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What will I pay for Travel Insurance?
How much Travel Insurance will cost you depends on the amount and type of coverages, as well as your age, the duration and destination of your trip, and the activities in which you plan to engage during your travel. Your choice of insurance provider will also influence the cost of your policy, this is why it is important to compare quotes before committing to an insurance plan.
Generally, you should expect to pay between 4% and 10% of your total pre-paid and non-refundable travel costs.
Traveling enriches you with new experiences, broadens your horizons and relieves stress. When you’re taking a vacation, you expect a smooth experience filled with joy and bliss. But what do you do when the unexpected happens?
As much as we don’t like to think about it, medical emergencies, lost baggage, personal item theft, and cancelled departures are not that uncommon. You wouldn’t want either of those things to ruin your travel plans. That’s precisely the reason you need Travel Insurance, even if your getaway is within Canada.
Depending on your Travel Insurance coverage, you will be partially or fully reimbursed for your unexpected travel related expenses, such as hospital stays, non-refundable tickets, stolen items, and other travel related incurred costs.
It is in your best interest to purchase Travel Insurance as soon as you book your journey because you’re unlikely to find an insurer willing to provide you with a plan once your trip has begun.
While some provinces have an arrangement regarding medical billing in case of out-of-province medical necessities, that’s not always the case. You’ll likely need to file a claim to regain your losses. Even in such a scenario, you may not be able to fully recover your incurred costs.
The reason is that the cost of medical procedures varies by province. Your provincial plan may cover a portion of your medical expenses, but still leave you with thousands of dollars that you need to pay out of pocket. You also won’t be covered for emergency transportation back home.
Taking all these factors into consideration, Travel Insurance can considerably reduce your expenses in case of medical emergencies even when travelling within Canada.
Types of Travel Insurance in Canada
There are several types of travel insurance designed specifically for every possible unfortunate travel related event which could lead to a financial loss. You can mix and match these coverages to suit your specific travel plans. You also have the option of purchasing a Comprehensive Travel Insurance plan, which includes all coverages, for complete peace of mind.
How to Save Money on Travel Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.