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The Importance of Travel Insurance

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Clients had an accident while on a quick trip to the States to buy milk.  It turned out to be a very expensive jug of milk!  I thought I'd share this informative write-up provided by Jarett Schill of Schill Insurance as a bit of a primer on what to do about travel insurance -- even those quick little runs across the border to go shopping, out skiing , see a baseball game or just a weekend getaway at a B&B.  I'm no expert on insurance so please make sure you do your own homework on this.  The important thing is just to make sure you have it so there's no crying over spilt milk!

 

The Importance of Travel Insurance

 

  There seems to always be a reason for travel.  It could be a dream vacation, a trip to see family, or simply just going across the border for groceries.  Whatever the reason, it is always important to carry travel insurance, so that coverage is available in the event of the unforeseen.  The benefits of provincial medical systems are lost when travelling outside of your home province.  One quick incident can lead to thousands of dollars in expenses, and leave an individual left to bear those costs for a lifetime.

 

  The importance of this coverage cannot be understated.  The International Federation of Health Plans 2011 statistical report cited the average cost of a day in a US hospital to be $3,949.  The average hospital cost of a patient in the US was $15,734.

 

Coverage Provided

 

  Listed below is some of the coverage that travel insurance provides.  However, please note that other coverage is available and this is not a complete list of coverage.

 

Medical Expense Coverage

 

  Coverage provided through travel insurance plans include coverage for sickness or injury requiring     emergency medical treatment while travelling outside of your home province.  

Insurance companies provide a limit of $5 Million coverage for expenses that are incurred.


  Coverage includes but is not limited to:

  • Coverage for a licensed ambulance
  • Emergency dental expenses
  • Emergency medical care
  • Expenses to cover the cost of bringing a family member to your bedside
  • Lodging for you, or your travelling companion while confined to a hospital                                  
Trip Cancellation or Trip Interruption Insurance

  Trip cancellation or trip interruption insurance provides for reimbursement of travel costs in the event that the unexpected prevents travel prior to departure, or if the unexpected disrupts travel after the departure date.  Coverage can include reimbursement for the following expenses:
  • Unexpected sickness, injury and or death
  • Natural disaster
  • Involuntary job loss
  • Missed connection
  • Travel advisory warnings
Baggage Insurance

Baggage insurance provides coverage for the loss, damage, destruction or theft of personal belongings while in transit, or while in any hotel or any other building anywhere in the world.  Coverage is often limited to per person or per family amounts.

Customizable Plans

  Travel insurance can be customized to fit the needs of the client.  Plans are available for, but not limited to:
  • Canadian citizens
  • Visitors to Canada
  • International students
  • Families
  Plans can be purchased for a single trip, and for an annual travel policy as well.  The annual plan can be further customized depending on the normal amount of time that an individual travels.  For example, plans are available for 5, 10, 15 or even up to 60 days of travel.  This kind of policy can be used multiple times during the year.  It is fast becoming a convenient and affordable option for many people.

Affordable Rates

  Travel insurance plans can be designed to fit the needs and budget of each individual client. Single day trips can cost as little as $20 and annual travel plans can cost a family of four approximately $120 per year.

  Please keep in mind that rates do vary on individual underwriting requirements, and will depend on the number of travellers, their ages and any prior medical conditions.  

  Purchasing travel insurance only takes a few moments of your time so please contact Schill Insurance for a quote.

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