With summer quickly approaching, you could be asking yourself which expenses are worth the investment when planning ahead for your vacations. Especially when it comes to travel insurance, you want to make sure you’re not overpaying for protection that may not be 100 percent necessary. Depending on where you’re traveling and how long you’ll be there, taking a trip can eat up a substantial amount of your budget as it is. Add in travel insurance, and you could quickly acquire more costs than you originally planned. Allied Market Research reports that the global travel insurance market was valued at $12.38 billion in 2020 and is expected to grow to $119.31 billion by 2030. This rise is in part due to more senior citizens traveling, as well as increased business travel expenses.1 As you might expect, tourism is one of the key factors contributing to this rise. According to The World Tourism Organization (UNWTO), there was a 4% rise in global international tourist arrivals in 2021.2 As you plan ahead for your summer vacations, there are a variety of factors you should consider before investing in a travel insurance policy. While protection is never a bad thing, you want to make sure the value of the coverage outweighs the added cost. For people on a tight budget, travel insurance may not be worth the financial stress involved. However, when it comes to longer and more expensive vacations, travel insurance could quickly prove to be a beneficial use of your money.