Adventure Awaits:
The Basics of Travel Insurance
Posted by Medavie Blue Cross on April 4, 2024
Adventure Awaits:
Adventure Awaits:
The Basics of Travel Insurance
Posted by Medavie Blue Cross on April 4, 2024
Travel can be an incredibly enriching experience. It allows you to explore different cultures, savour distinct cuisines, embrace new lifestyles and expand your mind.
The 2024 Blue Cross Travel Study shows that Canadians are feeling more optimistic about travel, and many are getting creative with their travel plans.
However, while travel can be an exciting adventure, it can also come with unexpected risks, unforeseeable events, and unplanned costs. This is where travel insurance can help.
What is travel insurance?
Travel insurance provides you with financial protection against the unexpected, like illness, injury, trip cancellation or interruption, and the potential loss of your belongings. In those circumstances, travel insurance steps in to cover the costs of medical treatment, emergency evacuations, trip cancellations and more. Without it, these events could cost you thousands or even tens of thousands of dollars, becoming an overwhelming financial burden.
Is travel insurance worth it?
Travel insurance cost varies based on your specific trip and risks, but typically, it’s about 4 to 10% of your trip’s cost. It’s understandable if adding an extra cost to your vacation expenses makes you hesitate. After paying for airfare, hotels, meals, activities and more, the cost of travel insurance can feel like an added burden instead of a safety net. So, is it worth it?
Consider this: if you were to injure yourself in another country, could you afford the out-of-pocket cost of surgery or a hospital visit? What about the cost of a medical flight back to Canada?
Is travel insurance worth it?
Travel insurance cost varies based on your specific trip and risks, but typically, it’s about 4 to 10% of your trip’s cost. It’s understandable if adding an extra cost to your vacation expenses makes you hesitate. After paying for airfare, hotels, meals, activities and more, the cost of travel insurance can feel like an added burden instead of a safety net. So, is it worth it?
Consider this: if you were to injure yourself in another country, could you afford the out-of-pocket cost of surgery or a hospital visit? What about the cost of a medical flight back to Canada?
Reasons to get travel insurance
- Your trip has a lot of non-refundable, prepaid elements, like activities or resorts
- You’re travelling internationally
- You spent more on the trip than you can comfortably afford to lose
- You’re travelling to a remote area that doesn’t have a lot of health care facilities
- You have to make multiple flights or connections
- The country you’re visiting is prone to major weather events, like hurricanes or earthquakes
What does travel insurance not cover?
Travel insurance protects your trip against unexpected events or things that derail your plans. However, it generally does not cover things within your control.
For example, trip cancellation provides for reimbursement of non-refundable expenses if you need to cancel your trip due to an unknown or unforeseen event. If you simply changed your mind, you most likely wouldn’t be covered. Familiarize yourself with your coverage and what it will and won’t cover before you leave on your trip.
Here are some things that travel insurance usually won’t cover:
- Any elective procedures
- Participating in extreme sports or activities
- Routine medical or dental care
- Mental health care
Also, keep in mind that travel insurance usually doesn’t cover things that are a known risk. For example, travel insurance policies generally don’t cover your losses from a hurricane unless you purchase the insurance before the storm is named.
What does travel insurance not cover?
Travel insurance protects your trip against unexpected events or things that derail your plans. However, it generally does not cover things within your control.
For example, trip cancellation provides for reimbursement of non-refundable expenses if you need to cancel your trip due to an unknown or unforeseen event. If you simply changed your mind, you most likely wouldn’t be covered. Familiarize yourself with your coverage and what it will and won’t cover before you leave on your trip.
Here are some things that travel insurance usually won’t cover:
- Any elective procedures
- Participating in extreme sports or activities
- Routine medical or dental care
- Mental health care
Also, keep in mind that travel insurance usually doesn’t cover things that are a known risk. For example, travel insurance policies generally don’t cover your losses from a hurricane unless you purchase the insurance before the storm is named.
Are there different types of travel insurance?
Travel insurance comes in a lot of different shapes and sizes. Many of us may already have some form of travel insurance coverage through credit cards, vehicle assistance services, or our employer. Take time to read through your current coverage and decide if additional coverage will be necessary.
Types of travel insurance
Emergency Medical
Emergency medical care plans provide coverage for out-of-country or out-of-province medical expenses of up to a certain amount. This can include things like hospital accommodation, doctor’s bills, medical appliances, private registered nurses, lab tests, emergency prescription drugs, accidental dental care, ambulance service, repatriation, expenses related to a delayed return and more.
Trip Cancellation or Interruption
If the COVID pandemic taught us anything about travel, it should be to plan for the unexpected. Trip cancellation coverage will protect you from losing your investment if you have to cancel your trip or need to cut it short once you’ve left. If your trip includes non-refundable, prepaid travel expenses, this benefit is for you.
Accident Coverage
If a major accident occurs on your trip, Accidental Coverage will provide a lump sum payment to the covered person or to their beneficiary (depending on the circumstances).
Baggage Loss, Damage and Delay
Nothing puts a damper on your vacation faster than realizing your luggage didn’t make the trip with you. This coverage will allow you to replace your personal effects so you can continue to enjoy your vacation. It will also provide coverage if your bag is delayed and you need to buy necessities.
Annual Plans
Is regular travel a part of your life? Instead of purchasing insurance each time you need to travel, annual plans cover you throughout the year and provide much of the coverage discussed above.
Looking for a plan that fits your needs?
Medavie Blue Cross offers flexible travel insurance options for travel within Canada and internationally.
- Benefit from 24/7 support and assistance
- Enjoy the advantage of coverage without a deductible
- Our Flight Delay Service provides benefits in case of delayed flights
- Our Trip Cancellation coverage safeguards against unforeseen events
- Experience peace of mind with medical follow-up in Canada
- Enjoy the convenience of a single toll-free number with Blue Cross Travel Assistance. This all-in-one solution is a valuable resource for addressing a variety of travel-related concerns, including information on accessing care at your destination, consulate assistance, documentation queries, pre-trip planning and all-around travel advice.
Explore our coverage options and get a quote for travel insurance that's right for you, confidentially and without obligation.
Medavie Blue Cross is a premier all-in-one carrier that provides health, dental, travel, life and disability benefits and administers federal and provincial government-sponsored health programs. Together with Medavie Health Services, we are part of Medavie, a health solutions partner committed to improving the wellbeing of Canadians. We are in the...