Millions of Canadians travel each year, and hundreds of them require some type of medical assistance while they are away. While no one ever likes to think that they could end up as a statistic, when something goes wrong – especially when you’re so far from home – it really pays to be prepared. Making sure that you have complete coverage and you understand the ins and outs of your plan, deductibles, and out of country contact details is an important, but often over looked, step to take when making travel preparations.
Travel Insurance 101
Travel insurance can be purchased through a travel agent, insurance broker, most banks and credit unions, and sometimes through your credit card company. Travel insurance is designed to protect you in the event of an emergency or accident that may occur while you are out of your home province or country.
1. Will my health insurance cover me while I’m gone?
Different insurance policies cover different areas of life, so be sure to sure to check with your company to make sure you are covered while you are out of town. Be sure to secure your policy before your trip by connecting with a qualified insurance advisor in your area. Policies may cover hospital stays, prescription drugs, and transportation for emergencies.
2. Is my travel policy current, or does it need to be renewed?
Policies cover different lengths of time, depending on how long you will be gone, and can be secured for just yourself or your entire family. If you travel frequently, you may have continuous coverage, but it is always best to check with your insurance advisor and confirm that your policy is up-to-date.
3. How much should travel insurance cost?
Just like with any insurance policy, the cost of travel coverage will depend on where you are going, how long you will be gone, and your age. Your insurance representative will have details about the cost of the policy, as well as the deductible amounts. Typically, insurance will cost between 3 and 8% of the cost of your trip, depending on the level of coverage you secure.
4. Who do I call if there is an accident?
Check with your insurance representative to secure contact numbers in case an issue arises. Reputable insurance companies will have a 24-hour line for customers to call if they need help during their travels.
5. Is my baggage is covered by insurance?
Losing your baggage during a trip just about every traveler’s worst nightmare, but it does happen. Trip insurance may be able to help if your luggage is stolen, lost, or damaged during your travels. This may also extend to luggage that is delayed, providing you with the money you need to buy the essentials until it gets back to you.
The Canadian government recommends that anyone who plans to travel abroad, even if only to the United States for a day, secures travel insurance. They also advise travelers to carry details of their policy with them and let someone else know how to contact your insurer in case of an emergency.
Don’t leave yourself unprotected so far from home. Speak to a Benecaid Advisor today about how to protect yourself and your loved ones on your travels.