Planning a trip can be expensive – there’s flights, hotels, meals, and excursions that need to be budgeted for. And don’t forget your travel insurance!
Travel insurance protects you from all sorts of unfortunate surprises that could ruin your trip, and possibly even your financial future.
It can help defer the costs of missing connecting flights, lost baggage, and theft. Without travel insurance, you could be out of pocket for anywhere between a few hundred to thousands of dollars.
Moreover, in the event of a medical emergency, the price tag could skyrocket. RATESDOTCA insurance data from 2019 highlighted that insurance providers paid out a cool $33,000 for an emergency – a broken arm – to a customer vacationing in Mexico.
Needless to say, with more severe accidents or prognosis, the bill would only get higher.
Any of these situations would put a damper on your holiday, but having travel insurance could ease some of the stress, emotional distress, and financial burden.
As per a RATESDOTCA study, a 30-year-old woman with no pre-existing medical conditions can get a month-long $50,000 travel insurance coverage for as low as $43 CAD. (Quotes are subject to change and may vary depending on your personal details.)
Here's a list of everyday items that can easily cost more than travel insurance.
With a generous budget of $50, here are five things that you spend more money on annually than travel insurance:
Consider cutting back on a few of these small luxuries and use your savings to purchase travel insurance instead. Afterall, no one likes being stuck with a gigantic medical bill.
When selecting a travel insurance policy, it is very important to consider the nature of your trip. If you’re considering excursions during your trip, you should note that some activities such as parasailing and scuba diving may be excluded. It is best to check with the insurance provider before completing your purchase.
However, while selecting a policy, you should ask yourself the following questions:
Compare rates and choose the policy that best suits the type of trip you’re taking. Some features to look for are trip protection, trip cancellation, medical coverage, and phone support. Some providers offer a 24/7 helpline in case you aren’t sure what to do in the event of an emergency while in a foreign country.
If you find yourself having to file a claim, the process is usually straightforward. Collect, and make copies of all receipts, reports, and other documentation supporting your claim. Then, call the insurance provider's support line or fill out the forms online.
Submit your claim with all supporting material, which may include a statement issued by the airline as proof of lost luggage, a police report, or medical bills. The claim form should list the documentation that is required.
Once your form is returned to the insurance provider, they will assess your claim or request additional information. After their investigation concludes, you should be issued a reimbursement within a few weeks, however, each situation is unique.
Willing to spend a date night in or give up a few lattes in exchange for some peace of mind?
A couple of dollars a day could end up saving you hundreds, if not thousands of dollars in the event of an emergency. With RATESDOTCA you can compare cheap travel insurance quotes and be prepared for your next trip.
Bon voyage!