Travel Insurance is a type of coverage which can imply one thing, but can actually include several different coverages. For years, as I travelled back and forth to the United States by car, travel insurance to me, meant Emergency Medical coverage. There was no trip to cancel, interrupt, or delay, and I would be hard pressed to lose my luggage in the back seat or trunk of my car. However, if I were a frequent flyer for business, lost luggage or trip delay would be a lot more significant to me. As a Canadian, we have Universal Health care. Paying for medical services, or having to get private insurance to cover those costs, is not something we think about, except when travelling out of Canada. We should also think of it when travelling outside of our home Provinces.
Being in the insurance business has made me aware there is more to Travel Insurance than just Emergency Medical coverage. Although, that is pretty important, it is only one of the many types of plans available. Here is a list of what you should consider before you leave the country.
Emergency Medical
Look for a policy that has unlimited coverage in the policy wordings. Most Travel Insurance plans have some form of maximum or limit on claims. There are plans that don’t. Your plan should also have features that cover accidental dental coverage, medical evacuation, or return home costs in the event of hospitalization. Likewise, in the event of death, a repatriation benefit is important. If for some reason, you become hospitalized beyond your intended length of stay, find a plan with a benefit built in to pay for those extra nights of accommodation and food.
These types of plans can be purchased on a per trip basis or on an annual basis. Believe it or not, they are not as expensive as they seem. As an example, a family of four, parents aged 40, and two children under 6, can get this coverage on an annual basis for as little as $120.
Trip Cancellation & Trip Interruption
This type of coverage can be purchased either alone, or in addition to, Emergency Medical coverage. Your plan should cover the insured cost of your trip for both cancellation and interruption. Look for features that contain Emergency Early Return benefits, accommodation & meal benefits. Cruise cancellation is also available. This Travel Insurance plan is available on either a per trip, or annual basis.
Other Features
If you fly frequently, for business or pleasure, you may want to look into some sort of baggage protection. Whether it be for your laptop, files, or even golf clubs, it's important your belongings arrive with you. Especially these days, with limited carry on’s allowed. If you frequent other countries, there is even a Passport Replacement benefit which can be added.
An Accidental Death or Dismemberment feature, to cover yourself while flying and 24/7 for the duration of your trip, anywhere in the world, may also be purchased.
Lastly, if you have friends or family coming to visit from another province, you should look into getting them coverage. Even if you travel within your own country, you may not have full coverage if something were to happen to you outside your own province.
International Student Insurance is important, I’d say critical, for anyone who is from a foreign country. It provides emergency medical coverage while completing studies in Canada.
I hope that the information in this article has been helpful.
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