Best Travel Insurance for Canadians
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KEY POINTS
Travel insurance offers protection against unexpected financial events, ensuring a stress-free travel experience
Canadians can choose between comprehensive plans or plans specifically tailored for medical coverage
Coverage may include trip cancellation, trip interruption, missed connections, trip delays, baggage and personal items, accident and sickness, pre-existing conditions, evacuation, repatriation, AD&D, and more
Is Travel Insurance Important?
Travel insurance plays a vital role by offering you financial protection against unforeseen events like trip cancellations, trip interruptions, medical emergencies, or lost luggage, mitigating the potential financial strain and related stress.
In addition, most travel insurance companies provide 24/7 travel assistance, medical assistance, and some also provide identity theft services and concierge services. These services can be invaluable during a travel-related crisis.
Why is Travel Insurance Important to Canadians?
Unexpected medical emergencies during an international trip can be costly and lead to personal bankruptcy in extreme circumstances.
Canadians find travel insurance particularly valuable because of the limitations in the country's public healthcare system beyond its borders. Despite comprehensive medical coverage at home, travel insurance becomes essential to fill gaps in healthcare expenses during international trips.
Moreover, travel insurance extends to non-medical coverage like trip cancellations, interruptions, and lost belongings, providing Canadians with financial security and assistance to navigate unforeseen challenges while traveling. Given the extensive distances often covered in Canadian travel, comprehensive insurance acts as a safety net for various potential disruptions.
Types of Travel Insurance
Standalone policies or a comprehensive plan might include various types of insurance. Providers often present their comprehensive plans in different tiers, giving you the option to customize further with various upgrades. The following represent the common coverages found in travel insurance policies.
Medical Insurance
This can provide coverage for accident and sickness, emergency dental, evacuation, repatriation, burial, accidental death & dismemberment, and more.
Usually, pre-existing conditions are excluded from coverage. Yet, numerous travel insurance providers may grant waivers under certain circumstances, especially if the coverage is obtained within a specified timeframe from the trip's purchase date.
Adventure travel and extreme sports are typically not covered. However, some policies offer optional upgrades for this coverage while other policies are designed specifically for such risky activities.
Trip Cancellation and Interruption Insurance
This provides coverage for unexpected trip cancellations and reimburses you for the non-refundable trip costs. Cancellation causes may include illness, job loss, death in the family, natural disasters, and more.
Certain insurance plans incorporate or provide optional add-ons like Cancel for Any Reason, Cancel for Interruption, and Cancel for Work. The value of these features can be highly significant, contingent upon your individual risk profile.
Missed Connections and Flight Delays Insurance
This insurance coverage can prove invaluable in scenarios such as a connecting flight delay leading to a missed cruise departure, or a significant flight delay causing an overnight stay and additional expenses. It also protects against unexpected situations like airport closures or severe weather conditions, ensuring you're covered for unforeseen travel disruptions.
Baggage and Personal Belongings Insurance
Typically, this provides coverage for the replacement of personal items and compensation for timing delays. The personal items are usually subject to a maximum claim limit and maximum limit per item. Baggage delay coverage kicks in after the time specified in the policy which may range from 3 hours to 24 hours or more.
Now that we've covered the basics of travel insurance, let's explore some top-notch options specifically tailored for Canadians.
Best Travel Insurance for Canadians
AIG has several Travel Guard plans that are designed specifically for Canadians. We provide the following highlights of their All-Inclusive plan:
|
Trip Protection |
|
|
Trip cancellation |
100% Trip cost |
|
Trip interruption |
100% Trip cost |
|
Trip delay |
$5,000 |
|
Missed connection – change fee |
$2,000 |
|
Cancel for any reason |
75% Trip cost |
|
Wedding cancellation |
Included |
|
Medical |
|
|
Emergency medical 0-59 years |
Unlimited |
|
Emergency medical 60+ years |
$10,000,000 |
|
Dental – blow to face |
$1,500 |
|
Dental – other |
$600 |
|
Evacuation |
$300,000 |
|
Pre-existing conditions |
Waiver option |
|
AD&D – Travel |
$50,000 |
|
AD&D – Flight |
$100,000 |
|
Baggage / Belongings |
|
|
Personal items |
$1,000 |
|
Delay |
$750 |
|
Other |
|
|
Return dependent child |
Included |
|
Return travel companion |
One-way ticket |
|
Return vehicle |
$2,000 |
|
Pets – return |
$1,000 |
|
Pets – vet services |
$300 |
|
Underwriter |
|
|
AIG Insurance Company of Canada |
|
AIG also has medical-only plans if you don't need all the non-medical coverage in the all-inclusive plan summarized above.
