If you think emergency hospital medical insurance is too expensive, you may be betting hundreds of thousands of dollars without knowing it. Hospitalization, especially in places with poor public plans that reciprocate with your province (like the US and much of the Caribbean), costs of air ambulance and related costs, and even “return of deceased” which while morbid, is all very expensive. What’s worse, is you are not in a position to shop or negotiate, so often people pay full rate. Emergency Medical is not expensive, and while it may have low risk of claims, if you do need it, you’ll be thankful you had it. Worrying about not having medical insurance is another cost of head space on your vacation that you don’t need. Even if you have a pre-existing condition resulting in very high premiums, we think you should have medical insurance, or seriously reconsider going at all.
Medical insurance aside, cancellation insurance is typically the one that gets overlooked. You may be the type to decline this coverage because you only want to pay insurance for catastrophic risks that would affect your financial position. We can appreciate your risk tolerance, but we would like to make you aware of a few benefits:
- Cancellation insurance has more value the longer in advance you book – it covers “more days of risk” – because while life can change at any time, it is more probable the farther ahead you book.
- The higher the price of the trip, the more you should consider it. Maybe you are prepared to write off a thousand dollars due to bad luck, but maybe not $5,000. The premium as a percentage of the trip falls the higher the value of the trip.
- Remember, the risks covered are not just related to you – it’s for both you and your travelling companions, and your and their immediate family.
- There are covered risks in addition to medical reasons, noted below.
Covered Risks – Cancellation Insurance & Trip Interruption
The covered UNFORESEEN EVENTS are listed in the Transat Travel Insurance Policy Booklet and change from time to time. They are summarized here, but the policy booklet is the definitive description of the travel insurance benefits and exclusions.
- Unexpected serious illness or death of you, your travelling companion, immediate family members (parents, grandparents, legal guardians, siblings, spouse, children, step-parents, step-siblings, step-grandparents, step-children, aunt, uncle, niece, nephew, close business associate, employed caregiver of a dependent child) of yours, or the immediate family members (same definition) of your travelling companion
- Weather conditions, earthquakes, volcanic eruptions causing the scheduled carrier to cancel or delay by at least 30% of the planned duration of your trip
- Government written warning recommending against visiting a destination included on your trip
- Unexpected loss of permanent employment (excluding contract or self-employment) due to layoff or dismissal without just cause
- Subpoena to jury duty, witness, defendant in a civil suit, for you, your spouse, child, travelling companions
- Non issuance of a travel visa or passport beyond your control provided it was not due to late application
- Injections suddenly required which were not required at the time of booking. Manufacturers’ shortage of required immunizations from a travel clinic
- Complications during the first 31 weeks of Pregnancy for you, your spouse, or your travelling companion or spouse’s pregnancy
- Early unexpected birth of your immediate family member not travelling with you on an insured trip
- Getting pregnant after booking a trip that will result in travel in the last 9 weeks of pregnancy
- You, your spouse, your travelling companions’ employer transfers unexpectedly resulting in a change of principal residence
- You, your spouse, your travelling companions, called to emergency service by Police, Fire, Armed Forces, or essential medical personnel
- Cancellation of a business meeting or conference for which you or your employer has no control
- A change in date of an examination by a professional body, college, or university from an originally published date
- A disaster to your (or travelling companions) principal residence or place of business making it uninhabitable
- Admission to hospital or death of a person you have arranged overnight accommodation for the majority of your trip. A disaster to the residence of the home you are staying at for the majority of your trip