How to choose the best travel insurance for Canadians flying abroad
So you’re planning your next adventure and faced with the not-so-glamourous task of purchasing travel insurance.
When mapping out your trip activities and dining options, insurance can seem more like an added expense than a crucial necessity. But, buying travel insurance for Canadians is an essential part of the trip-planning process.
Whether you’re headed to an all-inclusive resort, about to embark on a life-changing working holiday, or taking a getaway to celebrate your retirement, insurance is the missing piece to help you out of unexpected situations.
Doing your research will help you choose the right type of coverage for your unique needs, offering potential cost savings and much-needed peace of mind.
Keep reading to learn how to choose the best travel insurance for Canadians going abroad.
Why invest in travel insurance at all?
Often an afterthought, travel insurance becomes one of those things that you debate whether or not you really need.
Sure, you know it can help you get sorted if your luggage gets lost or accommodate you changing your travel dates. However, insurance policies cover a range of common travel risks that most Canadians don’t realize.
Think of it like a safety net waiting to catch you. The right insurance policy will protect you from anything life throws your way.
What if a medical emergency leaves you needing a hospital stay? It seems unlikely, but it’s not impossible, especially if you plan to participate in risky activities like hiking or skiing. Travel insurance for Canadian seniors is even more critical, as it covers specialized factors associated with age and health.
The pros of being prepared with insurance before travelling gravely outweigh the cons, which can leave you owing thousands of dollars.
Get travel insurance with us today.
In just a few steps, we'll connect you with our verified partner, so you can secure the travel coverage you need for an affordable rate.
Key factors to consider when choosing travel insurance for Canadians
When it comes down to it, how do you choose the right type of insurance for your trip? It starts with considering the following:
1. Length of trip
The type of insurance you’ll need as a Canadian abroad depends on where you’re going and for how long. An extended working holiday requires more extensive policy coverage than a week-long trip - and will require better medical insurance. Yet, both may benefit from investing in trip cancellation insurance if plans change!
2. Items being packed
If you’ve packed valuable items on your trip, you’ll want to consider purchasing baggage insurance. This is a worthwhile policy for people travelling on business. Most airlines offer some type of protection for lost luggage, but not much. Purchasing baggage insurance will protect you against lost and delayed bags, and some policies may cover total replacement costs, which will put your mind at ease when travelling with high-value items.
3. Activities you have planned
Lastly, consider the activities you’re planning for your time abroad. While all trips need insurance, a relaxing holiday spent at the spa may require less coverage than an adventure-filled trip in the mountains. Standard travel insurance might not cover all high-risk activities and medical expenses.
The destination of your trip is also an essential factor. Consider where you’ll be when deciding what you need from your travel insurance policy—for example, the U.S. has notoriously high medical costs, meaning you’ll want additional medical travel insurance for your time away.
How to choose the best travel insurance provider
Deciding on your insurance provider is no easy feat. Most people end up going with legacy providers that their family uses. While convenient, it often results in overpaying rates.
Comparing providers traditionally involves a lot of digital labour scouring the internet for cheap insurance. If extensive research isn’t for you, try ratehub.ca - your go-to financial marketplace for finding affordable travel insurance quotes that meet your specialized needs. It makes comparing various providers and policies simple.
Still, even with a comparison engine at your fingertips, there are some basics you want to be equipped with before searching for a provider, such as:
1. Identifying trusted providers
If your ultimate goal is to find the cheapest travel insurance policy, we’re right there with you. But, it’s imperative to understand who can be trusted and who cannot. Established and well-reviewed providers have credibility because they’re reliable and offer proper protection. In some cases, they may offer a higher rate, but having your back when you need it most matters in insurance.
So, do your best to understand who is trustworthy. Canadian companies like TD Bank, Manulife and RBC Travel Insurance are recognizable organizations that will provide quality coverage.
2. Reading the fine print
Before committing to a policy, read it in its entirety. It’s essential to know what is included in your coverage and what may be excluded. There are several standard exclusions that most insurance policies won’t cover - so read the fine print to understand where you’re protected.
3. Comparing coverage type based on specific needs
Arguably, one of the best parts of travel insurance is the ability to customize it to your needs. For example, you may extend policy coverage to include multiple family members if you travel in a group. You could also reduce coverage if you’re planning to go abroad solo. The same goes for seniors in Canada who need tailored travel insurance to protect them. Do your research to see what fits you best!
Travel Insurance for Canadians: The bottom line
Choosing the right travel insurance policy as a Canadian is essential to having a stress-free and protected trip.
While often the last thing travellers think about, insurance is the safety net to help you out of unforeseen circumstances, like medical emergencies or travel accidents. It’s essential to consider factors like the duration of your trip, valuables you’re bringing, and risky activities you plan to shape the type of coverage you need.
Once you understand the policy you’re after, do your due diligence by finding the best provider. This step can be complicated if you’re unfamiliar with where to start.
Ratehub.ca makes finding the best travel insurance for Canadians easy! Tell us what you need and compare dozens of policy providers we generate based on your preferences. It’s really that simple.
At ratehub.ca, we’re committed to helping Canadians make better financial decisions.
Visit our website to get a travel insurance quote today.
Alyssa Prizzon, Content Marketing Strategist
Alyssa Prizzon is a content marketer with 5+ years of experience crafting search-optimized blogs and articles across diverse industries, including finance, technology, and more.