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The Importance of Travel Insurance
25 May 2015
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Travel insurance is purchased as a hedge against costs not covered by your current insurance policies, or by the Régie de l’ assurance maladie du Québec (RAMQ) in the event of a health problem.
Types of protection
The types of protection offered by different travel insurance policies differ from one insurer to another.
Most policies will typically cover the following risks:
- Healthcare;
- Trip cancellation or interruption, in the event of an accident, health problems or the death of a loved one. Your insurance will typically reimburse you for expenses that you have already paid;
- Death or dismemberment;
- Loss or theft of luggage.
Healthcare
Travel insurance is particularly important when it comes to healthcare, as the bills can add up quickly, depending on the location you are visiting and the severity of your condition.
It is important to note that the Régie de l’ assurance maladie du Québec reimburses only amounts equivalent to what would be paid in Quebec.
For example, if you have an auto accident in the United States, the cost of your medical expenses could conceivably far exceed the amount reimbursed by RAMQ.
Car rental insurance
If you are renting a car abroad, it’s likely that your current auto insurance policy offers little or no protection. Additionally, car rental insurance is not usually included in travel insurance policies.
Check your group insurance
Many group insurance plans offer travel insurance coverage. Check with your employer and always ensure that your coverage is sufficient.
Useful links
National Bank Travel Insurance
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