What is Travel Insurance?

You want to travel out of the country. So you have packed all your bags, mapped out your itinerary, and set all your “out of office” messages, but have you made sure you have the right travel insurance?

Anything can happen when you travel outside your country – you can get sick, get hurt in an accident, or simply lose passport or something equally important to you. Since your Canadian insurance isn’t valid outside Canada, it is important that you find the right travel insurance for your trip.

Travel insurance is a plan that covers costs and losses associated with traveling and is useful protection for those traveling out of the country. These policies usually cover unexpected medical costs and damage to personal property.

Why do you need Travel Insurance?

Whether you are traveling for business or for leisure, extensive preparation is necessary to ensure your journey is safe and fruitful. Travel insurance becomes an essential part of this preparation as it acts as a safety net against the risk of incurring unforeseen medical expenses as well as other trip-related emergencies – like the loss of your passport or baggage.

Here are a few reasons you should invest in a travel insurance plan:

Unforeseen medical expenses:

If you were to suddenly get sick or get hurt in the middle of your trip, it could not only be disheartening but could also ruin all your meticulous budget planning. Your insurance can provide you with coverage for medical emergencies, that too on a cashless basis. This way, you can focus on your health and well-being.

Coverage of personal liability:

Sometimes, you may end up suffering due to the actions of a third party. In this case, most insurance companies provide a benefit called personal liability where the damages caused by the third party will be covered.

Travel-related emergencies:
There could be times where you may end up losing your passport, laptop, check-in baggage or any other equally important belonging. Your trip could have even been delayed due to bad weather, missed flight connections or unforeseen accidents. Travel insurance plans can provide coverage for expenses incurred during any such emergencies.

Trip cancellation or interruption coverage:
Some insurance policies provide trip cancellation or interruption coverage. This is especially useful when you pay upfront for your trip but the cancellation policy requires you to lose more than you expect. This plan can cover all the non-refundable parts.

Mandatory requirement:
Certain destinations have made it mandatory for visitors to have travel insurance. Nobody wants to arrive at the immigration counter and then learn that the lack of an insurance policy will prohibit them from entering the country. Please make sure to check for the requirements of travel insurance while planning your trip.

Insurance companies provide round-the-clock support for customers travelling overseas. This can be especially useful in bridging the gap between language barriers. Get in touch with an experienced insurance broker to find a travel insurance policy that suits you best.