Do You Need Travel Insurance?

As we settle into our Fall season, for many of us plans start expanding for sunny destination get-aways during our winter season.  Or maybe it is your Spring Break family trip, or that European trip next summer.  Before you finalize your travel plans, give some thought to the need for travel insurance.

What can Travel Insurance Cover?

The standard Travel Insurance will cover the following Emergency Medical conditions ( see this sample from Manulife’s Travel Insurance).

Read the fine print, as not all insurers cover the same costs.  Also a cheaper premium travel insurance might come with a larger deductible (the amount you must pay yourself before the insurer covers the remainder).  Travel insurance typically requires the immediate contact on a 1-800 series number to report the claim and arrange payments, typically within 24 to 48 hours.

While some component of Emergency Medical is included in all travel insurance, there are other coverage options that are important to consider and are typically a required add-on:

Trip Cancellation and Interruption – reimbursement of prepaid portions of trips that are non-refundable and non-transferrable.  This can be beneficial for unexpected medical emergency or death of the insured, the insured’s travel companion or immediate family member.

Baggage Loss, Delay or Damage – coverage for lost or stolen passport, and necessary toiletries and clothing when luggage is delayed or lost.

Accident Death and Dismemberment Coverage – coverage for accidental bodily injury resulting in the insured’s death, disability or dismemberment.

Some elements of Travel Insurance are available on major credit cards, where the travel plans are fully purchased on the credit card.  Find out the details in advance of your trip to confirm what is covered, what are the limitations, and what numbers to call in the event of a claim.

You may also have Travel Insurance as part of your Group Benefits plan.   Keep in mind in this case that these types of plans have cumulative limits, which can be used up in one Travel Insurance claim incident when out of province.  If that were the case, your group benefit plan that could cover in-province expenses would be fully exhausted.

Need Travel Insurance?

If you need some more information on available travel insurance:

Visit my website at www.mgfadvisory.ca.  Under “Financial Services” on the Home Page there is a link labelled “Buy Travel Insurance Online”.  You can use this link to get information on available Travel Insurance coverage available through Manulife, and if applicable, to purchase the coverage online.

Go to Travel.gc.ca, and review the Government of Canada’s recommendations for Travel Insurance: http://travel.gc.ca/travelling/publications/well-on-your-way.

If you need more information, contact me at 604.789.3888 or mfaccone@mgfadvisory.ca.