Think of travel insurance as your umbrella on a gloomy day, always there to shield you from those unexpected financial rain showers. Choosing the right travel insurance is just as important as selecting the perfect umbrella. Our experts at MIB are here to share five friendly and valuable tips to help our fellow Canadians make the best decision and ensure they're well-prepared for unforeseen expenses while exploring the world.
- Timing Is Everything: Our first tip may seem obvious, but it's easy to overlook – make sure to secure your travel insurance when you book your trip. Remember, travel insurance isn't just for when you're on the go; in fact, around 30% of claims come from incidents that happen before you even leave home. Illness or injury can strike at any time, so it's a wise move to have coverage from the moment you book your trip until your return. Waiting until a few days before your departure might leave you exposed to potential risks.
- Government Actions: The COVID-19 pandemic has made us acutely aware of how government decisions can impact our travel plans. The pandemic itself didn't trigger claims; it was the government's decision to restrict air travel that led to them. Unfortunately, many policies didn't cover these scenarios. Currently, some destinations are requiring travellers to have insurance before boarding their flights. Make sure your policy takes into account government actions that might disrupt your travel plans.
- Full-Cost Coverage: Underestimating the total cost of your trip can be a costly mistake. The pandemic taught us this lesson when some people bought policies that didn't match the actual cost of their vacations. If your flights get cancelled or you need to cancel your trip, having insufficient coverage can result in significant financial losses. Always align the sum insured in your policy with the total cost of your holiday.
- Personal Liability: Personal liability coverage is essential, especially if you're into activities that might pose accidental harm to others, like skiing or driving. Skimping on this coverage can be a costly oversight, so aim for the maximum limit of indemnity.
- Lost Bags: Coping with lost luggage can be a real inconvenience, but your insurance can come to the rescue. Keep meticulous records of your belongings, and if the airline is responsible for the loss, make sure to file a report promptly. Typically, the airline provides partial compensation, with your insurance covering the remainder.
When it comes to travel insurance, preparedness is your best friend. Avoid last-minute decisions, and never compromise on quality. Keep in mind that the price you pay for your travel insurance often corresponds to the level of coverage you receive. The cheapest policies might leave you underinsured if unforeseen circumstances arise. While it may involve some administrative work, securing the right policy has never been more crucial. Read the fine print, ask questions, and ensure you're safeguarded against all possible scenarios. The right policy ensures you stay financially secure, even when unexpected expenses rain down during your travels. Travel wisely and stay protected. Reach out to a MIB insurance expert today or obtain a quote from the MIB travel insurance quoter now.