pricing on last minute vacations. Everything-flight, hotel, taxes, administrative fees and even travel insurance-is often bundled together in one nice neat package into one nice neat price. But, breaking down the price reveals an interesting opportunity to save money.
If you were looking to book a last minute all-inclusive week long vacation for two, you'll notice that travel insurance can easily be bundled into the package if it isn't already done so automatically for you; typically at a cost of about $200 depending on the site you book through.
Travel insurance is usually optional with these types of vacation packages, and believe it or not, it's a pretty good idea to opt-out of including it in your overall trip price. Are we saying not to buy travel insurance - absolutely not - however, $200 is likely not your best travel insurance deal for coverage.
At about $200, travel insurance packages like those described above are probably all-inclusive policies. All-inclusive travel insurance typically offers coverage for your flight, baggage and emergency medical expenses, and can usually be found by shopping around for around $120. However, some would-be travellers taking a last minute vacation may find the amount of coverage in an all-inclusive package excessive.
Since you're booking a "last minute" vacation, you probably don't need your flight covered since you'll be taking off in a few days or even tomorrow. At that point, it's safe to say you'd know what the weather forecast is for your take-off day, and you'd also know if you had any medical concerns that would make a doctor recommend you not travel at all. Since trip cancellation coverage takes into account these types of situations, you likely don't need it.
As for the loss of baggage coverage, it depends on your packing style. If you can pack everything into your carry-on, that's great because you won't need this coverage either; if not, coverage for the loss of your luggage can be bought separately, along with your must-have emergency medical coverage at a better price than the all-inclusive policy. All-inclusive policies are a great buy if you need all three coverages; trip cancellation, loss of baggage and emergency medical. It is not a good buy however, if you only need one or two out of the three.
Travel insurance tips for your last minute travel