How to choose travel insurance coverage

Choose travel insuranceSummer is an exciting time of the year. The weather gets warmer, vacation packages go on sale, and the kids are off school. Summer is the perfect time to get away. Before you pack your bags and head off on a family vacation, don't forget to buy travel insurance.

With several options available, choosing travel insurance coverage can be a little bit overwhelming, but it doesn't have to be. With a little bit of research, some expert advice, and great online tools you can find the perfect travel insurance coverage that fits both your family's needs as well as your budget.

Decide which type of coverage you need

There are a lot of different types of travel insurance packages available for travellers from Canada. Individual coverage, family coverage, all-inclusive coverage, and medical coverage only are some of your options. Before committing to any additional costs it's important to figure out which type of travel insurance coverage you need. You want to make sure you and your family are fully covered in case of an unexpected event while travelling out of province or out of the country.

The type of coverage you need depends on the type of vacation you're taking, how long you'll be travelling, if you have some travel insurance elsewhere, and how much you can afford.  These are all questions you need to ask when shopping around to find travel insurance.

Compare prices to find the best rate

Often, consumers buy products with companies they're comfortable and familiar with. If you're choosing travel insurance coverage, your first instinct may be to contact your local bank. However, that may not be the best decision for your budget.

Go online to shop around to get travel insurance quotes from at least three different insurance providers before committing to buy. One of the great things about travel insurance is that you usually don't need to take a medical exam before being approved for coverage, like you normally do with life insurance. You can purchase travel insurance today and in most cases it can take effect the same day.

Take your time to compare the cost of the type of insurance you want to buy and be sure to ask questions if you aren't sure which type of coverage you need. Insurance agents are professionals who can help you purchase the right coverage for your needs.

Check with your credit card provider

Going on vacation is expensive and you don't want to pay more for travel insurance than you have to. The key to choosing travel insurance coverage is to get everything you need at the best possible price. 

ConsumerReports.org says that one way to save money on travel insurance is to check for other coverage before buying. Once you decide which type of coverage you need and shop around for prices, be sure to check with your group employer benefits and credit card provider.

Some credit card companies offer some types of travel insurance with your card, such as trip interruption or trip cancellation insurance, baggage loss or delay, and basic medical insurance.  There's no need to purchase (and pay for) an all-inclusive travel insurance package if you already have the coverage somewhere else.

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