Travel Insurance: Why It Is A Must

Posted: January 17, 2014 in Travel Tips
Tags: , , , , ,

When I was a travel agent the ending to any sale went like this, “I suggest travel insurance to protect yourself and your investment”. Yes, there was commission to be made but I was selling a product that I used every time myself when traveling. Whether you are flying, renting a car, backpacking or maybe even just taking a day trip down to the US to do some shopping, insurance is vital.

Like many of the other topics I’ve wrote about, the central theme is always do your research. Look at different policies to get an idea of prices and do the research on what you already have. Maybe you have work benefits that protect you while traveling or maybe it is offered through a credit card you have in your wallet. The catch with these two options is there are more often than not limitations to the protection that is quite often lower than that offered by insurance companies. As well with credit card protection, usually the things you may file a claim for have to have been purchased with that card. Also, if you have auto or home insurance talk to your broker. Maybe they are able to offer travel insurance, sometimes in these cases you could receive a discount for multiple products. There is not one perfect insurance company or policy, each travelers situation will be different and thus requires different protection.

In the past getting standard travel insurance that was sold in travel agencies was good enough for me. I always used RBC Insurance as they were reliable and I knew the products in and out. Of course buying it from the travel agency I worked meant I got it at cost, which is nice as most insurance companies pay a healthy commission to travel agents. I must say even in times when I wasn’t a travel agent I used their services. I highly recommend using RBC Insurance for any Canadians doing some travel. However, for the type of travel and the duration (unknown end date) of my upcoming trip, RBC wasn’t the right company for my needs. The other company to take a look at is Manulife, in fact if I wasn’t quitting my job to travel I would not be losing my benefits which are through Manulife and offer travel assistance. I’m not as familiar with travel insurance providers outside of Canada but a quick Google search or a stop at a travel agency will get your started on your way.

So, who did I go with? I chose a company that I admittedly had never heard of before I began planning this trip. The fact that we didn’t sell their product when I was an agent and the fact that many of the folks using them are less likely to use an agency for their travel arrangements meant it was never on my radar. I quickly began to know who and what World Nomads is during the early stages of my planning. The name kept popping up in Google searches, there were ad banners on many of the travel blogs I was reading and there were recommendations from seasoned travel writers. That was several months ago and I just bought my policy today so I didn’t jump the gun. There were several reason I went with World Nomads. The first and biggest reason, the price combined with the protection was a good value. Don’t always look at things as expensive or cheap, look at them as good value and bad value. I purchased a policy that was approx. $330 CAD for four months coverage. The price was in the same range as other companies but the protection offered was greater. $5,000,000 emergency medical, $500,000 emergency medical transportation, $1,000 for trip cancellation, $5,000 for trip interruption, $10,000 for travel accident coverage. One policy with RBC was similar in price but only covered emergency medical and it was not the $5,000,000 World Nomads covers. The second reason, the ability to extend your coverage while traveling, I have purchased four months coverage and if I need longer it is as simple as logging into my online account and extending it. This feature is excellent for those doing extended travel without a solid end date. The third reason, the scope of what they cover is suited to the type of travel I will be doing. Most companies will not cover you if injured while doing many activities. World Nomads does cover a lot more but they also make it clear what is and what isn’t covered. Check out the extensive list here. I may start a petition to get Running Of The Bulls covered. The fourth and final reason I chose World Nomads, they love travel and everything about it. There is much more to this company than just the insurance. Spend some time on their site and you’ll discover travel news, blogs and forums. It is a massive community of travelers just like you. The site is your TripAdvisor, Stumbleupon and Instagram for travel all in one.

In conclusion, buy insurance! Find the best match for you and protect yourself. You’ve worked hard and saved hard to be able to travel, don’t let a medical issue cost you possibly tens of thousands of dollars. Protect yourself, your health and protect the investment in travel that you’ve made sacrifices for.

SAFE TRAVELS!

Please Note: World Nomads in no way asked me to write this post and I am in no way being compensated for it. I chose their product as I believe it is right for me. That being said, there is a banner ad for World Nomads along the side and at the bottom of the page. I placed these on my site well before writing this post.

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