In the more prosperous years gone by, we purchased travel insurance each time we took a vacation without thinking twice about it. Just in case something was lost, stolen or damaged during our vacations, we had it covered. We were also covered under the traveler's insurance policy just in case of personal injury or if the unthinkable happened to us while on vacation.

The economy has changed the way we vacation and the way we view travel insurance. Travel insurance was not an automatic purchase along with our summer vacation package, it is something to be carefully considered, since every penny counts and all corners are being cut.

Consider all the money spent when you take vacations, a big chunk of money goes into various insurance policies that may not actually be needed. Travel insurance, which can be a high dollar, all-inclusive insurance policy, or a minimal coverage travel insurance policy with other insurance policies purchased at vacation stops along the way. Do you need to buy insurance on your car rental while on vacation? Maybe not, not if your primary car's auto insurance policy covers you when you drive a rental car. Give your auto insurance agent a call before going on vacation and see what your policy covers. The auto insurance premiums you've been paying may already have you and a rental car covered, if not, you may can add the car rental insurance to your existing auto insurance policy cheaper than purchasing it from a car rental agency.

Do you need to buy flight insurance when traveling by plane? Life insurance is a good thing for loved ones left behind should the worst case scenario occur, but if you already have a paid up life insurance policy, additional flight insurance may be an added travel expense you don't need.

Same with hotel insurance, unless you are traveling with irreplaceable valuables. But if you're just taking the family on vacation to the beach for a few days, you most likely are not traveling with irreplaceable valuables, except of course, your family members themselves.

Which brings me to the bottom line and to the answer of the title's question: Do I need travel insurance for my summer vacation? Check the insurance policies that you already have to see what they cover. If you don't understand the 'insurance speak' of the policy, call your insurance agent for clarification. Your auto insurance, home insurance, health insurance and life insurance may already have all your bases covered just in case something happens while you're traveling on vacation. Call your credit card company and discuss the insurance on your credit card purchases and/or the life insurance you may have with the company as a credit card holder.

Whatever insurance you have, check your policies to see what is and is not covered. If you don't have any insurance, and many don't, then purchasing travel insurance before going on vacation this summer is something you should consider.