Travel
Protecting your personal finances every step of the way
What Is Travel Insurance?
Recoup nonrefundable expenses incurred during travel such as airline, car rental and hotel costs. These plans include options to cover losses from recreational activities. Speciality coverage protects particular needs, filling in gaps between your existing policies. Travel medical insurance assumes costs you may incur from emergency rooms and hospitals abroad. Covenant Wealth Financial finds package plans that combine these two areas of coverage.
Travel insurance safeguards non-refundable trip expenses like hotels, rental cars or airline tickets and prevents you from losing the money you paid if something happens. There are different kinds of travel insurance for Canadians, so it is possible to find a plan and coverage that works best for you.
What type of travel insurance should you buy?
The type of travel insurance you buy will depend on your destination, arrangements and the personal needs of everyone on the trip. Three kinds of travel insurance plans are specialty, package and travel medical.
Specialty plans cover areas that your regular insurance does not. With these plans, you can purchase only the coverage that you need and avoid paying for coverage you already have.
Package plans provide extensive coverage, including medical and cancellation coverage. You should consider these plans if you are taking a long or expensive trip and want to protect your non-refundable payments.
Travel medical plans are ideal if you will be somewhere that is not in your health insurance network. With these plans, you will be covered if you need medical care. They are a good option if you are not spending much on your travel arrangements and do not need coverage for non-refundable expenses.
What is covered under travel insurance
Travel insurance will generally cover the following:
Rental cars
Luggage
Delays, disruptions or cancellations
Life insurance for public transportation use, the flight, or the entirety of your trip
Medical evacuations
Medical emergencies
You can also purchase coverage for identity theft or extra medical coverage for recreational activities like rock climbing or surfing. Some plans even include a phone number that you can call any day or time for help.
When Should You Buy Travel Insurance?
You should buy travel insurance when you start booking your trip and make the first deposit. The day that you make the first deposit is the initial trip deposit date, and you generally need to buy insurance within ten to fourteen days of that date. This ensures that the coverage will begin in time for your trip.
Whether you are staying in Canada or going abroad, Covenant Wealth Financial Services can provide you with a travel insurance quote and the perfect plan for your trip. To get started, contact us today!
