Journey insurance coverage could be robust to know, and in the event you’re not studying the high-quality print, you may be counting on inaccurate myths to tell your protection choices. Fortunately, InsurEye, a Canadian insurance coverage training web site has compiled a large checklist of 111 insurance coverage myths which are on the market. We’ve seemed on the prime 10 auto insurance coverage myths, prime 15 house insurance coverage myths and prime seven incapacity insurance coverage myths. InsurEye debunked all of them for you. Right here are the highest 9 journey insurance coverage myths to think about before you purchase this protection on your subsequent journey exterior Canada.
1. MYTH: Provincial insurance coverage reminiscent of OHIP offers sufficient protection throughout your journeys exterior of Canada.
FACT: No, provincial applications reminiscent of OHIP in Ontario, RAMQ in Quebec, AHCIP in Alberta or MSP in British Columbia present very restricted protection that doesn’t exceed a few hundred {dollars} per day. A single day in a U.S. hospital can value you as much as $10,000. So take into account getting journey medical insurance coverage when travelling or alternatively, ensure that your bank card offers essential protection.
2. MYTH: If in case you have a pre-condition, you would not have to inform an insurer.
FACT: No. It’s a must to share this data, in any other case your insurance coverage declare (when you have one) may be declined.
3. MYTH: Your bank card has journey insurance coverage to guard you.
FACT: No, not each bank card has journey medical insurance coverage. Look fastidiously at its circumstances. And in the event you’re searching for a card that will provide the protection you need, MoneySense has a roundup of Canadian bank cards providing journey insurance coverage that will help you slender your search.
4. MYTH: Your journey cancellation prices can be lined by your journey insurance coverage in the event you should cancel your journey as a consequence of a medical concern.
FACT: Not essentially. You must make sure that your bank card explicitly covers journey cancellation as a consequence of getting sick in your journey, or a private emergency.
5. MYTH: Your journey interruption as a consequence of a medical concern can be lined by your journey insurance coverage.
FACT: Perhaps not. Just like journey cancellation insurance coverage, it is advisable to be sure your bank card explicitly covers journey cancellation as a consequence of getting sick, or a private emergency.
6. MYTH: If in case you have sufficient protection, your insurance coverage declare can be lined.
FACT: Not at all times. Journey medical insurance coverage has an inventory of limits for particular person circumstances (i.e. how a lot it could pay for nursing companies, as an illustration). In some conditions, until it’s an emergency, bank card suppliers require that you just contact them previous to receiving remedy. In any other case, a declare may solely be partially lined.
7. MYTH: All journeys overseas are lined underneath journey medical insurance coverage in your bank card.
FACT: Not essentially. First, every journey medical insurance coverage that comes with bank cards has a sure variety of journey days that it covers. It may be as little as one to 2 days, or go as excessive as 30 days. Second, travelling to some harmful places like battle zones or unstable international locations won’t be lined. You’ll be able to seek the advice of the journey recommendation web page of the Authorities of Canada web site for extra data.
8. MYTH: Journey rental automobile insurance coverage totally covers my rental automobile
FACT: You have to be cautious with this one. First, it solely covers collision damages by yourself automobile. Any damages to 3rd occasion property isn’t lined. Additionally, protection extends solely to a specific variety of rental days (i.e. 48 days) which means that you’re not lined when you have a long-term rental automobile as can be the case in the event you have been an expat working overseas.
9. MYTH: All sorts of rental vehicles are lined by the journey rental automobile protection that comes together with your bank card.
FACT. There are numerous exceptions to the sorts of vehicles lined by any such insurance coverage, inlcuding unique and costly vehicles. Minivans usually are not lined, particularly in the event you transport a number of folks.
10. MYTH: Should you purchase journey insurance coverage, you’re protected throughout your journey.
FACT: It relies upon. Journey insurance coverage is a “post-underwriting insurance coverage product.” That signifies that first you get a journey insurance coverage quote and purchase an insurance coverage coverage. Then, after you make an insurance coverage declare an insurer begins checking the knowledge you might have supplied. If an insurer decides that the statistics you might have supplied about your age, well being, and medical preconditions is unsuitable, your insurance coverage declare can be declined.
These myths first appeared on InsurEye and have been republished with permission.
Learn extra:
Watch: Journey ideas for all-inclusive holidays
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