Which insurance companies have the most reliable and affordable coverage options for Canadians seeking to purchase a comprehensive travel insurance policy?
Canadians are not adequately prepared for unexpected medical emergencies while traveling, with 45% of travelers not having travel insurance, according to a survey by the Canadian Life and Health Insurance Association.
The average cost of a medical emergency abroad can range from $10,000 to $100,000 or more, highlighting the importance of comprehensive travel insurance.
Travel insurance often excludes pre-existing medical conditions, which can affect up to 25% of travelers, according to the Canadian Institute for Health Information.
The Canadian government recommends purchasing travel insurance that covers medical expenses, as the government will not pay for medical expenses incurred abroad.
A study by the Canadian Medical Association found that 22% of travelers experienced a medical emergency while abroad, highlighting the need for comprehensive travel insurance.
Credit cards and home insurance policies often provide limited travel insurance coverage, and travelers may be unaware of the limitations of their coverage.
The Canadian Transportation Agency recommends that travelers purchase travel insurance that includes trip cancellation and interruption insurance to protect against unforeseen events.
A study by the Conference Board of Canada found that travelers who purchase travel insurance are more likely to participate in riskier activities while traveling, highlighting the importance of comprehensive coverage.
Travel insurance can cover unexpected events such as natural disasters, political unrest, and terrorism, which can affect travelers.
The Canadian government advises travelers to research and understand the terms and conditions of their travel insurance policy, including the coverage, exclusions, and limitations.
The risk of luggage loss or theft increases during peak travel seasons, highlighting the importance of purchasing travel insurance that includes baggage coverage.
Travel insurance can provide 24/7 emergency assistance, which can be critical in emergency situations, according to the Canadian Travel Health Insurance Association.
A study by the Canadian Institute of Actuaries found that travel insurance can reduce financial stress and anxiety associated with unexpected medical emergencies while traveling.
The Canadian Life and Health Insurance Association recommends that travelers purchase travel insurance that covers emergency medical evacuations, which can be critical in life-threatening situations.
Travel insurance can cover unexpected trip cancellations or interruptions due to unforeseen events such as natural disasters or medical emergencies.