Do you really need Travel Insurance?

Whether it’s a weekend getaway or a five-week trip, travel is something to look forward to.

However, it can also be costly. Sometimes, travellers even wonder if travel insurance is worth the cost. After all, why spend money on coverage that may go unused?

Sometimes, we forget that accidents and illness can affect anyone at any time. Whether you are young and healthy or an experienced traveller, we all make mistakes. Sometimes, we might twist an ankle because we misjudge a sidewalk; other times, a taxi or Uber we are travelling in will get into an accident. Life happens, and that is why we have travel insurance.

Canadian residents are covered for certain medical expenses within their own province by their provincial government’s medical plan. However, it's a different story once you leave your home province or your home country.

What you may not know is that most hospitals around the world charge foreigners for unexpected medical and dental treatments, and if you need hospitalisation while you’re travelling, you can get stuck with a steep bill. Even worse, the same thing has happened to Canadian residents who travel outside of their home provinces, but within Canada.

Can you afford a $30,000 USD bill? According to MIT Health, that is the average cost of a three-night stay in a U.S. hospital. Or maybe you want to be on the hook for $20,000 CAD? Because that was the bill provided to an Ontario resident after she needed an Air Ambulance in PEI. Emergency medical travel insurance helps to cover not only the cost of an unexpected hospital stay but also may cover visits to a doctor, transportation by ambulance, emergency dental care, x-rays, medication and more, all of which can add up quickly.

So is travel insurance worth it? Travel Insurance usually costs less than your hotel bill, your car rental costs, or your airfare. It may seem like an unnecessary expense, but trip coverage is really just a modest investment that shields you from the financial repercussions of medical emergencies and other unexpected events. The true worth lies not in its price but in knowing you have support to help you get through a stressful situation.

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