What Travel Insurance Do I Need?
July 22, 2019
When booking a trip, it is important to consider various factors, booking travel insurance is one of them. But what do the different types of coverages mean? And what type of insurance do you need for your trip? Navigators is here to guide you.
Trip Cancellation or Interruption Insurance
A lot of the time you find great deals for flights or vacations online, but what’s the catch? They are non-refundable. Trip cancellation insurance would cover your fees to rebook or cancel your flight and may reimburse the value of your trip if you must cancel the trip or end it early under certain conditions.
This type of insurance is ideal if you have pre-booked any expensive non-refundable trip costs.
Think about this as an extension to your medical insurance at home. When abroad, your provincial health insurance plan offers you very limited coverage (OHIP in Ontario). And, the benefits you receive through work may be restrictive if you have any pre-existing conditions. You can purchase Travel Medical Insurance as an option in case you or a family member needs to visit a doctor or hospital.
Remember that you can buy medical insurance for a multi-trip annual plan as well. Not just a single trip!
Note: It can be challenging to find medical insurance that covers pre-existing conditions. To ensure your condition is covered, talk to a broker before purchasing a policy.
This type of insurance is ideal for anyone who is travelling outside of their home province.
Evacuation Insurance would focus on covering the associated costs if you must evacuate a region or a country in an emergency (i.e. Due to civil unrest, terrorism, earthquakes, etc.) With this, the insurance company arranges and pays for transportation.
Baggage and Personal Items Loss
If you end up on the other side of the globe with no luggage, it can ruin your trip. Luggage/Baggage Insurance will reimburse the cost of your luggage and the items within it (it can also cover things like electronic items that are not in your luggage i.e. stolen cameras, laptops and tablets, etc.). This will reimburse you for the cost to purchase replacement items and continue to have a great trip.
Note: Most policies only cover a certain amount per type of item – and there are limits. Talk to your broker to make sure you are covered for the items that are important to you.
This type of insurance is ideal for almost all travelers, but also for travelers who plan to take high-value items with them.
Sports Travel Insurance
Surfing, skiing, diving, etc. are high-risk activities that may result in injuries. Yet, if you are hurt while taking part in these activities, basic Medical Travel Insurance may not accept your claim. It is important to read your policy to make sure you know what is covered. This is where Sports Travel Insurance is necessary. Depending on your policy, Sports Travel Insurance can cover:
- Lost, stolen or damaged equipment
- Medical fees due to a sports injury
- Trip cancellation and interruption
- Emergency air transportation (i.e. Air Ambulance)
Ultimately, it is best to inform yourself prior to leaving for your trip. Plan activities that interest you and contact your broker to make sure your policy covers you. If your travel policy does not cover certain activities, your broker will suggest you add a sports endorsement.
Sports Travel Insurance is ideal for those who plan on partaking in physical activities while abroad.
All-Inclusive Travel Insurance
(Aka. Comprehensive Travel Insurance)
All-Inclusive Travel Insurance, aka. Package Travel Insurance or Comprehensive Travel Insurance is the most common type of Travel Insurance. It often combines the three main travel insurances: medical, cancellation and interruption and lost baggage. This ensures you are covered for all levels of insurance.
These packages are ideals for cruises, vacations and general travel, family trips, domestic travel or anyone concerned about losing money because their trip had to be cancelled.
If you plan on taking multiple trips in a year, an annual policy may be ideal for you. You get an average length of your trip and top up for the difference.
After purchasing an Annual/Multi-Trip policy you are insured for an unlimited number of trips if they are not longer than the maximum number of days you selected when purchasing the policy. If you want to add days to your policy, contact your broker.
These packages are ideal for business travelers, those with vacation homes or anyone who takes frequent trips.
Various policies can cover what you need, and you are able to combine and modify what you need to suit yourself. If you have any further questions or are looking to customize a policy, contact one of our brokers today.
Note: These descriptions are general understandings and you should always read your policy to clarify what is and isn’t covered.
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