6 smart tips for buying travel insurance

While many of us will spend time researching the best deal for our vacations, we don't always do the same when it comes to travel insurance. Here are six easy tips that will help you get started and find the right coverage.

While abroad, provincial health insurance plans offer sparse coverage. British Columbia's Medical Services Plan, for example, pays Canada's lowest out-of-country rate for medical care at just $75 a day.

• Considering that the cost of a hospital stay in the United States is frequently more than $1,000 a day and as much as $10,000 for intensive care, that's not going to do you much good if you're in an accident, or simply become ill.
• And yet, according to the Conference Board of Canada, about a quarter of all Canadians travel out of country without medical coverage.

Many travel agents will make you sign a form indicating that you have waived or refused travel insurance, making you feel as if you've done something wrong. Don't be taken in — chances are good you can get your insurance much cheaper online or somewhere else.

• Consider this: a recent comparison of an offer by a travel agent for a $70 travel insurance policy for a one-week trip to an offer available on the Internet netted a policy with the same coverage for a year's worth of unlimited trips under 17 days for $59.

Not everyone needs to purchase travel insurance.

• Work Coverage: Some employer medical plans include coverage out of country, while others have dropped out-of-country coverage, or only insure work-related travel. Check with your human resources office, or go over your policy on your own to see if you're covered.
• Free insurance: Credit cards sometimes cover travel insurance or trip cancellation insurance. Be aware that you must purchase the bulk of the trip with your credit card to be eligible.
• Home insurance: Your baggage and more expensive personal items, such as cameras and jewellery, may already be covered under your home insurance policy. Check before taking out extra coverage.

Canadians who regularly travel to the United States or farther afield can opt for a plan that allows unlimited trips of shorter duration for fees as low as $44 per year.

Family plans can be considerably cheaper than covering each individual separately, especially if they are also annual plans.

• Travel medical insurance differs from travel protection plans, which typically reimburse travel expenses if an emergency (death, sickness, airline strike, etc.) occurs right before or during your trip causing it to be cancelled, interrupted or delayed.

Don't worry about medical expenses while you're travelling— consider buying travel insurance to lessen any financial problems, should you require medical assistance away from home. Follow these tips and research your options to find the amount of coverage that fits you best.