Canadian Travel Insurance
A majority of Canadians (65%) are planning to go on trips soon, whether it's exploring new places, sightseeing with friends, or going on a family vacation. However, only 36% of those intending to travel plan to purchase both medical and cancellation travel insurance.
Among Canadians in general, 54% say they have enough financial resources to cover some out-of-pocket expenses, but most would only be able to cover less than $5,000. Furthermore, three out of ten Canadians stated that they would not be able to cover any out-of-pocket expenses beyond $300 if something unexpected happened during their trip.
These findings come from a recent survey conducted by Leger, which indicates that many Canadians are not prioritizing insurance when making their travel plans. Specifically, younger Canadians between the ages of 18 and 34 are the least likely to buy travel insurance, with only 27% expressing their intention to purchase cancellation and travel medical coverage, compared to 39% of those over the age of 35.
Despite the potential protection that travel insurance offers, many Canadians underestimate the potential costs of travelling without insurance, which could lead to a lack of confidence in their travel experiences.
The survey highlights the following key points:
Over half of Canadians (54%) have the financial means to cover certain out-of-pocket expenses if something were to happen during their travels. However, among those who can cover expenses, 41% can only cover less than $5,000.
Three out of ten Canadians (31%) would not be able to cover any out-of-pocket expenses exceeding $300.
Nearly one-third (29%) of Canadians aged 18-34 believe that travel insurance is unnecessary.
The cost of travel insurance is a deterrent for one-third of Canadians who will not be purchasing insurance for their upcoming trip. Specifically, 33% of those who won't buy medical travel insurance and 35% of those who won't purchase cancellation travel insurance cited cost as the primary reason.
Customers have various travel coverage options available to them, allowing them to choose a plan that aligns with their specific needs. With many Canadians eagerly planning to travel again, it is crucial for them to conduct thorough research and understand their coverage in case of unexpected events before or during their trip. An online travel insurance needs assessment tool can help individuals determine the insurance coverage options they should consider.