Pattie Lovett-Reid: Why you should consider cancellation insurance for your next getaway
Spring break is around the corner for many, and while this might not be at the top of your list, trip cancellation insurance should be a serious consideration.
Sadly, rotten things happen to really good people all the time. You lose your job, mother nature doesn’t cooperate, you suffer an accident – and the list goes on. It can all happen in the blink of an eye and ruin what was supposed to be the perfect getaway.
According to a recent survey by kanetix.ca, almost two-thirds of Canadians either don’t buy or are unsure if they even have cancellation insurance before leaving for a vacation.
Does this make financial sense to you? The average vacation can cost approximately $3,000, which includes everything from flights, hotels, rental cars, paid excursions and dining out. Vacationing is expensive. Cancellation insurance will be customized to your requirement needs and the trip duration.
It is so easy to assume you are protected through your credit card or workplace benefits – and you might be. But you should never just assume you are covered. A travel medical policy might not include trip cancellation. Unless an all-inclusive policy has been purchased, which bundles emergency medical, trip cancellation and baggage loss coverage, there’s a chance you don’t have the coverage you think you do.
Here’s a look at other key findings from the survey:
- 36 per cent of Canadians believe trip cancellation insurance is expensive
- 28 per cent say they have it on their credit card
- 18 per cent are not confident a claim would be paid
- 15 per cent have coverage through their workplace benefits
- 13 per cent have never heard of trip cancellation insurance
- 12 per cent believe their travel medical policy includes it
Costs are competitive, so shop around. A clear understanding of what is covered under what circumstances will to help increase your confidence that a claim will be honoured in the event of an unforeseen event that can potentially turn your dream trip into a nightmare.