Traveling these days, especially if you’re flying, isn’t exactly the most reliable thing to do.

Whether its airport delays, airline bankruptcies or unexpected emergencies, consumers are increasingly taking out travel insurance to protect them when setting out on a trip.

But is the insurance, which can cost anywhere from 3% to 12% of your trip worth it? Depending on your age, health and where you’re traveling to, experts said it may make sense.  

“If the extent of your travel is a three hour drive to be with friends or relatives, travel insurance won’t offer you much help,’’ said the Better Business Bureau in press release. “Travel insurance will do the most good when purchasing a vacation package or flying long distances and overseas.”

According to the U.S. Travel Insurance Association, the number of people taking out travel insurance has increased dramatically over the last five to seven years, with a roughly 50% increase. Brad Finkle, immediate past president of U.S. Travel Insurance Association, said in the post September 11 world, having travel insurance is becoming almost a necessity.

“There has been an increase in the number of insolvencies, flight delays and cancellations,’’ said Finkle. “Travel has become much more difficult than in the past.”

Travel insurance comes in different forms and can be purchased from a travel agent or directly from a travel insurer. Travel insurance covers everything from lost, delayed or stolen baggage, trip cancellations and interruptions, and emergency medical insurance.  

In the case of trip cancellations or interruptions, consumers who take out the insurance are guaranteed to get back a big portion of the trip costs if they have to cancel for a legitimate reason like a death or illness. For trip interruptions, the insurance will typically pick up any costs ensued from changing a flight or ending a trip early.

“All [travel agencies] have fairly steep penalties if you need to cancel within 30 or 40 days,’’ said Marc Kazlauskas, president of Insight Vacations, the Anaheim, Calif.-based international tour escort company. Insight Vacations offers trip cancellation insurance for $119, which allows the customer to cancel for any reason up to 48 hours before the departure, even if it’s because the dog or cat got sick. For and extra $35, travelers can get coverage from an act of terrorism in the destination they are heading to.

“Our average packages are $3,000,’’ said Kazlauskas. “To protect your $3,000 investment it’s just over $150.”

Lost, delayed or stolen baggage insurance covers items that are delayed or lost as well as covers costs to replace toiletries and clothing up to a stated amount on the policy. This insurance may not be as valuable since airlines often reimburse lost luggage and homeowner polices could cover the items even if they are outside the home.

Greg Daugherty, executive editor of Consumer Reports said existing insurance and even credit cards provide the same coverage as travel insurance.

“Typically there are other resources,’’ said Daugherty, who doesn’t think travel insurance is necessary. “With a credit card you can do a charge back, which means if you haven't paid that credit card bill you can dispute it because you haven’t received what you were suppose to get. The first thing we say is look at your other insurance including home insurance and your credit card.”

Emergency medical insurance may be more valuable for consumers because it covers travelers if they become sick or injured while traveling. According to the Better Business Bureau, your personal medical insurance will likely cover the cost of medical bills but if you are in a remote area it may be worth it to buy emergency medical evacuation coverage or if the treatment at the local hospital is less than stellar.  

Daugherty said for sick or frail travelers, taking out the emergency medical insurance may actually be the one form of travel insurance to consider.

“If you’re going on an expensive trip and medical care might be iffy it might be worth looking into medical evacuation and emergency assistance coverage,’’ he said. “If you have health insurance and are in the U.S. your are probably fine but outside the U.S. it gets tricky, especially if your older and on Medicare.” Medicare doesn’t provide coverage outside of the U.S., noted Daugherty.  

The bottom line, said most experts is if the travel insurance gives you that added security than go for it.

“Our advice is make sure you're covered from the big risks in life like your house burning down, or your car getting totaled,’’ said Daugherty. “Once you’re covered from the big things and it gives you peace of mind than feel free.”