Are you planning to take a holiday trip this year? You have probably already thought about the essentials, bought your traveler’s cheques, and booked a kennel for your dog. However, have you thought about what you might do if you experience a medical emergency while on vacation?
If you are in Canada and a Canadian citizen, this is likely not a concern because you know you will be covered under your provincial health plan. But what if you are going to another country? You have no doubt heard the horror stories about average Canadians on holiday in America who required hospitalization and ended up being bankrupted as a result. Travel insurance is the best way to avoid this nightmare and here are some reasons why you need to get it:
As mentioned above, these can be horrendous if you need any kind of involved treatment and a stay in hospital. Also, travel insurance can cover the cost of your getting yourself back home, if your condition leaves you in a state requiring a special form of transportation.
When you travel, there is usually more than just plane or train tickets involved. You also need to book accommodations, rent a car, arrange to join a tour group, etc. Very few of these options offer refunds if you cannot live up to your obligations. Some forms of travel insurance take care of such issues if you are unable to go or must come back home to Canada early because of an emergency.
Travel insurance can also help with expenses should you or a traveling companion die while on vacation in a foreign country. Depending on the specifics of the policy, it may also cover some of the working income the person would have made for a certain period.