Stretch Your Dollar on travel insurance

(Photo: WalletHub)

MILFORD, Conn. (WTNH) — As we countdown to the Memorial Day weekend, we are looking for ways to save you money.  We looked asked the experts questions about travel insurance to find out who needs it and what you may not need to spend the extra money on.

We all know how frustrating it can be when something happens and then you hear it’s not covered under your insurance. It’s why I found out for you how travel insurance works so you don’t over pay for things you don’t need or end up under-insured for what you do.

Family vacations are expensive and sometimes things happen you’re not expecting that can cost you more money if you have to cancel or change plans. It’s why AAA Milford’s Meredith Pavkov recommends travel insurance, mostly for health reasons.

“If you’re travelling internationally, your health insurance probably doesn’t cover you overseas. 20:06 that’s a big one, many people assume because you’re covered here, that you have coverage over there as well,” she said.

She says it’s important to buy insurance early, as soon as you book your trip, so pre-existing conditions are covered. They likely won’t be if it’s a last-minute add-on. You also may not know that your policy doesn’t have to be set in stone. As you solidify your travel plans, you can change your coverage. Most policies allow 10 days to cancel for a full refund. The insurance will also usually cover the fee to change flights if need-be.

Here’s what you may not need coverage on: save your money insuring the hotel or rental car. Pavkov says those usually have a cancellation policy all on their own.

“Some of them, if you’re booking as a prepaid rate, then you want to insure it. If you didn’t and you can cancel up until pickup, then you’re ok not to cover that,” Pavkov added.

Talk to your provider about what personal items are covered. It’s likely the expensive electronics are not.  While these are general policy standards you should still ask about all coverage before booking. Here’s another tip, you can also stretch your dollar a little further if you have more than one trip planned. You can bundle trips under one policy.

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