What Canadians Need To Know About Travel Insurance

July 12, 2019

What Canadians Need To Know About Travel Insurance

While many Canadians understand the significance of buying travel protection such as medical insurance and cancellation when traveling abroad, others don’t even think of a travel insurance plan when traveling within Canada.

When you plan and prepare for a trip, don’t consider travel insurance an optional act of ensuring your protection. Your family, belongings and resources you invest into the trip can only be protected with reliable and suitable travel insurance. Simply put, there is a significant element of risk when traveling without the right insurance plan.

How travel insurance works

When you travel outside of Canada, you are supposed to bear all the expenses incurred on the trip. These expenses may include medical costs in case of illness, loss of baggage or accident. If, for some reason, you have to cut your trip short or cancel beforehand, all payments you make are essentially gone. The purpose or function of travel insurance is to cover those unexpected and possibly crippling costs.

Traveling comes with challenges and insecurities. It’s like driving a vehicle. You can drive safely and adopt defensive driving techniques, but there are other drivers on the road and their actions and driving style is not in your control. Apart from human error, environmental factors can also cause an accident.

Similarly, when someone travels, they try to practice safe and plan to avoid eventualities. But there could be situations when it gets impossible to control everything. Travel insurance keeps you financially protected against most unexpected circumstances that can potentially occur during your trip.

What travel insurance covers

Different names come to mind when someone thinks of travel insurance: baggage insurance, trip cancellation, travel medical insurance, etc. A good travel insurance package covers all the important elements; for example:

  • Trip interruption/trip cancellation
  • Loss of valuables
  • Emergency medical coverage
  • Unexpected emergencies
  • 24-hour support

What to consider when buying travel insurance

It’s important to choose the right insurance product that adequately covers your travel requirements. There are a number of things you should consider when buying a plan. First of all, identify instances or circumstances that are not included in a plan. For example, a plan might cover your airline ticket but not the hotel costs. Also, if you have a chronic illness, find out what the deductible would be.

If you’re not satisfied with your current plan or you feel current coverage in not enough, you can consider buying some additional coverage. For example, if your employer provides medical insurance, you can just go for trip cancellation policy on its own. No matter the situation, it’s important to consult a dependable investment and financial advisor to help you choose the right travel insurance plan.

About Kewcorp Financial

At Kewcorp Financial, we help individuals plan and choose the most appropriate and affordable insurance plans. From mortgage life insurance and dental coverage to health benefits plan and travel insurance, we will guide you to sign up for the right plan that suits your needs and financial circumstances. For all your travel insurance needs please contact Kewcorp Financial at 780-449-6292 or click here.

Did You Know?

Travel insurance can also protect your financial investment on your trips.
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