Do I really need Travel Insurance?
With all of the articles in the news lately and even claims within our own agency it honestly still shocks me when people travel without insurance. No matter where you get your insurance from, make sure you know for a fact that you are covered and what you are covered for.
You work hard to be able to take that amazing vacation. Why have it ruined by unexpected events or illness?
It’s also not just you that is at risk of loosing your life savings if something happens. There have been stories of Canadians who have had medical issues in destination and passed away. Their families are now on the hook for their medical expenses as well as repatriation of remains. It isn’t something anyone wants to think about but life sometime throws us curve balls. If you don’t want your loved ones to be on the hook if something happens to you, make sure you are properly covered.
Did you know that if your flights are delayed due to weather or other events beyond the airline’s control that they are not responsible? If you require overnight hotels or miss part of your vacation you are out that money. These are things that a good interruption insurance would cover.
So why don’t people buy insurance? Here are some of the most common reactions we get from our clients when asked if they require travel insurance:
I have insurance on my credit card.
-Yes, some credit cards do carry insurance coverage but do you know what you are covered for?
There is a great tool at www.insureye.com where you can pull up your credit card provider and it will give detail on what the coverages are. For example, many cards cover up to say 1000.00 per person for cancellation insurance. Some cards cut out medical coverage at 60 or 65 years old. Some cards have a maximum amount of days that it covers. There are many variables make sure to read your policy carefully.You may be surprised.
I have insurance through work.
-Many employee plans have an out of country medical coverage in place. If that is the case, make sure you know what the limits are and if they will pay upfront if you were to need medical care. Most employee benefit plans do not cover cancellation, interruption, baggage or trip accident. Again, make sure to read your policy carefully.
Why buy insurance though you when I can get a cancellation waiver through the tour operator for less?
-A cancellation waiver is just that a waiver. Depending on the tour operator’s rules you can cancel up to a certain point before departure and get a “refund”.However, make sure to read the small print. In most cases it states that “Some or all of your refund may be paid in the form of future travel vouchers depending on when you cancel”. Some waivers may also not cover interruption or baggage.
I have a pre-existing condition so they won't cover me.
-This is very often not the case. We have multiple options based on the stability of your pre-existing condition. Our insurance provider also has an underwriting department so you can be insured based on your needs.
Insurance is too expensive.
-There was the story about a Canadian family where one of the kids had to have an emergency appendectomy. The bill was 46,000.00 CAD. Thankfully for them, they had insurance or they would have been on the line for that bill. On the other end, there was also a story about a couple from Ontario that lost their life savings due to a heart attack. Sadly, they did not have insurance. When taking that risk it is a big gamble.
-When talking about cancellation insurance you need to think about if you are willing to lose the amount you paid for your trip. When the travel providers state on there terms and conditions that it is 100 % non refundable after a certain time they usually do not make exceptions. If you have to cancel at the last minute, you are out that money. If you don't have coverage, you have to be okay with losing that investment.
I'm going no matter what.
- This usually really isn’t the case.There are way too many to mention but here are some examples where clients have had to cancel.
-House burns down
-Accident on the way to the airport
-Sudden death or illness in the family
-Broken leg and unable to sit, knee bent, on a plane.
-Highway closed due to weather
Protect yourself and your family. Make sure you are covered and make sure that coverage is sufficient. If you are unsure. Feel free to contact our office and our Travel Insurance department would be happy to answer questions.