Do You Really Need Travel Insurance?
Are you planning to travel sometime soon? Whether it’s for a tropical getaway or a snowy Christmas vacation, you probably have some of the significant elements ready. Perhaps you’ve booked your flight or cruise tickets, as well as your accommodation. Some may even have dinner reservations prepared to go. However, have you purchased your travel insurance yet?
Travel insurance in Canada is no longer a “good to have” item, but it is an essential that every traveler needs. Keep reading to learn more about finding the right insurance through a travel insurance broker in Canada.
Main Components of Travel Insurance
You might be wondering what exactly is covered in travel insurance. It may seem vague, but travel insurance policies are essentially a legal contract with details about coverage and exclusions. Be prepared to go through your insurance with a fine-toothed comb, so you know you’re getting what you paid for.
The following are the main components of travel insurance:
Trip cancellation: This element covers your expenses if you can’t embark on your travels. This could be because of an illness, accident, or the death of a loved one. This can come in very handy if you’re forced to cancel your tickets, as you won’t have to bear the costs of a trip you never went on. You will need to purchase this component right when you start booking tickets and not right before you actually leave for the trip. In addition, plans can differ depending on if they cover non-refundable or pre-booked elements.
Baggage and other belongings: Most people have been in a situation where their luggage got lost or their personal belongings were stolen on a trip. In addition, if you’re taking your laptop, precious jewelry, or other valuable items, you may want to take out a higher coverage to ensure you’re all set up.
Personal liability: Insurers will also offer coverage for liabilities such as involvement in accidents or damages. There will be variances in exclusions, as some insurers will not provide insurance for liability while operating any water automobiles or motorbikes. Therefore, be sure to read the description of the coverage before deciding on it.
Medical emergencies and evacuation: This is the most important reason to have travel insurance. Hospital expenses in some countries can be over $11,000 a day, with medical transport costing ten times as much. Not having medical emergency coverage can be dangerous, as you’ll have to pay out of pocket for these charges.
Not all policies will offer coverage for all these components. The good thing about insurance is that you can take out a plan that suits your unique needs.
When is travel insurance skippable?
While we don’t ever suggest skipping taking out insurance, there are a few instances when it might be acceptable to do so. For example, if your credit card offers built-in insurance, you may not need additional coverage. Of course, be sure to check out the coverage details for card-based insurance!
Additionally, if you’re just looking for flexibility in your trip—such as if you’re looking to potentially change flights later on or keep your hotel options open—then travel insurance isn’t right for you. You may also want to skip insurance if you’re embarking on a nearby local trip that is short.
When is travel insurance essential?
The general rule of thumb is to purchase travel insurance when you’re traveling outside the country. Find a travel insurance broker who will set you up with emergency medical or evacuation insurance for international trips. We suggest this because you will likely be traveling for longer if it’s an international trip, and with much less support than if you were within your own country.
Most people also tend to book international flights well in advance, so you should get comprehensive coverage that will protect you in a wide range of situations. You should also get travel insurance if you’re on a cruise or a journey involving water sports or adventure sports. In such cases where the chance of unexpected emergencies or occurrences is higher, you will want to protect yourself and your loved ones to the utmost degree.
The bottom line is that if you can’t afford travel insurance, then you can’t afford to travel. The reality is that unexpected events happen all the time, especially when you’re not in the comfort of your home city. Whether from food poisoning or lost baggage, evacuations or emergencies, hitches in travel can happen to anyone. So set yourself up for the worst-case scenario to ensure you’re safe and protected through it all! It’s a small price to pay for freedom and flexibility.
You need the right travel insurance broker to ensure that you’re protected from unnecessary stress. At Goodison Insurance, we believe that you should enjoy your travels rather than worry about unforeseen challenges. Our personal insurance offerings will help you protect your home, car, and set you up with insurance for when you travel as well.