Five myths about travel insurance

Many travelers think that travel insurance is as essential to their trip as a passport and sunscreen. Others see it as a needless expense. You can make up your own mind after reading these five myths about travel insurance.

1. I don't need travel insurance, I have health and homeowners insurance as well as credit cards that offer protection.

You may think you're locked and loaded, but you're not, says Lisa Leavitt of ActiveTravels.com, a Newton, Mass.-based Virtuoso travel agency. Travel insurance in its basic form usually provides trip cancellation, trip interruption, lost luggage, travel assistance, accidental death and limited medical evacuation benefits.

Health insurance policies, on the other hand, differ greatly and "your health insurance likely has lower benefits and deductibles when you use a doctor out-of-network," says Leavitt. "Travel insurance will pay for a doctor anywhere around the globe if you fall ill or get injured while on vacation."