Consumer Alert: How to Save on Travel Insurance

Hartford, Connecticut (WFSB) – Each month Channel 3 shares ways to save money in difficult economic times.

The I-Team has been looking at ways they can save through insurance.

She has expert advice if you are considering travel insurance.

Kyle McDougald and his family love to travel.

However, my recent trip to Mexico had some troubles.

They missed their connecting flight in Philadelphia.

“By the time we got there, our flight was already locked and loaded, so we had to pay to stay in a hotel,” says Kyle McDougald.

Later, on the flight back to Connecticut, my luggage was damaged.

It made my family think about getting travel insurance for the first time.

“I hope I can get insurance next time,” says McDougald.

If you’re thinking about getting travel insurance like McDougald, there are a few things you should know, according to Consumer Watchdog’s Carmen Balber.

“Where it really makes sense to buy travel insurance is if you’re going on an expensive international trip where you have to pay for hotels, travel, tours, etc. upfront. You could lose that money.” says Barber. “It doesn’t make much sense for him to pay an extra $50 to protect her $250 flight to Denver, at least if the airline gives credit for that amount.

Experts say avoid buying insurance on booking sites.

Too often we are so focused on booking a trip that we do not pay attention to the details.

Booking sites often contract with one insurance company, but want to be able to have multiple options available.

Don’t let the cheap price mean bad coverage.

Policy rates are not fully regulated, so you may see two plans with the same coverage, with one plan costing double the price.

Buy based on the coverage you need, says Balber.

That’s why it’s important to know more about types of travel insurance, says Loretta Worters of the Insurance Information Institute.

Canceling a trip is very easy.

“What it does is issue you a refund in certain circumstances that prevent you from making the trip,” says Waters.

14:55:05 Your cruise company or tour operator has gone out of business or your trip has to be canceled due to illness or death of a family member.

However, according to the insurance company, they only cover non-refundable, prepaid travel expenses.

Refundable travel expenses are not refundable, so it is a waste of money to insure refundable expenses.

Travel waivers are trending in the same direction, says Waters.

Waivers allow customers to change their itinerary without any fare difference. Commonly used for flights.

“There are a lot of restrictions, and they usually have to be purchased at the time of booking.

You don’t necessarily have to pay for Baggage Insurance or Personal Item Cover, which covers your baggage or belongings in case they are stolen, damaged or lost.

This is because many airlines and travel agencies already offer coverage.

“Also, check the homeowner’s or renter’s insurance policy, as it usually provides coverage for off-premises theft,” says Waters.

Check with your health insurance company before paying emergency medical bills to cover costs related to a medical crisis.

Do not overinsure when purchasing emergency medical expense coverage. You don’t have to have a crazy cover amount to cover it, says Worters.

The same goes for accidental death travel insurance. You may already have life insurance.

“You don’t want to duplicate what you’re already paying for,” says Waters.

Last but not least, shop as usual.

For frequent flyer Michele Gregory, choosing travel insurance has always been worth it.

“I got it and used it a few times,” says Gregory.

But it may not be the right choice for you, so always know what you’re paying for before your savings fly away.

The I-Team also looked at ways to save on homeowners insurance and auto insurance.

These tips are:

homeowners insurance

auto insurance

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