5 Things You Must Know
About Travel Insurance!
Why you need travel insurance.
Travel insurance protects you against the cost of unexpected emergencies that may occur before or during your trip. Government health insurance may only cover a fraction of expenses incurred outside of Canada, as well as outside of your home province. Unfortunately, illnesses or accidents do happen, and could cause a disruption to your travel plans as well as leaving you facing incredibly costly expenses! For example, depending on where you are in the world, evacuating you back to Canada (if required) could cost hundreds of thousands of dollars!
No matter what type of coverage you need, here are 5 of the things that you absolutely MUST KNOW to make sure you get the right coverage for your trip:
Travel insurance should include health, life and disability coverage that will help you avoid large expenses, such as the cost of hospitalization and medical treatment outside of Canada. Ensure your coverage includes or has provisions for:
- Pre-existing medical conditions
- Medical evacuation: ensure the policy covers medical evacuation to Canada or to the nearest location with appropriate medical care.
- Repatriation in case of death: ensure that the plan covers the preparation and return of your remains to Canada.
Not all activities on a vacation are covered by travel insurance. Things that involve “speed, specialized equipment, or stunts” are often considered too risky by insurance companies. These activities can include hang gliding, skydiving, bungee jumping, backcountry skiing, and mountain climbing. It is important to check your policy for ‘exclusions’ to coverage for these types of activities. It may be necessary to purchase a separate Ipolicy from an insurance company that specializes in ‘adventure travel’.
No matter how much we plan, things can change. Non-medical coverage can take care of interruptions or cancellations of your travel plans or reservations. It covers things like flight delay or cancellation, or lost baggage. Non-medical coverage comes in the form of ‘interruption’ and/or ‘cancellation’. ‘Cancellation’ covers you before your trip (or part of it) starts and ‘interruption’ covers you once you have left home. It is important to have both!
This is something so important, and yet people often don’t know everything included in their policy! In the unlikely event that you have to file a claim, you don’t want any surprises. For example, depending on the policy, hurricane coverage doesn’t apply if you buy the policy after the storm in question has been named. This detail could nullify a policy that was purchased too late. Take the time to thoroughly read over your plan. Make notes of coverage limits and exclusions, and leave a copy of the plan with friends or family before you depart on your trip!
Some people have out-of-country medical insurance from their employers, so it may not necessary to purchase additional medical coverage, if it is adequate. Credit card companies also offer some travel protection to their clients. Sometimes all you need is a ‘top up’ to make sure you are protected for the full amount of your purchases. What is critical is being ‘fully’ protected. It’s always best to use the services of a professional travel advisor!