Travelling? Don’t forget insurance
May 12, 2016 2 minute read
Flights? Check. Passport? Check. Travel insurance? In the excitement of planning your next adventure, travel insurance may not be top of mind. However, it is an important thing to pack to ensure you have peace of mind during your escape.
No one plans or foresees an accident or medical issue while traveling abroad. Treatment for a broken bone or the flu could cost thousands of dollars in a foreign hospital without proper insurance. If you are out of the country and need to be evacuated, you could be paying upwards of $50,000 without some form of insurance.
Travel insurance helps in the event of a medical emergency or trip interruption. It is important to have the right travel insurance in place, especially if you are leaving home for an extended period of time. You will enjoy the beach much more knowing you are covered for anything unexpected. BrokerLink works with CanAm to provide our customers travel insurance.
Travel insurance is broken down into four categories:
- Medical coverage
Medical coverage will cover the cost of most illnesses and injuries that require treatment in a foreign hospital or through a foreign doctor. Always ensure you have medical coverage whenever you travel.
- Trip cancellation coverage
Trip cancellation protects you from losing non-refundable expenses if your trip, or parts of it, are cancelled. Cancellation will provide coverage for events such as flight cancellations or if your travel/tour operator goes bankrupt.
- Trip interruption coverage
Similar to trip cancellation coverage, trip interruption coverage protects you once you are already travelling. If there is an earthquake or an evacuation, or if you need to return home due to an immediate family member’s death or any other unforeseen incident, trip interruption coverage will help cover you for unexpected costs.
- Lost baggage or theft coverage
Baggage insurance is often included as part of an overall travel coverage protection. This coverage can protect you from lost baggage or stolen belongings. For example, if your wallet or passport is lost or stolen, coverage may provide emergency cash and a replacement passport.
We offer many options for travel insurance with products such as TravelWell®.
Speak to one of our trusted travel insurance specialists to learn more about the convenient solutions CanAm provides to meet any of your travel needs. Call now at 1-877-884-8582.
What if I have coverage through work benefits or my credit card?
Your employee benefits package or credit card may offer protection, but likely have limits. Many employee benefits packages only cover medical costs while credit cards may limit coverage to specific types of travel cancellations. Always be sure to read the small print.
Be aware of the fact your provincial medical coverage will not extend to trips outside of Canada and has strict limits even for travel within Canada.
Some information your BrokerLink broker will require from you when purchasing travel insurance:
- Your date of birth
- Any medical conditions (and a filled-out medical questionnaire if you are over 60)
- Your departure and arrival date(s)
- Your total amount of travel throughout the year (if you travel often, annual travel insurance might be more cost-effective for you over single-trip coverage)
- Where you are travelling to
While you cannot plan for the unexpected, you can minimize the impact and risk you may encounter if your trip does not go according to plan. As part of your vacation planning, speak with one of our trusted travel insurance specialists to learn more about convenient solutions CanAm provides to meet any of your travel needs. Call now at 1-877-884-8582.