87% of Canadians recognize the risks of travelling without insurance. Travel insurance is a unique product, and while it’s generally only purchased for travelling, the price of the plan can have a significant influence on your vacation budget. Which travel insurance is the best for Canadians?
While Mitch works with several travel insurance carriers, we believe that “best” is subjective and every individual has different needs when it comes to coverage. Let’s explore what makes a travel insurance policy the “best” for someone.
Why do I need to buy travel insurance?
There are several reasons why someone might choose to purchase travel insurance. Keep in mind that travel insurance is not required and is an elective purchase.
Travellers may purchase insurance for one or more of the following reasons:
- The trip they are taking involves multiple destinations or connecting flights
- The trip they are taking is to a remote area where there may be limited healthcare facilities
- The trip is international
- The trip involves multiple non-refundable costs, which the traveler cannot afford to lose
- If the trip must be cancelled or cut short for any reason, the traveler wants reimbursement
And the biggest reason? Peace-of-mind. You never know what might happen when you’re traveling, and vacations can be expensive. It’s good to know you’re covered if anything happens.
What does travel insurance cover?
Travel insurance may cover a variety of things, from trip cancellation to emergency medical evacuation. It depends on the plan you buy and what coverage options you elect to include. Plans may include:
- Unexpected trip cancellation due to things like severe weather, injury, terrorism, etc.
- Trip interruption and coming home prematurely due to unexpected weather, illness, injury, etc.
- Lost baggage or special arrangements if a traveler passes away during the trip.
- Medical expense coverage for seeing a doctor, drugs, transport by ambulance, diagnostics, treatments, and more if you fall ill or are injured while away.
- Emergency medical evacuation to provide necessary treatment at a distant hospital.
- Some travel providers offer rental vehicle coverage internationally as well, which can be helpful as the common endorsement for rental vehicles through auto insurance (OPCF 27) only covers physical damage to rental vehicles driven in Canada or the US.
What to look for in a travel insurance policy:
So, what makes a travel insurance policy “the best?” Well, it boils down to how well it suits your needs. What do you need from your policy? What are you looking for? What’s your budget like?
To find the best travel insurance policy for yourself, consider the following:
Duration: Individual or annual?
Depending on how often you travel, you may choose to purchase either a single-trip travel insurance policy or an annual one. For most people, a single-trip policy makes the most sense, as they don’t travel more than 2-3 times a year. But for those who might be hopping on a plane every other Monday for work, it might be more cost effective to buy a full-fledged annual policy to cover your traveling endeavours year-round.
Depending on the provider, some travelers may save on insurance by buying an annual plan if they travel more than a few times a year out of the province. Ask a broker which option makes the most sense for you.
Activities: Leisure or sport?
Certain activities, such as skiing (regular skiing is fine, but we’re talking more of the backcountry/heli-skiing) or paragliding, will not be covered by standard travel insurance. You may need to shop around for a specific policy to cover these things. Ask a broker about policies that offer extensions to cover such activities – this will increase your overall premium, but it could give you the peace-of-mind you deserve.
Medical: Include or exclude?
Not all travel insurance policies include medical coverage, but many do. Consider whether this is a priority of yours or not. If you’re just visiting your family in another country for a week or two and you’re otherwise in good health, it might not even be a consideration of yours. Even if you’re in good health, an injury in another country—like the US—could cost you a significant amount of money out-of-pocket.
Age: Over 65 or under?
Some travel insurance policies will have extra steps to go through for travelers 65 or older. If you are older with pre-existing health conditions, your travel insurance could end up costing you more. Depending on your age, you may want to ask your broker to help you shop around for a good deal on travel plans as an older traveler.
When in doubt, ask an insurance broker
Mitch Insurance partners with some of the best insurance providers in Canada, ensuring that you’ll find the best travel insurance plans for your needs – wherever you go. Everyone’s traveling requirements are different, so what’s best for one traveler may not be the right option for another. Work with a broker to help you find the policy you need. Mitch’s experts can walk you through the steps to finding a great travel insurance plan, or even help you save on an annual plan!
