What is Travel Insurance | Types, Benefits, & What does it cover?
Canada has become one of the most popular countries in the world thanks to its lucrative job opportunities, world-class education, safe environment, and higher quality of life. Many nature enthusiasts travel to Canada every year to explore the natural beauty. But with contrasting climates and geographical diversity, there is a high chance that you will get ill during hiking or skiing activities.
However, purchasing a travel insurance policy will help you to stay protected against any mishap during your stay in Canada. You may wonder ‘what is travel insurance?’ Basically, it’s an insurance policy which offers various advantages. Read this article to get a clear idea about it.
What is Travel Insurance?
Travel insurance is a type of particular insurance policy that protects you and your belongings while travelling to Canada. With this policy, travellers can stay protected and solve the financial risks associated with unfortunate events.
What Does Travel Insurance in Canada Cover?
Travel insurance policies cover several unforeseen events that may occur during the trip. The amount of coverage may depend on the type of policy you have purchased and the insurance provider. But the most common coverages are,
- Trip cancellation
- Medical expense
- Personal liability
- Flight delay
- Stolen or lost luggage
- Rental car damage
What Factors Affect the Overall Cost of Travel Insurance in Canada?
The premium cost of travel insurance in Canada may vary depending on several factors. The following are,
Duration of the Trip
The length of your trip impacts how much premium you have to pay. The longer the duration, the higher the premium you have to provide.
Age
Your age is one of the most critical factors that determine the cost of a travel insurance policy. Older travellers have to pay higher premiums because they have a higher chance of requiring medical care during the trip. Apart from that, other factors are the destination, type of coverage, coverage limits, and pre-existing medical conditions.
What are the Advantages of Purchasing Travel Insurance?
Purchasing travel insurance policies in Canada offers several advantages to ensure our peace of mind during our stay in the great white north. However, some common advantages of having travel insurance are,
Medical Coverage
Since medical costs are expensive in Canada, purchasing travel insurance will be necessary if you don’t want to spend money out of your own pocket. This insurance policy covers doctor visits, hospital stays, and prescription medications.
Baggage Loss and Damage
It also can cover the cost of lost and stolen luggage. This can be helpful if you are travelling with expensive items, such as electronics or clothing.
Coverage Your Pre-existing Medical Conditions
There are many travel insurance providers who also offer coverage for pre-existing medical conditions. Therefore, it would be best if you read the terms and conditions of the policy before buying it.
Is Travel Insurance Mandatory for Visitors to Canada?
Purchasing travel insurance isn’t mandatory to visit Canada. But medical emergencies can happen anytime. In Canada, even a minor medical emergency can result in a large bill. Purchasing a travel insurance policy can give you peace of mind, knowing that you are financially protected in an emergency.
Explore Canada Stress-Free!
We hope that you have understood what travel insurance is and why it is important to purchase it. We don’t recommend that you travel to Canada without any financial protection. If you want to know more about several types of policies and their benefits, consult with us at Adi & Adi Financial.