What everyone should know about travel insurance
(NC) Your bags are packed and you're ready to go on that much-needed vacation. You've been diligent and purchased travel insurance, but there's a chance that you might not be as protected as you thought.
“Canadians often mistakenly believe that simply purchasing a policy will protect them,” says Lori Hartery, the travel insurance services manager with Western Financial Group. “Travel insurance isn't one-size-fits-all. You need to find a plan that fits you best.”
To make sure you don't find yourself in a position where you're not covered, avoid making these common mistakes:
• Purchasing plans at the last minute: Purchasing travel insurance should not be a last-minute call made on the way to the airport. Just like your carefully considered travel itinerary, ensure that you leave enough time to purchase a plan.
• Making assumptions:Many travellers fall into the common pattern of assuming that their existing plan will cover them from trip departure to return. However, coverage offered through credit cards, retirement plans, and travel groups may not meet your individual needs.
• Forgetting to mention medical conditions: “Canadians often forget to mention non-life threatening illness or long-standing medical conditions, like pacemaker or stents,” says Hartery. “This can result in a claim being denied in the unfortunate event that you require out-of-country medical assistance.”
• Booking activities that aren't covered:Each vacationer has a unique set of plans that calls for tailored insurance. Often extreme activities are not covered in basic travel insurance.
• Making price the deciding factor:The cost of your travel insurance plan is just one of many factors to consider when purchasing your plan. Hartery adds, “You wouldn't buy a parachute on price alone, so choose quality instead.”
For additional guidance be sure to consult your insurance broker to help you to identify and purchase the tailored policy that is right for you.
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