For Canadians: What Kind of Travel Insurance do you Need?
Whenever they go on vacation, Canadians find themselves asking "What kind of travel insurance do I need?" It's a superior question, as there are quite a few types available on the market, and choosing between them may seem somewhat perplexing to begin with.
In this post, I outline the leading types of travel insurance plans in Canada, and when they make sense. Stay with me to see what type of travel insurance is most appropriate for you.
Single Trip Plans
A single trip plan is best for you if you happen to be primarily intending to travelling once within a given 12 months. This variety of policy is the most commonly encountered type of travel insurance plan.
Single trip insurance policies, typically only cover someone for one journey from your own home.
Multi or Annual Trip Plans
If you journey repeatedly in a year, it may be worthwhile to obtain a multi-trip travel insurance policy. A multi-trip coverage will often be only around 30% over a single trip plan, and provides travel insurance for numerous trips in a 12 months.
Multi-trip plans can have exclusions around the time period of the trips you'll be able to take. 15 or else 30 days is traditional, however some agencies offer you up to sixty days per expedition.
If you're interested in a multi-trip policy, think about the travel insurance policy coverage bonus perks made available by credit card providers. One of the charge cards you have within your pockets may even offer coverage!
Protection in many cases includes the cardholder's husband/wife and children and might be a good way for you to crop insurance premiums. Sort through insurance coverage with care, so you understand precisely what you are getting.
All Inclusive Travel Insurance
An all inclusive plan may well be best for you if you would like inclusive coverage. All inclusive policies most often cover emergency health coverage, trip cancellation and trip interruption, baggage insurance plans and medical evacuation insurance. Numerous all inclusive policies offer high limits when it comes to emergency health care coverage.
The key weakness among inclusive policies is money. You could pay more than double the expense of a single trip plan for all inclusive travel insurance plans. If you're paying attention to how much you have to spend, look into getting a simple single trip policy, and buying an additional trip cancellation plan. This could easily assist you in saving a good deal of your hard earned money.
Additionally, make a brief telephone call to your home insurance provider to check out in the event that they offer some baggage or personal belongings insurance plan.
Trip Cancellation and Interruption
Trip cancellation and interruption insurance is beneficial if you will lose a considerable amount of money in the case your trip is cancelled or rescheduled. This kind of travel insurance is great for journeys that are expensive. A Trip cancellation and interruption insurance plan is also a decent selection if you are travelling with multiple people, or if you're travelling alongside children.
Trip cancellation and interruption insurance plans will allow you cancel your journey for pre-specified reasons, including illness of you or a travelling pal, or job loss. You should get in touch with your insurance provider to acquire their okay before cancelling a vacation. It's quite common for people to believe a reason for cancelling is covered under the policy, only to find out that in fact there's an exclusion within the policy.
You can purchase cancel for any reason travel insurance, which generally, as the name implies, will probably permit you to cancel a vacation for various reasons. These insurance policies tend to be somewhat pricey, but nonetheless they do provide peace of mind.
Top Up Travel Insurance
Top up insurance is an excellent choice in the event you already have travel insurance, but don't have coverage for the entire time frame that you're away. This type of travel insurance plan is fairly worthwhile if you have work or credit card insurance that will only cover you for your first part of your trip.
Using your primary insurance plan for the beginning aspect of your trip, and investing in a top up plan for the remainder, might cost a fair bit less than choosing a whole new plan for the whole time frame.
Baggage
Baggage insurance covers you and your family in case your luggage is misplaced, robbed, or rescheduled. The payout for this type of insurance varies from about $500 to $2000 per man or woman, based on your coverage. Your home insurance coverage generally allows for some protection for your property while you find yourself on vacation, but they very likely might not cover baggage delays.
Medical Evacuation
Emergency health evacuation insurance is necessary if you're going on a cruise or if you're traveling to a remote spot. If you fall ill aboard a cruise, an emergency medical evacuation by helicopter could easily cost well over $100,000.
Emergency health evacuation insurance will pay for transportation to a nearby health care facility and / or return to your place of departure. Never the less, all insurance policies require pre-approval using a qualified medical practitioner.
Despite the fact that medical evacuation is present in many medical travel insurance policies, you can buy separate medical evacuation insurance packages.
Watch out if you're deliberating obtaining insurance from the cruise company. A number of cruise companies do not include medical evacuation insurance in their travel insurance policies.
Pre-Existing Conditions
If you have a pre-existing health condition (similar to diabetes or alternatively heart issues), a policy that allows for coverage when it comes to pre-existing conditions is a requirement.
A pre-existing condition is a health problem you already possessed when your trip began, even if you didn't have the condition at the time you ordered your insurance. Policies which allow for pre-existing medical conditions are generally more expensive, but at least you're going to be covered should you have a health disaster associated with your pre-existing condition.
Any kind of condition that appears from the time you buy your insurance to the time period you start your vacation can be counted as a pre-existing condition, even if you didn't know about it at the time you got your insurance. Pregnancy is often considered a pre-existing condition by several travel insurance providers.
Accidental Death and Dismemberment
Accidental death and dismemberment is a useful type of insurance, and is frequently (though not guaranteed to be) present in emergency medical travel insurance policies. This type of insurance will cover you for accidents while riding as a fare-paying passenger on an airliner, helicopter or common carrier (a bus, train, or boat). And there is also death benefit that is paid out (generally between 10,000 to 25,000) if you pass away on your trip.
An accidental death and dismemberment plan will pay you a set amount if you you lose an arm or leg or other body part while on your trip.
