How to make sure you are covered when you travel
Before leaving on your next vacation, it’s important to make sure you have the right type of insurance to cover you and your family if you have a delay in travel or a medical emergency while abroad.
There are several different types of travel insurance available to jet-setting Canadians. It’s a good idea to purchase all the insurance you need before leaving. However, paying for something you already have is a waste of money. To avoid that, review all your travel insurance policies for coverage. Only purchase additional travel insurance coverage if needed.
Check your personal coverage
If you have individual insurance or if your employer offers a group insurance plan, review your personal insurance policies to see if you’re covered for medical visits, life insurance, and flight or baggage interruption while travelling. Those are the four most common types of travel insurance.
If you plan to rent a car while abroad, check to see if your personal insurance plan covers the cost of car rental insurance while out of the country. If not, you need to purchase additional insurance with the car rental company.
The last thing you want is to have an accident while overseas and have to pay for medical bills, doctor visits, and the cost to repair a foreign car. Having the right travel insurance coverage helps cover some or all of these expenses.
Read the fine print with your credit cards
Travel rewards credit cards, as well as gold and platinum cards, usually offer some form of travel insurance to the passenger. In some cases travel companions are also included in the coverage. Review the credit card agreement or contact your credit card company for all the details, but you’re probably covered for flight delay or cancellation as well as baggage loss or delay insurance at no additional cost.
In order for the insurance coverage to take effect, the vacation most likely needs to be purchased on the credit card. If you paid for your travels another way, you may not be covered. It’s always a good idea to check before you leave.
Buy travel insurance if needed
If you checked everywhere and still don’t have enough travel insurance to cover you and your family if you have an emergency while out of the country, it’s time to start shopping for travel insurance.
Although travel insurance may not be talked about as often as other types of coverage such as life, car and home insurance, there are actually several ways you can purchase travel insurance.
Contact your bank, credit card provider, and group benefits plan administrator to inquire about purchasing additional travel insurance. It’s a good idea to get at least three quotes before making a purchase.
Talk to a licensed insurance agent and tell them the details of your trip as well as what type of coverage you currently have. From there the agent will be able to recommend additional coverage to make sure you and your family are covered while enjoying your vacation.