As you get ready for your next vacation abroad or out of province — keep travel insurance in mind. It can help protect you and your family while you’re away.
Planning a trip is always a bit stressful, but having a to-do list certainly helps me stay organized and feeling in control. One of the things I always check off my vacation planning to-do list is gettingtravel insurance.
This type of insurance is something I may have skipped in the past and trusted that everything would be fine. But living through a pandemic changed my perspective. I now plan for the worst, and hope for the best.
Of course, I hope my family will stay healthy when we’re travelling (and when we’re at home, for that matter). However, we bought travel insurance anyway. Like it or not, our provincial health insurance plan only covers expenses within our home province. But with travel insurance, we can feel protected no matter where we go.
Curious how it works? I’ll answer a few questions you may have:
When do you need to buy travel insurance?
It’s a good idea to buy travel insurance as soon as you book a trip.
Why that soon? Travel insurance can sometimes include trip cancellation benefits. This may help you recover costs if you cancel your travel plans (due to a covered reason) leading up to your trip.
Do you only need emergency medical coverage? Then you can buy a plan any time before you leave your home province.
Do you need travel insurance for a weekend away?
If you plan to travel, it’s a good idea to buy travel insurance before you leave, whether you’re:
- Taking a quick trip across the border,
- Spending a week in another province, or
- Planning an extended stay overseas.
How much does travel insurance cost?
The cost of travel insurance can vary depending on factors like:
- Your age and health needs,
- The duration of your trip,
- Where you’re travelling,
- And more.
While travel insurance costs vary, the average is somewhere between 4-12% of your total trip cost. For a $5,000 trip, the average travel insurance cost is about $228.
Compare that to the cost of a few stitches in a US hospital, which could be upwards of $3,000. The price of insurance is clearly worth it. Especially since medical expenses have the potential to be financially overwhelming.
Not to mention if you have a serious injury or illness.
Why is travel insurance important to me?
Even if your travel plans are not overly adventurous, it’s not without risk. A broken arm, a chipped tooth, or a lost credit card is still possible.
On a previous major family vacation, both my partner and I experienced food poisoning. Not fun. But not serious either. However, it would have been reassuring to know we could use travel insurance to pay for a hospital stay – if needed.
Things will be different this time. Because we’re travelling with two young kids, in unfamiliar settings, it’s even more important to protect ourselves.
While we’re away this summer, I know that our travel insurance will help if we:
- have an unexpected hospital visit, ambulance ride, or emergency dentist visit,
- lose our documents or cards – or have them stolen, or
- need to return home for a medical reason.
And it’s nice to know our insurance would cover translation services if we needed it.
Can you rely on your credit card insurance for travel?
In the past, I trusted that the coverage offered through my credit card plan was enough. But this type of coverage often has limited benefits and coverage.
Before trusting it’s enough, check what the coverage limits are. And then, fill in any coverage gaps with travel insurance.
How can you get travel insurance?
It’s impossible to predict what might happen while traveling. That’s why it’s important to:
- Consider all the potential risks associated with travel, no matter how long or short the trip.
- Understand how your provincial health plan may:
- only cover some healthcare expenses incurred outside Canada, and
- limit coverage when traveling to another province.
For more information about travel insurance, including FAQs, visit our Travel Insurance page.
Read more
- Looking for a restful vacation? Try unplugging
- How to stick to your budget when travelling
- How to learn a new skill this summer
This article is meant to provide general information only. It’s not professional medical advice, or a substitute for that advice.
FAQs
If your travel insurance policy has a money-back guarantee or review period, you can cancel for any reason and receive a full refund within the timeframe if you haven't filed a claim or departed for your trip yet. But you won't get a premium refund if you cancel your policy after the review period.
Do you need to print off travel insurance? ›
What travel insurance documents are needed for my trip? Before travelling, download your travel insurance documents onto your devices and print a copy of your insurance certificate to take with you. It also makes sense to jot down your insurer, policy number, and contact details for emergencies.
