Understanding Travel Insurance: Know What You Are Getting

Have you ever asked yourself what travel insurance is? Do you really know what your travel insurance covers and why it is so very important to have travel insurance? Do you actually know what your insurance coverage provides and why it is important to have when travelling abroad or even within the other provinces of Canada.

To most people travel insurance means just Emergency Medical Insurance. However your insurance could also include Trip Cancellation, Trip Interruption, Baggage Loss, Accidental Death or all the above. It is really good to check what you will be getting before you purchase.

You may have existing coverage already with your group, individual or credit card insurance. Make sure your coverage provides the insurance you need for the full length of your planned trip. If you need extra days of coverage, they may be able to sell you the extra days needed, or you may wish to get quotes from other companies for the extra days. If this is the case, make sure your existing plan allows you to ‘Top Up’ your policy with insurance from another company. Some plans do not! Check the amount of emergency medical coverage your existing plan provides. If it is less than $2,000,000 it may not be enough in a very severe medical situation. Most policies these days provide $5,000,000 or more Emergency Medical Coverage. If you have a pre-existing medical condition it may not be covered by the policy. Check with your insurance company. If it is a credit card insurance, make sure the company is providing emergency medical coverage and not just accidental death insurance as some companies do.

If you purchase Trip Cancellation insurance, it is good to know that this cannot be cancelled. It covers you against all the non-refundable trip costs in the event that you are unable to go on the trip for some reason. This would ensure that your money would be refunded. Once your trip starts, the other products i.e. trip interruption, emergency medical, baggage loss etc would now be active and in place.

Annual Insurance Plans cover you for trips up to a set number of days for a full year. For example, if you have a 15 day annual plan you can travel as many times as you want in the 12 month period with each trip being no more than 15 days. Most annual plans allow you to add extra days coverage for specific trips if you need them. Annual plans are usually for emergency medical coverage but can also include trip cancellation, interruption and baggage loss. You would need to arrange this with your insurance provider.

Which insurance company do you pick? A licensed travel insurance specialist has access to multiple travel insurance companies and products, and would help you find the best product at the best price for your needs and your personal situation. They will ask the appropriate questions and make sure you are covered for all aspects of your trip. Give yourself peace of mind as you venture out, whether its near or far, and know that you have done everything to ensure you are covered for the unknown things that could possibly happen.

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