No matter how or where you are planning to travel, having travel insurance can be as essential as carrying a valid passport.
Travel insurance is designed to cover any financial loss while traveling abroad or within your own country, and protects you under a wide variety of circumstances including cancellation of your vacation, delayed baggage or departure at the airport, loss, theft or damage to personal possessions.
The travel insurance policy can be arranged either by insurance companies or can be arranged with a travel agent or booking agent. Many online travel companies also offer insurance.
For instance, STA Travel -- which bills itself as the world’s largest student travel organization -- will set you up with travel insurance online. Policies through STA Travel cost as little as $48 for an eight-day trip, and can be purchased for longer trips or study abroad as well.