How much do you really know about travel insurance?

November 6, 2014

If you're due to jet off on vacation, travel insurance is a must. But you shouldn't just buy any old policy - you'll need the right coverage at the right price.

If you don't take out insurance, paying for an unforeseen event such as a medical emergency could cost you thousands of dollars, so it's essential that have adequate coverage before you pack your suitcase and escape the daily grind.

How much do you really know about travel insurance?

What does travel insurance cover?

One of the main draws of travel insurance is protection against the cost of treating illnesses and accidents suffered abroad. However, it can also cover:

  • Flight delays or cancellations
  • Lost or stolen personal belongings
  • Unforeseen events that force you to return home early or cancel your vacation
  • Bodily injuries and financial losses suffered by others because of your actions

Travel insurance policies cover a multitude of risks, but there are certain things you will need to watch out for. If you're travelling with expensive items or planning on enjoying adventure sports, you may need extra coverage.

Make sure you don't invalidate your own policy

When you take out insurance, be sure to provide information about your health, even if it doesn't seem relevant. For example, if you've been diagnosed with high cholesterol, you must tell your insurer, even if they do not ask you. Even inadvertent withholding of information from the insurance company may invalidate a policy.

Read the fine print

In addition to becoming familiar with whatever obligations your insurer has to you, you'll need to understand your insurer's expectations as well. Know the rules and regulations, since a breach can give your insurer a reason to reject your claim. For example, if you drink too much, blackout and hit your head on a hard floor, your insurer may not cover your treatment expenses.

Pay for what you need

You can buy travel insurance as an individual or for the family, and to cover holidays in Canada as well as abroad. If you're a frequent vacationer, choose multi-trip insurance to cover all the trips you'll take during the year. If, on the other hand, you only take one holiday a year, choose single trip insurance to save.

Travel insurance protects you against a range of misfortunes, from the inconvenient through to the catastrophic. Whether you're planning a weekend break away or a round-the-world adventure, don't leave home without it.

The material on this website is provided for entertainment, informational and educational purposes only and should never act as a substitute to the advice of an applicable professional. Use of this website is subject to our terms of use and privacy policy.
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