When you’re planning a vacation, you probably know to check a number of things before you take off. Whether it’s looking at the forecast or the excursions that you may do, you also can’t forget to look into your Travel Insurance policy. With this being said, many Canadians may know that they should always purchase a policy before leaving the country or province, but often travellers overlook reviewing its fine print. Doing this leaves travellers at risk for being financially responsible while abroad for not only medical treatment, but sometimes emergency travel accommodations. With that being said, there are a few things to always review and look for when you purchase Travel Insurance.
Confirm Your Policy
Firstly, you should always confirm that you do in fact have Travel Insurance. Often many may assume that their employer or credit card will cover them if they leave the country or their home province, but are surprised to learn that their coverage is either minimal at best or that they don’t have any at all! Proving that confirming your policy is one of the most important things you should do before departing! After you confirm that you are covered by an insurance provider, you can begin confirming the details of the coverage.
Confirm The Fine Print
Do you know exactly what your policy covers? If you’re unsure what this question means or how specific you have to be when answering, there are a few important factors to review when looking at your policy. It’s always recommended for policyholders to review:
- The cost of the policy,
- How much it will cover in regards to medical expenses,
- Whether it will only cover medical expenses while abroad or if it continues to cover expenses while you’re home,
- What the payout time is and its specific requirements,
- Whether there are any upgrades that you may want to purchase,
- What may void the coverage,
- And what will not be covered.
After you review your policy and take all of these factors into consideration, you will be able to make a decision on whether it is a good fit for your unique needs. With this being said, if there is a low limit in the coverage in terms of how much the policy will payout if you’re sick or injured, you may what to purchase additional coverage to better protect yourself. In times like this, it’s always suggested that you speak with your trusted broker to discuss what your best options are.
Review Your Policy Exclusions
With every insurance policy, there are exclusions. These are specific events that the insurance company will not accept as a reason for submitting a claim. For example, policies could state that they will not cover the costs of medical treatment for the policyholder if they were excessively drinking and the drinking led to the need for treatment.
While every policy will have exclusions, it’s important that you read each exclusion and try to pick the coverage that you are most comfortable with. Often, policies will state that they will not cover you if the claim is related to severe weather, natural disasters, or if you do not declare any pre-existing medical conditions. So be wary and understand what you are purchasing in relation to the trip you will be taking.
Confirm The Duration Of The Policy
The final thing you should do when you review your policy when purchasing Travel Insurance is the policy duration or otherwise, know as the term length. This not only includes confirming that the dates are accurate with the time that you are travelling, but checking whether purchasing an annual policy may be better for you. When you purchase an annual policy, it may be most cost effective if you are planning to do a lot of travelling during the year for personal reasons or for business. Meaning, one lengthy policy could be better than purchasing multiple small policies. But, if you are only planning to spend one or two weeks away, a single trip policy should be more than enough in most cases!
When you’re planning your vacation, you shouldn’t have to be stressed about buying Travel Insurance. Instead, let us help! After asking you a few questions to better understand your unique needs, we’re confident that our experienced team will be able to provide you with a plan that will not only protect you but fit your budget. If you have any questions about Travel Insurance, contact your Cambridge Insurance broker today!