Know the truth about insurance to travel smart

(NC) You've booked the ticket, packed your bags, cleaned out the fridge, and selected a new book to crack open for the flight - but are you missing a crucial step in this pre-vacation planning? According to a recent survey from American Express Canada, less than half (44%) of Canadians purchased travel insurance in advance of their last vacation.

To make sure both your belongings and your health are protected when traveling, Susan Misner, co-founder of the popular blog, Golden Girl Finance, dispels some of the common misconceptions around travel insurance:

Myth #1: My work benefits already have me covered.

The truth - The study found that 35 per cent of Canadians assumed they were covered with travel insurance through their work, but it's important to do your research before takeoff. "Although often partially covered through your employer, it's important to identify any gaps", says Misner. "Specifically, check to see if your policy covers trip cancellation or if it has time restrictions as many policies will only cover a maximum of 15 days medical coverage."

Myth #2: I can pay out-of-pocket for any medical incident while abroad.

The truth - Every vacation has its unexpected costs, but most of us don't imagine worst-case scenarios. For example, 69 per cent of Canadians estimated hospital treatment for a broken leg to be less than $5,000, when in reality; the average cost (in Florida) for treatment of a broken leg is $11,000. "Without travel insurance, these unexpected costs could leave you financially drained by the time you return home," says Misner.

Myth #3: The airline will reimburse me for trip delays or lost baggage.

The truth - Fear of lost baggage is almost as common as the fear of flying. "If you think getting a decent cup of coffee during a flight is tough, just try getting reimbursed for the full value of your missing make-up kit," says Misner. "The fact is, many airlines do not reimburse for lost baggage or trip delays, or only provide limited reimbursement. If you are taking an international flight with one or more connections, you may want to consider trip delay and baggage loss/delay coverage."

More information about travel insurance is available online at

Courtesy of Newscanada
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