TRAVEL INSURANCE INFO
When planning your trip an important element not to overlook is ensuring you have the appropriate travel insurance coverage. Interruption, cancellation and medical insurance coverage for travel related costs will protect you and decrease stress in the case of unforeseen circumstances.
In light of the ongoing impact of Covid-19, Travel Insurance is an important element to consider when planning a trip. We have pulled together some information to help you understand the travel insurance options available today.
Get Expert Advice
While the information on this page will be helpful, your travel insurance provider is the best resource in helping you select the appropriate coverage for your trip. If you don’t already have a provider, we have listed a few recommendations at the bottom of the page.
Travel insurance policies require that you purchase the insurance in a timely manner, typically between 72 hours – 21 days of paying for your adventure.
Types of Travel Insurance
The four most common types of travel insurance can be purchased individually or in a combined format often called comprehensive insurance.
- Trip Cancellation: covers cancellation of your trip before you depart
- Trip Interruption: covers delays and interruptions once you have departed
- Medical Coverage: covers issues related to your health and sometimes the health of your travel companions
- Cancel for Any Reason Coverage: as the name implies allows you to cancel for more reasons than traditional cancellation coverage
Reasons to Buy Travel Insurance
Travel insurance can provide emergency health and medical coverage in the event of an accident, injury or sickness beyond your control. It can also offset the high medical costs associated with being ill while travelling outside of your region. Likewise, trip cancellation and interruption insurance can offset financial loss resulting from your pre-paid, non-refundable trip costs if you have to cancel your travel plans for an insured reason.
Coverage for Covid–19
Covid–19 is now considered a known risk in the insurance world, so it is important to carefully check what your policy and provider are covering regarding Covid–19. Further information about Covid–19 impacts in Canada can be found on Canada’s government website.
Credit Card Coverage
While many credit cards often have some level of interruption insurance, typically it is very limited and only the interruption-type of coverage, not trip cancellation or medical coverage. Many do not cover Covid–19, so it’s important to inquire as to what is covered and not make assumptions.
‘Cancel for Any Reason’ Insurance
While travel insurance plans have a list of reasons that can be used for cancellation coverage, “cancel for any reason” insurance means you don’t have to have a specific reason listed. Maybe you have a fear of traveling. Or maybe you decided to visit an old friend instead.
Cancel for Any Reason Insurance is typically more expensive than traditional travel insurance and covers a lower amount (usually up to 75% of the cost of your trip), but for the most flexibility this can be a preferred option.
Travel Insurance Providers
Many companies offer travel coverage. If you don’t have an Insurance Provider already, here are a few to consider.
Policies for Canadian Guests
- Manulife – Premium Protection Plan (must be purchased within 72 hours of paying for any portion of your trip)
Policies for USA Guests
- Crum and Forster – Worldwide Trip Protector Plus (75% CFAR)
- Trawick International – Voyager (75% CFAR)
Read the Fine Print
Before purchasing your insurance package, be sure to read the fine print of your policy to ensure it covers all of the areas you would like it to mitigate both for you and the other members of your party. It will bring you peace of mind should the unexpected happen and provide you with a clear understanding of the amount of travel costs you will be able to recover to use for your next adventure.
Disclaimer: Wildcoast has provided the above information as a general reference tool, we are not an insurance expert or insurance provider. When purchasing travel insurance It is your responsibility to ensure that you qualify and have an adequate policy and coverage.