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Travel Insurance

Type of Insurance
Travel Insurance - Protecting Your Vacation Investment
After months of anticipation for a dream vacation, the last thing you want is for illness, injury or unforeseen events to derail your plans. The financial losses from cancelled flights, hotel fees and pre-paid tours can quickly add up. Fortunately, travel insurance can protect travellers against these unfortunate scenarios.

What is covered by Travel Insurance?

Travel insurance provides reimbursement for non-refundable costs associated with a cancelled or interrupted trip. Standard policies cover if you need to cancel due to illness, injury or death (personal or family member). Additional covered reasons for cancellation can include:

- Inclement weather preventing travel
- Terrorist event or civil unrest at destination
- Jury duty or other court order
- Job loss or relocation
- Military deployment  

Trip interruption coverage reimburses you for forfeited payments if you must cut your trip short for the above reasons. It also covers additional transportation/lodging expenses needed to return home safely.

Many policies also cover lost, damaged or delayed baggage, emergency medical treatment, and 24/7 travel assistance. Upgrades like rental car damage waiver and flight accident insurance may also be available.

At what point should you consider getting travel insurance?

It's ideal to purchase travel insurance shortly after your first trip-related deposit. This locks in pre-existing condition coverage for any subsequent health changes. The sooner you buy after putting money down, the better.

Most policies limit claims filed within 10-30 days after purchase. So don't wait until right before departure as that leaves no buffer for illness.

What sources offer travel insurance for purchase?

You can purchase directly through travel insurance providers like Allianz, Travelex and Travel Guard. Airlines, tour companies and cruise lines may also offer policies. Comparison shopping usually nets the best rates.

An insurance agent can simplify weighing different plans and providers based on your specific trip details. This ensures you get optimal coverage.

Is purchasing a Travel Insurance a Worthwhile investment?

Travel insurance costs between 4-8% of the total insurable trip cost, based on the traveller’s age. This comes out to $100-$250 for a $3,000 vacation package. Compared to the prospect of losing $3,000 altogether, most consider travel insurance a wise investment providing peace of mind.

For international trips, insurance is practically essential when factoring in potential medical evacuation costs. Domestic travellers with chronic health conditions also stand to benefit.

Don't let cancelled plans unravel a vacation you've long awaited. Travel insurance helps recoup financial losses when the unexpected interferes with getting away. Protect your trip and your wallet by securing coverage today.

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