10 Can’t Miss Considerations for Travel Insurance
One of the most important lessons learned for many travellers over the last few years is the importance of travel insurance. Yet, without taking time to do your research you risk not getting value from your investment. Here are ten things as a starting point you can consider when choosing the right package.
Cancellation reasons -Think of things for example like a family member in ailing health or potential of loss of employment, anything you could see causing you to need to cancel is likely worth purchasing a Cancel for Any Reason add-on. While this can increase your policy cost substantially, it gives you much greater peace-of-mind and flexibility. No point in buying something that won’t cover what you’re worried about!
Coverage amounts - Will you have enough coverage to actually cover your trip or do you need to top up your coverage? Most credit card cancellation amounts don’t exceed $1,500 total cancellation and some travel credit cards may not even include cancellation. Ensure the value of non-refundable vacation components don’t exceed your maximum coverage.
Age limitations - Often credit card companies stop offering travel medical to travellers over a certain age or offer it for a shorter time period. If you’re 65+, read carefully to ensure you fully understand any limitations in your coverage amounts. In addition to this, any insurance purchased will be more expensive with age and risk is seen as increasing.
Window on purchasing insurance - If you’re debating purchasing Cancel for Any Reason coverage, keep in mind it can often only be added within 24 hours of booking your trip. For this reason, before booking a trip, give thought to your insurance needs.
Travel companions - Your travel companions won’t be covered under your credit card unless they’re also a card holder. Make your own trip purchases on your travel credit cards or ensure they buy supplementary coverage of their own.
Trip frequency and duration - If you travel multiple times a year, a multiple trip plan can be more economical than a single-trip plan. Many credit card insurance policies also only cover up to a certain number of days, compared to stand alone policy which is billed on a daily basis. If you’re travelling over 10-15 days, you’ll want to ensure you’re covered for the whole trip or will want to consider purchasing top-up coverage.
Pre-existing conditions - Something as simple as a change in medication or a specialist visit can work against you and be seen as a “pre-existing condition”, so always consider your current health along with any recent changes before purchasing.
Trip interruption - While often overlooked, interruption events like flight delays or lost baggage are common insurance claims. Look into when does trip interruption coverage kick in and the total coverage value. There’s a big difference between $250 and $500 for lost bags or coverage kicking in at 4 vs. 6 hours.
Travel advisories - If you’re visiting a destination with a known travel advisory and something goes wrong, your insurance may have the right to deny any claims. Always do your research in advance and check travel.gc.ca for advisories.
Your additional insurance - Consider what you have included through your government health plan but also any existing extended health coverage through work, as that is likely to include travel medical insurance as well. Provinces have different customary limits, so don’t assume things like an ambulance ride in a different province would be covered.
There are many different companies out there selling travel insurance. For the most personalized advice we recommend working with a Travel Insurance Advisor. Working with a Travel Services professional for your trip can also help further elevate your industry peers and ensure you have the most peace-of-mind.