What Type of Travel Insurance Coverage Do You Need?

Are you a Canadian planning to travel outside of your home province or territory? If so, it's time to start considering the type of travel insurance coverage that you'll need to protect yourself and your loved ones in case of medical emergencies.

Travel insurance can be a confusing and daunting topic for many people, but with the right information and advice, it doesn't have to be! In this guide, we will cover the basics of travel insurance; what options are out there, what is included in each plan and how they differ from one another. By understanding these key factors about travel insurance, you’ll be able to make an informed decision when selecting the best type of policy for your trip.

Understand the different types of travel insurance and what is covered

Travel insurance is the guardian angel of your trip that can swoop in and save the day when things go wrong. When it comes to travel insurance you should consider the type of coverage you need, and the duration of your plan.

Types of travel insurance coverage

1. Emergency Medical Only travel insurance is designed specifically to cover the cost of unforeseen medical expenses while you are travelling. This type of insurance is typically more affordable than comprehensive travel insurance policies, as it solely focuses on emergency medical care. It can cover expenses such as hospitalisation, consultations with doctors, diagnostic tests, medications, and medical repatriation. However, it's important to note that this policy does not include coverage for trip cancellations, delays, or lost luggage. This option is ideal for those looking for a cost-effective solution to protect themselves from potential medical emergencies while abroad, without the additional features and costs of a comprehensive plan.
2. All-Inclusive travel insurance plans offer the most extensive coverage, combining the benefits of emergency medical expenses travel insurance with additional protection for trip cancellations, delays, lost luggage, and more. These policies are designed to provide peace of mind for travellers who want to be prepared for any eventuality, from sudden illness or injury to unexpected disruptions in their travel plans. In addition to medical and trip cancellation coverage, comprehensive plans typically include benefits such as travel delay reimbursement, baggage loss or damage protection, and personal liability coverage. While this type of travel insurance is generally more expensive than basic or medical-only policies, it offers a higher level of protection and can be worth the investment for those embarking on expensive trips or who have multiple potential risks to consider.
3. Trip Cancellation & Interruption insurance is a type of coverage designed to reimburse travellers for pre-paid, non-refundable expenses in the event that they need to cancel their trip before departure. This type of insurance can be invaluable for travellers who face unexpected circumstances, such as illness, injury, or a death in the family, that prevent them from embarking on their journey. Trip cancellation insurance can cover a wide range of expenses, including flights, accommodation, tours, and other pre-booked activities. Some policies also provide coverage for cancellations due to work-related reasons, natural disasters, or terrorist incidents. It's important to carefully review the policy's terms and conditions to understand the specific reasons for cancellation that are covered, as well as any exclusions that may apply. This type of coverage is often included in comprehensive travel insurance plans but can also be purchased as a standalone policy for those who already have adequate medical coverage.

Types of travel insurance plans

Single Trip and Annual Travel Insurance are two options to consider when selecting a policy. Single Trip Insurance, as the name implies, covers you for one specific journey, from the moment you depart until you return home. This type of insurance is ideal for those who travel infrequently or have a single, planned trip in mind.

On the other hand, Annual Travel Insurance, also known as Multi-Trip Insurance, provides coverage for all your trips within a 12-month period. This option is more cost-effective for frequent travellers or those planning multiple trips within a year, as it eliminates the need to purchase a separate policy for each journey. When deciding between these two types of insurance, consider your travel plans and frequency to ensure you choose the most appropriate and cost-effective coverage for your needs.

When do you need to purchase travel insurance?

There are so many elements to consider when planning a trip. Although it may be tempting to put it off until closer to the travel date, experts recommend securing coverage as soon as you book your trip.

Why? Because unexpected events can happen at any time, and having travel insurance can offer peace of mind and financial protection. Whether it's trip cancellation, lost luggage, medical emergencies, or other unforeseen circumstances, travel insurance can help protect your investment and ensure you have an stress-free vacation. So, don't wait until the last minute - make purchasing travel insurance part of your initial travel planning process and enjoy your trip with confidence.