With the holidays coming up and many people planning hot weather vacations, many wonder if it’s worth spending the money on travel insurance. Experts say it is, as one incident could potentially bankrupt you.
“The insurance is for emergencies and an emergency can be as simple as a slip and fall, a twisted ankle,”Shaun Weber, northern regional coordinator for CAA Saskatchewan, said.
“We all know in the United States medical costs can be quite expensive so even a simple thing like a sprained ankle can cost a couple thousand dollars.”
A heart attack could destroy your lifesavings and even cost you your home.
“As Canadians we’re fortunate that our medical system will pay for most of our medical expenses but that coverage does not apply when you’re out country.”
Want to keep the costs down? Shop around and check your benefits at work or insurance covered by your credit card.
“Always review those plans to see how they apply to your particular situation and travel needs.”
Remember to read the fine print – credit card coverage in terms of what age groups they cover and duration really depends on what card your carry.
“If your doctor says you’re not fit for travel then even if you bought travel insurance after that you still would not be covered.”
When you purchase travel insurance, also inquire to see if you’re covered for unforeseen acts like terrorism or natural disasters.