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Here's what you need to know about travel insurance

Travel insurance is the obvious answer, but before you hit buy, you should know what you’re signing up for.

If a vacation gets canceled, you can lose a lot of money. So what can you do to protect yourself?

Travel insurance is the obvious answer, but before you hit buy, you should know what you’re signing up for.

First, if you bought your trip on a credit card, it could be partially protected by your credit card company.

According to Consumer Reports, some credit cards offer protection for rental cars, lost luggage or a trip cancellation.

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How far in advance do you need to purchase travel insurance?

If it’s weather related, once a hurricane is a “named storm,” you can’t buy travel insurance anymore. Consumer Reports recommends buying insurance within two weeks of booking your trip to make sure you get all the coverage you need.

But do you even need it?

Experts say if your trip cost more than $3,000, you should get it. Also, if you’re traveling with any family members who may have health issues, like children or grandparents, it’s worth it.

Travel insurance can cost as little as $26 if you just want to cover your airfare.

If you want the works, it’s about 4-percent of the total cost of your trip.

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