Trawick has several Safe Travel plans that are designed for Canadians travelling inside the USA and outside the USA. We provide the following highlights of their top tier plans (upgrades reflected when available):
|
Highlights |
Inside USA |
Outside USA |
|
Trip Protection |
||
|
Trip interruption |
$5,000 |
$7,500 |
|
Trip delay |
- |
$7,000 |
|
Medical |
||
|
Emergency medical |
$1,000,000 |
$1,000,000 |
|
Emergency reunion |
$15,000 |
$15,000 |
|
Evacuation |
$2,000,000 |
$2,000,000 |
|
Pre-existing conditions |
$1,000 |
$20,000 |
|
AD&D |
$500,000 |
$500,000 |
|
Baggage / Belongings |
||
|
Personal items |
$1,000 |
$1,000 |
|
Other |
||
|
Return to home country |
$25,000 |
- |
|
Sports activities |
$50,000 |
$50,000 |
|
Underwriter |
||
|
Crum & Forster SPC |
||
Seven Corners has the following single trip and annual medical plans designed for Canadians travelling inside the USA and outside the USA. We provide the following highlights (upgrades reflected when available):
|
Highlights |
Single trip |
Multi-Trip/Annual |
|
Trip Protection |
||
|
Trip interruption |
$5,000 |
$5,000 |
|
Medical |
||
|
Emergency medical |
$1,000,000 |
$1,000,000 |
|
Emergency reunion |
$50,000 |
$50,000 |
|
Dental - accident |
$500 |
$500 |
|
Dental – pain relief |
$200 |
$250 |
|
Evacuation |
$500,000 |
$1,000,000 |
|
Pre-existing conditions |
$50-$75,000 |
$20,000 |
|
AD&D |
$25,000 |
$25,000 |
|
AD&D – Flight |
$50,000 |
$50,000 |
|
Baggage / Belongings |
||
|
Personal items |
$500 |
$500 |
|
Other |
||
|
Return of children |
$50,000 |
$50,000 |
|
Personal liability |
$50,000 |
$25,000 |
|
Adventure activities |
To med max |
To med max |
|
Underwriter |
||
|
Company |
Crum & Forster |
Lloyd’s of London |
Travel Insured’s Trip Protector plan is designed specifically for Canadians. We provide the following highlights:
|
Trip Protection |
|
|
Trip cancellation |
100% Trip cost |
|
Trip interruption |
150% Trip cost |
|
Trip delay |
$1,000 |
|
Missed connection |
$500 |
|
Cancel for work reasons |
Included |
|
Medical |
|
|
Emergency medical |
$1,000,000 |
|
Evacuation |
$1,000,000 |
|
AD&D – Travel |
$10,000 |
|
AD&D – Flight |
Up to $1,000,000 |
|
Baggage / Belongings |
|
|
Personal items |
$1,000 |
|
Delay |
$300 |
|
Underwriter |
|
|
Northbridge General Insurance Corporation |
|
FINAL THOUGHTS
It is advisable to adopt a proactive stance regarding your travel insurance requirements and not simply opt for your travel provider's insurance for the sake of convenience. The mentioned insurance providers present compelling coverage choices and are supported by underwriters with outstanding credit ratings.
We invite you to read our Travel Insurance Guide to learn more about how to protect your trip and your wallet.
