Cheap Travel Insurance Canada: Why the cheapest is not always Enough

cheap travel insuranceYou’ve purchased some basic cheap travel insurance. And you think “Great, I’m all set.” It’s cheaper. It’s appealing. You got a last minute trip deal, so why add more expense with more insurance coverage? And entertaining the what-ifs (what if I get sick, what if I’m in an accident, what if I need to go to a hospital?) doesn’t matter at this point.
But a slight shift in your mindset and the possibility of those what-ifs turning into reality could mean regret and worse—huge medical expenses incurred away from home. A pre-existing condition, a chronic ailment, an unexpected illness or a dental emergency while you’re on vacation could be costly. And you’ll wish your basic coverage included more medical and health benefits. At that point, it’s too late.
According to a recent insurance study, 41 per cent of Canadian travellers purchase travel insurance on a regular basis. And 4/10 say they or a companion have required medical attention while travelling. Why gamble when the odds are almost 50/50?
If you do take that risk, and purchase just basic insurance coverage, be clear about eligibility requirements and other limitations. And check if the insurance provider will cover expenses upfront or if the policy holder has to pay and then be reimbursed after the fact. If not, the financial setback could be significant and you could be waiting a long time for reimbursement while the claim is beingtravel insurance processed.
Keep in mind that basic insurance covers the very minimal: lost luggage; trip cancellation; and missed connections in many cases. That’s it.
So consider topping up your basic plan with coverage:
• for seeing a doctor, specialist or dentist
• for adventure activities like scuba diving or parasailing
• for airfare and lodging for other family members to be with you when you’re sick
• for emergency expenses in another province in Canada as some provincial healthcare and insurance policies vary when crossing borders. (ie. air or ground ambulances)
Travel Insurance isn’t always expensive. But if it does add more money to any great travel deal price, it’s going to make the trip more enjoyable and safe. After all, having peace-of-mind on vacation is priceless.