Toronto, ON (PRWEB) July 04, 2013
Insurance is for the unexpected events in life and travel insurance is no different says KANETIX. Travel insurance ensures ones travel plans are not ruined by an unexpected illness, weather event or cancelled flight and all the expenses that follow from the unexpected.
Although travel insurance literally is a life saver in many unforeseen circumstances - not many Canadians choose to purchase travel insurance when they go away. As a consequence, many travellers are often unprepared for the unexpected events that can ruin an otherwise great travel experience. KANETIX exposes the 10 most travel insurance myths for consumers:
Myth #1: Purchasing travel insurance is not necessary.
Unfortunately, many people presume they will not experience an emergency while they are on vacation. In particular, those taking weekend trips believe the short time spent away from home, or the short distance from home, does not merit travel insurance. Nevertheless, all Canadians should consider purchasing travel insurance whether travelling internationally or domestically. However, if there were to be a medical emergency, a government health insurance plan will generally only cover a part of the costs. Even if the emergency were to occur within Canada, not all associated costs would be covered.
Myth #2: Travel insurance simply costs too much.
With transportation costs rising, many travellers may feel there is no space in their travel budget for additional insurance. However, by making travel insurance a priority, it is easier to include its cost in budget planning. A change of accommodation, or time of travel, can easily save money that could then be used on proper insurance coverage. Additionally, families expecting to make several trips may save by purchasing an annual policy. With one purchase, all of a family's travel could be covered without additional applications or payments.
Myth #3: Employee health plans and credit cards already insure travel.
While employee health plans and credit cards offer some coverage, there are limitations. In particular, employment benefits may not cover all medical emergencies and have a limited amount of covered travel expenses. Dedicated travel insurance, however, can provide assistance in finding alternative transportation home, or to the destination, in the case of a cancelled or delayed trip. And, notably, travel insurance providers offer assistance in arranging emergency medical care and guidance about foreign hospitals.
Credit cards, on the other hand, generally only cover accidents, not illnesses. Also, this accident insurance only covers travel expenses purchased with that card. Additional restrictions may include the coverage of only a limited number of days or a limited claim amount.
Myth #4: Travelling with insurance cards and coverage documents is sufficient.
While having updated copies of health insurance documents are helpful, the original insurance limitations still apply. Costs that are not covered by health plans must still be paid out of pocket. Thus, it is important to have specific travel insurance that can cover the shortfall and any unforeseen expenses. Additionally, good travel insurance will offer a network of emergency medical providers and easily accessible assistance at all hours.
Myth #5: Provincial health insurance covers emergency medical costs regardless of where they are incurred.
While provincial health insurance providers have agreements with their counterparts in other provinces to cover a traveller, this is unlikely to pay for all costs related to illness or accident. And, if an emergency were to occur in another country, the reimbursement limit may be much lower than the cost of care in that country.
Myth #6: Airlines always cover expenses related to cancelled flights.
Unfortunately, airlines generally do not reimburse expenses incurred by passengers after delaying or canceling a flight. Thus, money spent on hotel accommodations, food, or finding alternative transportation could fall to the traveller to pay.
Myth #7: In the case of an emergency cancellation, pre-paid accommodations will be refunded.
If an emergency were to occur before a trip, some hotels or resorts may allow rescheduling even when they do not offer refunds. But, if an accident or emergency were to occur during travel, it is unlikely that any remaining pre-paid expenses would be refunded. Additionally, the traveller could be held responsible for any cancellation fees. Only travel insurance can help recoup these losses.
Myth #8: Travel insurance covers all up-front medical expenses so there are no out-of-pocket costs.
Unfortunately, while travel insurance will cover these expenses, not all insurance companies will pay for them upfront. Some insurers honor claims for reimbursement only after the medical bills have already been paid. By researching insurers, consumers can find the coverage that best fits their needs.
Myth #9: While travelling abroad, there is no assistance in finding medical care.
While this may be true for those who do not purchase travel insurance, those who do should have phone access to agents with databases of hospitals, physicians, and even translation services, if they are necessary.
Myth #10: Individual travel insurance can cover an entire family.
Individual travel insurance will not cover all members of a family. However, insurers provide packages to fit a wide range of potential circumstances. Consumers should research the options that will best fit their family's needs. And, to help save money, family-pricing options may be available.
Unfortunately, many travellers believe many of the myths in this article and as a consequence, they have paid for it greatly - in some cases thousands of dollars. KANETIX reminds travellers to take the time to shop around and purchase a travel insurance policy to ensure they are protected against the unexpected.
Launched in October 1999, KANETIX.ca was Canada's first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.
The KANETIX comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the KANETIX website at http://www.kanetix.ca to comparison shop their various financial needs. Shoppers choose what they want to compare, obtain a quotation and complete an online application or, with the help of KANETIX connect with the provider to purchase or apply for the product over the phone.
Through its Software as a Service team, KANETIX is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada's largest insurance brands.
For more information, visit KANETIX.ca or contact:
416.599.9779 ext. 343