(NC) As Canadians start planning their winter vacations, a recent survey from TD Insurance revealed that despite rising costs and economic pressures, many Canadians surveyed are still planning to travel for pleasure in the next twelve months, but a third of them are not purchasing travel insurance for their trip.
In fact, only 32 per cent of Canadians surveyed planning to travel intend to purchase emergency travel medical as well as trip cancellation and interruption insurance, yet 40 per cent of Canadians surveyed who plan to travel do not feel they have the financial means to cover unexpected out-of-pocket costs: some could only cover up to $300 of out-of-pocket expenses and others say they would not be able to manage any unanticipated expenses without assistance if something were to happen.
“It’s easy to understand why skipping travel insurance is tempting for those looking to find ways to cut costs, but that could pose risks,” says Annie Campoli, vice president of distribution, life and health at TD Insurance. “If you have the right policy in place to meet your needs, travel insurance can help should the unforeseen happen – from emergency medical bills to expenses like travel interruptions and cancellations due to an unexpected event that’s covered by your policy.”
For Canadians planning to travel for pleasure or business in the next 12 months, there are many instances where you may need to rely on travel insurance. More than half of Gen Zers who travel have experienced a disrupted trip, having to either shorten or cancel a trip or manage a serious injury that required medical attention. Those who have experienced travel disruptions incurred unexpected expenses averaging over $2,600.
“No matter how diligent we are when it comes to planning our trips, from checking the weather and ensuring we have all the necessary documents to creating a list of things to do and see – unplanned cancellations or medical emergencies can happen. Having the right emergency travel medical coverage, along with trip cancellation and interruption insurance, can help you travel confidently and focus on how much fun you’ll have on your vacation,” says Campoli.
