According to a recent U.S. News and World Report article, more than a third of all travelers will opt for some kind of traveler’s insurance this year. (The number electing for coverage has tripled since 2001.)

The question is, should you insure your travel plans?

As is often the case after reading these painstakingly balanced articles, the answer seems to be an amalgam of the following: yes; no; maybe; perhaps; you might look into it; don’t bother; and, heck, why not?

According to a recent U.S. News and World Report article, more than a third of all travelers will opt for some kind of traveler’s insurance this year. (The number electing for coverage has tripled since 2001.)

The question is, should you insure your travel plans?

As is often the case after reading these painstakingly balanced articles, the answer seems to be an amalgam of the following: yes; no; maybe; perhaps; you might look into it; don’t bother; and, heck, why not?

“Deciding whether to buy insurance is tricky,” writes World Report staff writer Kerry Hannon. “It depends on the cost of the trip and the odds of bailing out at the last minute. Cancellation penalties for airlines and hotels vary widely.”

Another factor Hannon advises travelers to consider is whether this type of insurance overlaps existing coverage. For example, your homeowner’s insurance should cover the cost of lost luggage (which seldom gets misplaced for very long). As far as medical emergencies, you health insurer will often cover domestic treatment but not necessarily foreign treatment. Your best move is to read the fine print on your existing home and health policies before you go shopping for traveler’s insurance.

A travel blogger named Elliot picked up on the World Report piece, adding:

I always recommend insurance on big-ticket travel purchases (over $10,000). But I also recommend undertaking a rigorous due-diligence process. Don’t take the first policy your travel agent offers you. Do a little research. And please, please, read all of the fine print.

Ah, yes, the fine print: Never fun reading, but often worth the effort.

Are there other types of insurance that you’re considering but aren’t sure are worth it? Check out InsureMe’s Resource Center for the low-down on flight, wedding and pet insurance.