My neighbor Bill, an 80-year-old retiree and active RVer, told me a story recently about a trip he made last summer to Colorado. It was a journey that didn't turn out as he expected.

Traveling with his son near Telluride, Bill began feeling light-headed and pulled his motorhome into a turnout to take a break. What he thought was a touch of altitude sickness turned out to be far worse than that. Bill fainted — he was having a heart attack.

A 911 call from his son brought a quick response from paramedics who transported Bill to Telluride Medical Center. Doctors at this small-town hospital stabilized Bill and, after consulting with his travel insurance provider, prepared him for a medevac flight for further treatment at his hometown hospital, Mayo Clinic in Jacksonville, Florida.

Bill survived the ordeal just fine and was back on the road in a matter of months. Good news too was that his insurance covered the nearly $10,000 in medical costs and the $25,000 air ambulance flight. Bill said he's had his annual policy — which is good anytime, anywhere — for years but never needed to use it until this incident.

"I was extremely fortunate to have this coverage," he said. "It truly saved the day."

Emergency medical situations aren't the only circumstances where travel insurance can help save the day. Most policies provide trip cancellation and interruption protection to reimburse you for nonrefundable trip payments.

Another common benefit is baggage coverage in the all-too-common instance of bags being lost or delayed, and many policies will reimburse you for missed airline connections and change fees, and may even cover financial default in case your tour operator or cruise line goes under. Hotline assistance to help with medical or travel emergencies is another valuable benefit offered by most insurers.

Clearly there have been some big changes in this sector of the travel industry, with travel insurance evolving from the last-minute purchase of life insurance at the airport to a diversified array of policies, available as a la carte or blanket coverage — and on a per-trip or annual basis.

There are so many options and sources, in fact, that selecting travel insurance can be confusing and frustrating. Here are a few steps that can help you make the right choice.

1. Take your time.

You'll be offered the opportunity to buy travel insurance from the moment you book your trip, and from a multitude of sources — travel agents, airlines, tour operators, cruise lines and credit card companies. It might seem the easy way out, but don't bite on these offers without checking to be sure you're getting the coverage you need at the best possible price.

2. Do some research.

Insurance policies are inherently complex and loaded with fine print. A good source for advice on what to look for when buying travel insurance is the U.S. Travel Insurance Association (UStiA). It's a national association of insurance carriers, administrators and agencies involved in the business of travel insurance and travel assistance products.

UStiA is dedicated to fostering ethical and professional standards of industry conduct — and to educating consumers about travel insurance. I'd highly recommend a visit to the UStiA website.

3. Check your policies.

Look over your health and homeowners policies for coverage you might already have before you buy a plan. Beware, however, that your medical insurance — including Medicare — typically won't cover you outside the U.S.

4. Know what's included and what is not.

Many policies are riddled with exclusions — things like existing medical conditions, so-called "acts of God," wars or terrorism, risky sports or activities, pandemics, etc. There are usually limits as well, pertaining to reasons for trip cancellation and on payouts for medical claims.

But there are plans available, at a price, that allow you to cancel for any reason and that offer unlimited medical coverage, so carefully check the fine print.

5. Compare plans and prices.

Review features and costs of various plans to find a policy that suits your needs at the most reasonable price. Policies that provide per-trip coverage can range in price from 4-8 percent of the cost of a trip. That's quite a spread, so shopping around can pay off.

If you're a frequent traveler, buying an annual policy could be the way to go. Policies providing comprehensive individual coverage are available for less than $300 a year.

Of special interest to RVers is the recent influx of travel insurance and assistance plans offered by RV and auto clubs/associations. These are directed to the specific needs of the road warrior crowd.

Good Sam, for example, now offers a Travel Medical Insurance plan with emergency hospital and medical protection that augments its popular TravelAssist program. Good Sam, AAA and other auto clubs also sell roadside assistance plans that represent good value when you consider that your rig may be more likely than you to suffer a breakdown. The cost of a single tow job could far exceed the annual premium for such a policy.

The bottom line here is that travel insurance/assistance coverage is a wise investment. At the very least, it buys peace of mind and, as my neighbor Bill learned, it can save the day — possibly even your life.