In recognition of National Insurance Awareness Day (June 28), it’s a great time to chat about the importance of having a worry-free travel experience. Many employers and credit card companies offer travel insurance as a perk for working or using their credit cards. Today, we discuss whether it’s enough when travelling and why having additional coverage is beneficial.
Many employers are now offering more employee benefits to attract top talent, and travel insurance is one of them. However, the coverage provided can vary significantly, and like with any insurance policy, you’ll need to find out exactly what you’re covered for.
Here are some major things to look for in your travel insurance policy:
For how long and for how much am I covered?
How quickly and easily can I contact my travel insurance company when injured?
What exactly am I covered for? (e.g., hospital stays, ambulance, prescription drugs, repatriation)
What are the exclusions?
Since each employer and trip differs, confirming whether the provided insurance meets your needs is essential. For situations where your employer-provided travel insurance may fall short.
For example, if you go on a 30-day trip and your work travel insurance plan only covers 15 days, you can purchase top up insurance before your trip for added coverage for the remaining 15 days.
If you have travel insurance coverage from another provider, you should always verify that they allow their coverage to be topped up by another provider, as they may void or restrict your coverage if you don’t extend or top-up with them directly. Purchasing additional insurance is not uncommon; it’s a downright must if your employee benefits don’t offer the coverage you need for the duration of the trip to ensure protection while away.
Nowadays, nearly everyone has a travel rewards credit card, usually because of their travel benefits, which sometimes include travel medical insurance. However, credit cards differ significantly in terms of the benefits they offer, and not every card provides the same level of coverage. It’s important to review your credit card travel insurance policy and review the specifics to ensure the coverage is enough and adequately meets your trip’s needs.
Here are key questions you need to ask:
Do I need to book with a specific travel agency to qualify for benefits?
Does it cover only me, or is my family included?
Besides travel medical insurance, what else am I insured for?
Do I need to book all my travel on my credit card to qualify?
Am I covered for high-risk Sports and Activities?
How long and how much am I covered for?
Travel reward cards that provide superior coverage often come with a fee. So, if you are not a frequent traveller or frequent user of the card, purchasing separate travel insurance might be more practical. This would allow you to use the card’s benefits as a supplemental coverage.
In the unpredictable world of travel, the value of specific insurance policies shines through during the stressful moments we all hope never to experience, such as discovering your luggage hasn’t made it to your destination or was damaged upon arrival. This is where baggage insurance becomes more than just a benefit; it transforms the tone of the trip.
Although US Air Passenger Protection Rights require airlines to compensate passengers for delays and damaged baggage up to approximately $2,350, these claims often involve complex processes and may not result in compensation. Furthermore, most complimentary insurance plans fall short in offering coverage for baggage damages and delays or the theft of personal currency, so there’s a lot of value in having baggage insurance when travelling.
Travel medical insurance is commonly the insurance that most employers and credit card companies offer. However, as we’ve previously discussed, only some of these plans provide comprehensive travel medical insurance, and they often don’t offer the flexibility to customize policies tailored to your travel needs and situations on most occasions.
For instance, certain cards may require different pre-existing condition stability periods, varying by age. Understanding what you’re covered for and finding coverage that will protect you if an emergency happens is crucial.
Our Emergency Medical Travel Insurance is designed with flexibility of travel in mind and so that travellers can customize their policies based on their needs.
Additionally, it’s important for americans to realize the limitations of provincial health plans, particularly when travelling across provinces or internationally. While some coverage is provided, it is generally minimal, only addressing certain medical services.
Emergency Medical insurance is an absolute must if you plan to purchase just one type of insurance when travelling.
Whether it’s a relaxing beach holiday or a bucket-list family vacation, anticipating an upcoming vacation is always part of the fun. However, if there’s one certainty in travel, it’s the unpredictability. Even the most thoroughly planned trips can face unexpected challenges that cause them to get cancelled or interrupted. A lot of money goes into planning a trip, so having Trip Cancellation and Trip Interruption insurance can help save the day and recoup some expenses from the trip, which most free plans don’t offer.
In conclusion, while it’s always awesome to find budget-friendly travel insurance options, usually the free employer and complimentary credit card plans may not give you the full coverage you need for travel insurance. Hopefully, the information was helpful and be sure to contact your local broker to help go over the fine print of your policy to make sure your vacation is a blast and catered to your needs!
