Trips can be expensive and can take weeks, months, or even years to plan and prepare for. Nevertheless, almost two-thirds of Canadians are not purchasing this important coverage. Are Canadian travellers justified in their lack of interest in this type of insurance or are they making a huge mistake? Let’s find out.
Travel Coverage Benefits
Despite the fact that many travellers seem to be ignoring the need for travellers insurance overall, it includes the following benefits:
- Medical coverage
- Reimbursement of funds in the event of cancellation
- Loss and theft of luggage and valuables
- Around the clock customer service assistance
Reasons Many Canadians are Skipping Trip Cancellation Insurance
Based on a survey taken by various Canadian Travellers, some of the top reasons many of them are skipping trip cancellation coverage are as follows:
- It’s too expensive- 36%
- Obtained coverage via their credit card- 28%
- Believes claims will not be paid-18%
- Already has coverage via their place of employment-15%
- Never heard of it-13%
- Believes their travel medical policy covers it- 12%
More about Trip Cancellation Coverage
Despite the fact that many seem to think it is too pricey, redundant, or otherwise unnecessary, trip cancellation coverage is a low-cost way to cover money spent on an upcoming vacation. Although purchasing this coverage is uncommon, doing so is a great way to allow people to more confidently invest in future vacations.
No matter how near or far the intended destination may be or how much the trip costs, trip cancellation insurance can keep travellers from losing major money.