After not being able to travel for so long, the majority of Canadians (65%) are planning on taking a trip in the near future, according to a recent TD Insurance Survey*.
Keep in mind, while you’re packing your sunscreen for some fun in the sun or parkas for a winter weekend away, only 36% of Canadians have plans to purchase any form of travel insurance, whether that’s medical or cancellation insurance.
It can feel tempting to skip out on purchasing travel insurance, but getting coverage can help protect you and the cost of your trip — regardless of how far you’re travelling outside your province of residence.
Luckily, TD Insurance has a variety of travel insurance plans to provide coverage while you’re travelling.
With travel insurance options for trip cancellation and interruption, emergency travel medical coverage and more, TD Insurance provides plans that can help protect you from eligible unexpected expenses.
To help you have a better understanding of just how important travel insurance is, here are a few common misconceptions about travel insurance.
MYTH: I CAN JUST PAY OUT-OF-POCKET IF SOMETHING HAPPENS ON VACATION
A common misconception about travel insurance is that it’s an unnecessary expense, especially among young Canadians. In fact, nearly half of those aged 18 to 34 believe that getting travel insurance is too expensive, according to a recent study at TD Insurance.
While it might be a nice thought to be able to cover out-of-pocket expenses if something were to happen during your travels, 31% of Canadians surveyed wouldn’t be able to cover any out-of-pocket expenses above $300.
A Single-Trip Medical Plan from TD Insurance can cover your eligible medical emergency costs like physician fees, hospital fees, and ambulance services, all while providing coverage up to $5 million with no deductible required.
Depending on the circumstances, the cost of medical bills, travel interruption, or cancellation could outweigh the cost of travel insurance.
MYTH: TRAVEL INSURANCE IS ONLY FOR WORST-CASE SCENARIOS, WHICH WON’T HAPPEN TO ME
Look, we get it, you may feel you’re young and invincible. When booking travel plans, you’re probably not thinking about what could go wrong or happen to you while away, especially when you’re healthy and active. The survey by TD Insurance shows that three in 10 Canadians aged 18 to 34 believe travelling with travel insurance isn’t necessary.
But travel insurance covers more than just medical emergencies and people of all ages should consider coverage.
TD Travel Insurance is there to help travellers prepare for the unexpected cost of eligible emergency expenses while travelling should they be needed. But it could also help cover unforeseen expenses due to trip cancellations, baggage delays, and more.
Another hot topic is coverage for pre-existing conditions. While having a pre-existing medical condition may not disqualify you from getting insurance, your pre-existing medical condition may have to be considered “stable” for a specified period before your effective date to be covered.
MYTH: I’M AUTOMATICALLY COVERED BY MY CREDIT CARD INSURANCE
Vacations should be a time for relaxing, but there are plenty of things that can go wrong from flights being delayed to your luggage getting lost which could make your trip full of unnecessary stresses.
Whether you’re booking a last-minute hotel or repurchasing lost items, you may end up spending extra money you didn’t plan for.
Depending on your credit card, you could be eligible for a range of coverages, from trip cancellations to lost baggage to car rental accidents. You could also be insured in certain situations, such as travel medical emergencies.
However, not all credit cards offer travel insurance and you should investigate what insurance coverages are included with your credit card before assuming you’ll be covered.
MYTH: I ALREADY HAVE PROVINCIAL HEALTH INSURANCE, SO I’M COVERED
Even if you’re travelling within Canada, your provincial coverage — like Ontario Health Insurance Plan (OHIP) or Medical Services Plan (MSP) — doesn’t always mean every type of expense from a medical emergency will be covered when you leave your province of residence.
For example, if you are travelling outside of Ontario with an OHIP, the cost of an ambulance would not be covered under OHIP.
It’s why you should understand your insurance coverage before you head to your destination, as it could save you the headache in case something does happen.
During an unexpected travel event, customers can contact the TD Insurance administrator, Global Excel available worldwide for customers at any time.
MYTH: I’LL NEVER FILE A CLAIM ANYWAY BECAUSE IT’S TOO HARD
As the saying goes, “Just because something is hard, doesn’t mean it’s not worth doing,” or something along those lines. The same goes for filing a claim — do you really want to pay for your medical expenses just because you need to upload evidence supporting your claim?
TD Insurance makes filing claims a straightforward process through its Online Claim Portal. There, you can submit your documents, including medical bills or out-of-pocket payments.
If you need support with the process, TD Insurance has a support line that will take you through filing a claim.
With so many more travel insurance myths flying around, we don’t want you to fall victim to the misconceptions. To learn more about what travel insurance can cover, or to get a quote, visit TD Insurance’s website.
** TD Insurance* 2022 Travel Insurance Survey (“the Survey”), conducted between November 18-20, 2022
This article has been sponsored by TD Insurance.