How to avoid travel policies you don't need

Everyone knows that travel insurance is a small additional cost to the overall expense of a vacation, but one that is well worth it. If you’re jetting off on a ski trip, or have a pre-existing medical condition, then you will be required to take out some additional coverage for these factors, but it can work the other way too. Did you know that you could actually be purchasing coverage that you don’t need by just taking a standard package? Taking the time to read through the terms and conditions of your policy, and identify what areas are not relevant to your trip, could end up saving you some money.

Only purchase travel medical insurance if you don’t already have it

Taking out a basic travel insurance policy is a must, especially if you are travelling overseas. If you don’t already have emergency medical coverage for your travels, then it is crucial you take out a policy that includes this, because foreign medications, treatments and hospital stays can leave you with a hole in your pocket.

However, some credit cards and employers actually provide travel medical coverage. Double check your employer group benefits plan and your travel rewards credit card to see if you already have coverage. If that’s the case, you don’t need to take out your own additional coverage. Keep in mind that most credit card coverage is very limited and have stiff exclusions - one should always read their policy details.

A travel insurance policy may still be helpful, though, to protect you against any flight cancellations or lost baggage. Speak with your insurer to tailor your policy.

If you aren’t travelling by air, you don’t need flight delay or cancellation

Most basic gravel insurance policies include flight cancellation and delay as part of the package, but obviously, if you aren’t travelling by airplane than you don’t need to worry about this. Usually this kind of coverage will cover the cost of hotel accomodations or meals you have had to pay for as the result of a flight delay. If you are headed on a road trip or are taking your boat across the border, then give your insurer a call and see what adjustments can be made.

Evacuation insurance may not be worth it

If you are travelling to a country that is prone to having extreme weather, or perhaps there is a time of civil unrest going on in a nearby city, then evacuation insurance may well be worth the cost. This can help you out if you find yourself trapped as the result of a natural disaster or a unexpected political unrest, by ensuring you have the assistance to get out of the area safety. Always check to see if there are any travel advisories for Canadians before booking your trip.

However, according to Daily Finance, if you aren’t going to a place in the world with this kind of risk, chances are you won’t even need evacuation insurance.

 

The best thing to do is speak one-on-one with your insurer and find out what options and adjustments are available for your trip. It is vital that you are always honest with your insurer, you may think that telling a small lie will cut costs, but if you're found out your claim may be denied and you'll end up out of pocket. If you aren’t happy with the adjustments made by your insurer, try searching the market and seeing what other policies are out there. All in all, insurance is absolutely the most necessary factor in ensuring you and your family have a safe and enjoyable vacation.