Properly protecting yourself does not necessarily mean paying more! Here are some tips that can help you save on your travel insurance and enjoy full coverage that will protect you from unforeseen medical expenses without harming your wallet.
First, let's look at some statistics:
According to the Travel Health Insurance Association (THIA), an average of 20% of Canadian travelers consult for a medical emergency abroad every year.
35%of Canadians travelling do not purchase any travel insurance for their trips outside Canada.
The most common causes for a medical consultation are for gastro-intestinal problems (22%), infection monitoring (16%), and bone fractures (11%).
Did you know that a bone fracture in the United States represents an average medical bill of $10,000 USD?
34%of Canadian travelers would be heavily burdened with an invoice of $1,000 or more for medical care and 32% of them would consider a medical bill of $5,000 or more to be catastrophic for them.
The need to protect ourselves during our trips abroad is very well understood, however, how can we reduce the cost of our insurance coverage? There are many solutions:
Do you travel outside your province of residence more than once during the year? If so, a multi-trip annual plan will be best for you. This coverage is available for a period of 1 year and covers you for an unlimited number of trips outside your province of residence. If you plan to stay longer than your contract allows you to, you can always add additional days to cover the total trip length.
Home and auto insurance policies carry a deductible; choosing a deductible for your travel insurance policy works the same way. The higher the deductible the higher the discount on your premium. If you can afford to add a deductible on your travel insurance policy, you can save up to 20% and more on the premium.
If your travel dates are more or less determined and you have a birthday coming up before you leave for your trip, you can possibly save a substantial amount of money by purchasing your insurance before your birthday. Some insurers determine their rates at the time of application and not the departure date. The majority of insurers will not charge you administration fees if you need to change your travel dates.
Other discounts are available on the market, such as companionship discounts; available if you and your spouse travel together. Early bird discounts; some insurers offer a discount of up to 5% but in some cases the offer is for a limited period.
One last and very important tip; shop around and compare. Most insurers review their pricing annually. A good broker will be able to compare the products of different insurance providers and offer you the product that best suits your situation and your budget. Our experts always recommend having 2 or 3 quotes in order to make a clear choice. A good broker will offer you a variety of products and insurers. They will also be able to help you compare offers from various insurers.