Does travel insurance actually pay out? ›
If your trip is canceled for a covered reason, a policy will often reimburse airline tickets, hotel rooms, rental cars, tours, cruises and other prepaid, non-refundable expenses.
What happens if I don't buy travel insurance? ›
You'd have to pay to reschedule your trip or replace your items out of pocket. Travel insurance can help provide peace of mind and protection on your trip.
Can you get a refund for unused insurance? ›
If you paid your premium in advance and cancel your policy before the end of the term, the insurance company might refund the remaining balance. Most auto insurers will prorate your refund based on the number of days your current policy was in effect.
How do I get my money back from travel insurance? ›
Yes, travel insurance can be canceled at any time and for any reason. However in order to receive a refund, the cancellation must occur within a policy's free look period. To cancel a policy, a traveler can contact their travel insurance company directly.
Do I have to tell my travel insurance? ›
If you did not tell your travel insurer about an existing health problem before you took out the insurance, you may not be covered if you need treatment for this while you're away. You may not be able to claim for the cost of any medication that you usually need and may have to take while you're travelling.
Do you need proof for travel insurance? ›
When travel insurance is mandatory to enter a country, your airline will likely require proof of a policy before you board. Otherwise, you may be denied entry at immigration checkpoints, whether on land or at airports. In some cases, fines and convictions may apply.
When should you take out travel insurance? ›
When to buy travel insurance can depend on the trip or trips you're taking and the kind of policy you choose to suit them. Usually, though, it's best to get cover in place for your holiday as soon as you've booked or made a financial commitment to it.
Does travel insurance cover 100%? ›
Average Costs for “Cancel for any Reason” Travel Insurance
Trip cancellation insurance is included in comprehensive travel insurance plans. It will reimburse 100% of the non-refundable money you lose if you cancel your trip for a reason listed in the policy.
Medical Tourism, Medical Exclusions
Don't look to travel insurance for help with the hospital bills or aftercare. Medical tourism is a common exclusion. Elective procedures, mental health care, routine physicals and exams and physical exams are also usually not covered by travel medical insurance.
Do I need travel insurance if I already have insurance? ›
The short answer: Yes. According to Medicare.gov, health care you get while traveling outside the U.S. isn't covered.
Why do people not get travel insurance? ›
People say that travel insurance is a waste of money because they think that since nothing bad usually happens while they're travelling, they won't need travel insurance. However, there are numerous situations when having travel insurance can prove to be beneficial.
What is the best travel insurance to buy? ›
The Best Travel Insurance of 2024
- Travelex Insurance: Our top pick.
- Nationwide Travel Insurance: Best for baggage coverage.
- AIG Travel Guard: Best for families.
- Faye: Best cancel for any reason coverage.
- WorldTrips: Most affordable comprehensive coverage.
- Generali Global Assistance: Best for trip interruption coverage.
If you need to cancel or cut short your holiday because something unexpected happens, cancellation cover lets you reclaim some or all of the money you've already paid out. So, if you suddenly become seriously ill and can't go on holiday because you need treatment, you can claim on your travel insurance policy.
Can I cancel my trip with travel insurance? ›
Travel insurance can reimburse you for the nonrefundable portion of your flight expenses when you have to cancel a trip due to serious illness, a death in the immediate family, natural disaster or other reason specifically covered by your policy.
How do I get my money back from Allianz travel insurance? ›
To get reimbursed for losses covered by your travel insurance plan, you'll need to file a claim. Allianz Global Assistance makes it simple. You can file a claim on the phone, by mail, online or using the TravelSmart app.
What does trip cancellation cover in travel insurance? ›
A trip cancellation plan provides coverage if your trip is cancelled for a covered reason before you depart for your trip. The benefits could include reimbursing you for the cost of non-refundable travel expenses, like trip deposits and flight change fees, if your trip is cancelled because of a covered cause.
