InsureMyTrip Reveals the Hidden Risks of Relying on Credit Card Insurance While Travelling
19 Junio 2024 - 9:30AM
The travel industry is experiencing a revival as summer travel
numbers surge to pre-pandemic levels. Canadians are eager to embark
on summer adventures, explore new destinations, and make the most
of the warm season. However, the expenses associated with travel
remain steep, and the unfortunate reality of airline delays,
cancellations, and other travel issues persists.
In the current economic
climate, taking chances with your hard-earned vacation, which
likely required significant saving and planning, is not advisable.
And many Canadians rely solely on their credit card provider for
travel insurance, unaware of the potential risks. So, the experts
at InsureMyTrip.ca are highlighting the pitfalls of depending on
credit cards and Canadian government health coverage while
journeying abroad – while offering advice on how to protect
yourself fully while staying on budget.
Understand Credit Card
Travel Insurance Limitations The extent of coverage
depends on the specific card, and it may fall short. Credit card
coverage is often restricted to expenses directly paid for with
that card and may only address fundamental issues that could arise
before or during your journey.
Even if your credit card
offers trip protection, it may not be the level of protection you
would expect. It’s important to carefully read the credit card
travel insurance documents to understand limits, special
conditions, and restrictions. Also, credit cards often have
lower limits than a robust third-party travel insurance
plan.
Canadian Government
Health Insurance Plan Shortcomings Just
as relying on your credit card for travel insurance can lead to
surprises, assuming your province-wide or Canadian medical coverage
will suffice while travelling abroad can become a costly and
frustrating oversight.
You Canadian Health
Insurance Plans will likely not cover you for medical expenses
while you’re travelling abroad and may be limited when travelling
outside your province. If you become unexpectedly injured or ill
while travelling out of Canada, you will have to pay for those
medical bills out of pocket, unless you have travel medical
insurance. You will likely find the limits on travel medical
coverage are often lower through a credit card than through a
third-party, like InsureMyTrip.
All-Inclusive Insurance
Benefits All-inclusive travel insurance plans offer
coverage for emergency medical expenses, medical evacuation,
baggage and baggage delay, and trip interruption and trip
cancellation, all under one policy.
“As with any purchase,
it’s important to shop around and compare,” explains InsureMyTrip
CEO Suzanne Morrow. “InsureMyTrip allows travellers to comparison
shop for providers and policies to find the best one for them and
their trip at a price within their budget. All-inclusive plans
offer the most bang for your buck.”
A third-party plan like
InsureMyTrip can also include “cancel for any reason” benefits,
allowing more flexibility if you must cancel your trip for a reason
other than a covered one. This benefit typically reimburses up to
50% of the covered trip cost, allowing you to recoup a good portion
of your trip cost if you decide not to travel.
Key
Points Relying only on credit card benefits or local
health insurance while travelling internationally can expose you to
unforeseen costs and restrictions. So, it’s important to do your
homework. Be aware of what your credit card or health plan does and
does not cover and compare that with a third-party plan like those
offered through InsureMyTrip.
Knowing you chose the
right coverage for you and your much-anticipated holiday can help
provide security and peace of mind.
Media
Contact: Meghan
Kayata Press@insuremytrip.ca
About
InsureMyTrip You like options. We do too.
InsureMyTrip finds you the right travel insurance plan, every time.
We are committed to empowering travellers to make the best possible
insurance decisions by leveraging our technology, data
intelligence, and expertise. InsureMyTrip is based in the U.S. with
an office in Toronto.
Not available to Quebec
residents.
Meghan Kayata
InsureMyTrip
Meghan.Kayata@insuremytrip.com