When booking your dream vacation, you can be faced with pitches from insurance companies to purchase travel insurance. The thoughts of your trip being ruined by an incident or accident can immediately result in unease. Yet, some people choose not to purchase insurance for a variety of reasons. On the other hand, millions of people do secure travel insurance each year even if they never end up having to use it.
Deciding what is right for you can be a challenging process. Knowing the benefits of travel insurance can help you make a better-informed decision next time you book that trip.
What is Travel Insurance?
Travel insurance is indeed an insurance policy. It’s formed of two key parts: trip insurance and medical insurance. It protects you from any liabilities and incidents that may arise during your travel outside of your country. Plus, it works above and beyond your OHIP coverage and can help you safely navigate the other countries different health care systems.
What it covers?
Each travel insurance company offers their own specific policies. Most offer an assortment of policies that you can tailor to your needs. The common coverage options include:
- Trip cancellations – in case your flight is delayed or you need to cancel last minute
- Trip Interruption – if you need to cut your trip short due to an emergency or valid reason
- Accidental Death and Dismemberment – If you die or lose a limb during your trip
- Lost baggage – that can provide you with money to purchase clothing until your bags arrive
- Medical emergencies – in case an accident happens or you need medical care immediately
- Emergency evacuations – that can ensure you’re evacuated out of the country in case the need ever arises.
Some coverages also offer some extra coverages such as identity theft coverage, hazardous sports and activities, and life insurance options.
What are the benefits?
Covering all your bases and protecting you and your family against the unexpected is always the wiser choice. Some credit cards and work plans cover certain trip and medical emergencies but they may not cover all the types of insurance you require. The costs of travel insurance are also very affordable. When you break down the cost per day and compare it against a potential emergency it’s incredibly cheaper to purchase the insurance and gain that peace of mind.
No one ever plans to have a medical emergency or the need to cancel a trip, but these things do happen and being prepared can save you hundreds upon thousands of dollars. Take some time to research all the different types of policies available to you to give you that peace of mind so that you can enjoy your vacation.
What happens if you suffer a personal injury while abroad? Different countries have different limitation periods for making a claim. The nearest Canadian government office can assist with medical emergencies, but they cannot provide medical or legal advice. For legal advice pertaining to a personal injury that happens abroad, contact Zuber Brioux.