The Take Home
Whatever type of travel insurance program you need, read your policy attentively well before you go away. Many problems with travel insurance claims could be easily prevented by understanding specifically what the policy covers.
In this post, I outline the leading types of travel insurance plans in Canada, and when they make sense. Stay with me to see what type of travel insurance is most appropriate for you.
Single Trip Plans
A single trip plan is best for you if you happen to be primarily intending to travelling once within a given 12 months. This variety of policy is the most commonly encountered type of travel insurance plan.
Single trip insurance policies, typically only cover someone for one journey from your own home.
Multi or Annual Trip Plans
If you journey repeatedly in a year, it may be worthwhile to obtain a multi-trip travel insurance policy. A multi-trip coverage will often be only around 30% over a single trip plan, and provides travel insurance for numerous trips in a 12 months.
Multi-trip plans can have exclusions around the time period of the trips you'll be able to take. 15 or else 30 days is traditional, however some agencies offer you up to sixty days per expedition.
If you're interested in a multi-trip policy, think about the travel insurance policy coverage bonus perks made available by credit card providers. One of the charge cards you have within your pockets may even offer coverage!
Protection in many cases includes the cardholder's husband/wife and children and might be a good way for you to crop insurance premiums. Sort through insurance coverage with care, so you understand precisely what you are getting.
All Inclusive Travel Insurance
An all inclusive plan may well be best for you if you would like inclusive coverage. All inclusive policies most often cover emergency health coverage, trip cancellation and trip interruption, baggage insurance plans and medical evacuation insurance. Numerous all inclusive policies offer high limits when it comes to emergency health care coverage.
The key weakness among inclusive policies is money. You could pay more than double the expense of a single trip plan for all inclusive travel insurance plans. If you're paying attention to how much you have to spend, look into getting a simple single trip policy, and buying an additional trip cancellation plan. This could easily assist you in saving a good deal of your hard earned money.
Additionally, make a brief telephone call to your home insurance provider to check out in the event that they offer some baggage or personal belongings insurance plan.
Trip Cancellation and Interruption
Trip cancellation and interruption insurance is beneficial if you will lose a considerable amount of money in the case your trip is cancelled or rescheduled. This kind of travel insurance is great for journeys that are expensive. A Trip cancellation and interruption insurance plan is also a decent selection if you are travelling with multiple people, or if you're travelling alongside children.
Trip cancellation and interruption insurance plans will allow you cancel your journey for pre-specified reasons, including illness of you or a travelling pal, or job loss. You should get in touch with your insurance provider to acquire their okay before cancelling a vacation. It's quite common for people to believe a reason for cancelling is covered under the policy, only to find out that in fact there's an exclusion within the policy.
You can purchase cancel for any reason travel insurance, which generally, as the name implies, will probably permit you to cancel a vacation for various reasons. These insurance policies tend to be somewhat pricey, but nonetheless they do provide peace of mind.
Top Up Travel Insurance
Top up insurance is an excellent choice in the event you already have travel insurance, but don't have coverage for the entire time frame that you're away. This type of travel insurance plan is fairly worthwhile if you have work or credit card insurance that will only cover you for your first part of your trip.
Using your primary insurance plan for the beginning aspect of your trip, and investing in a top up plan for the remainder, might cost a fair bit less than choosing a whole new plan for the whole time frame.
Baggage
Baggage insurance covers you and your family in case your luggage is misplaced, robbed, or rescheduled. The payout for this type of insurance varies from about $500 to $2000 per man or woman, based on your coverage. Your home insurance coverage generally allows for some protection for your property while you find yourself on vacation, but they very likely might not cover baggage delays.
Medical Evacuation
Emergency health evacuation insurance is necessary if you're going on a cruise or if you're traveling to a remote spot. If you fall ill aboard a cruise, an emergency medical evacuation by helicopter could easily cost well over $100,000.
Emergency health evacuation insurance will pay for transportation to a nearby health care facility and / or return to your place of departure. Never the less, all insurance policies require pre-approval using a qualified medical practitioner.
Despite the fact that medical evacuation is present in many medical travel insurance policies, you can buy separate medical evacuation insurance packages.
Watch out if you're deliberating obtaining insurance from the cruise company. A number of cruise companies do not include medical evacuation insurance in their travel insurance policies.
Pre-Existing Conditions
If you have a pre-existing health condition (similar to diabetes or alternatively heart issues), a policy that allows for coverage when it comes to pre-existing conditions is a requirement.
A pre-existing condition is a health problem you already possessed when your trip began, even if you didn't have the condition at the time you ordered your insurance. Policies which allow for pre-existing medical conditions are generally more expensive, but at least you're going to be covered should you have a health disaster associated with your pre-existing condition.
Any kind of condition that appears from the time you buy your insurance to the time period you start your vacation can be counted as a pre-existing condition, even if you didn't know about it at the time you got your insurance. Pregnancy is often considered a pre-existing condition by several travel insurance providers.
Accidental Death and Dismemberment
Accidental death and dismemberment is a useful type of insurance, and is frequently (though not guaranteed to be) present in emergency medical travel insurance policies. This type of insurance will cover you for accidents while riding as a fare-paying passenger on an airliner, helicopter or common carrier (a bus, train, or boat). And there is also death benefit that is paid out (generally between 10,000 to 25,000) if you pass away on your trip.
An accidental death and dismemberment plan will pay you a set amount if you you lose an arm or leg or other body part while on your trip.
The Take Home
Whatever type of travel insurance program you need, read your policy attentively well before you go away. Many problems with travel insurance claims could be easily prevented by understanding specifically what the policy covers.
