You’ve been saving up and are about to invest in yourself with a hard-earned vacation. Have you considered travel insurance? Travel insurance is more straightforward than most types of insurance, and can bring peace of mind when you pay for that dream getaway. Here are three types of travel insurance, along with reasons why you should consider them:
- Vacation Cancellation
From family emergencies to natural disasters, there are a variety of unforeseen, uncontrollable events that can put a zip on your trip. If you are from Ontario, registered travel agents are required to outline the process of cancelling your trip, but make sure you know how much it will cost without insurance. This is a perfect opportunity to talk to your agent about all your options.
- Ailments While Abroad
Your provincial health coverage and many group insurance policies can help if you fall sick while out of the country, but they don’t necessarily cover everything. On the other hand, most major banks and independent travel insurers can offer full, affordable coverage – from ambulance fees to emergency trips home.
- Flight Delays and Lost Luggage
Trip interruptions and missing baggage are two of the most inconvenient and difficult things to deal with mid-departure. If you find yourself grounded and spending outside your budget, or your luggage is never recovered, airlines may provide financial compensation, but this compensation is typically much lower than the actual value of your loss. For better coverage, consider travel insurance, which may be covered by credit cards with travel rewards.
Insurance is about trade-offs – balancing what you can afford to risk against what you can afford to cover. Not all policies are the same, so start by determining what’s covered by your travel agent or airline. These travel providers are expected to disclose information about cancellation fees, medical coverage and insurance options, but it is good practice to know all options available to you – and what you’re missing. From there, it’s up to you to decide which insurance policy you can afford.