Wednesday, November 28, 2012

Is travel insurance in your luggage before taking a trip? | OTC ...

OTC Insurance is an insurance broker in Halifax, Nova Scotia offering travel insurance, and home and auto insurance. This week?s post looks at Canadians and travel insurance.

A recent survey conducted by American Express on the topic of travel insurance had some interesting findings. While over half of those surveyed plan to travel over the next six months, only 59 per cent planned to purchase travel insurance prior to their trip.

The survey results did not mention where people planned on going for their trips.

One of the biggest reasons people purchase travel insurance has to do with paying out-of-pocket medical expenses. The survey found only two per cent of respondents ?would be willing and able to pay $10,000 or more out-of-pocket for medical expenses while travelling, an amount which would likely not even cover the most basic of accidents in many parts of the world.?

The press release goes on to quote a Canadian whose husband was rushed to hospital for emergency surgery after suffering a severe heart attack while travelling. The total cost of the hospital bills was a whopping $300,116, but they were covered by travel insurance.

?Without travel insurance, our medical bills would have left us broke,? said Sue Noble in the press release.

There?s no doubt that travel insurance is an inexpensive and wise investment to purchase before travelling.

The survey also asked people what deters them from purchasing travel insurance. Here is what American Express found:

  • 72 per cent weren?t sure if they were getting a good deal.
  • 66 per cent don?t understand what the coverage includes and there?s too much jargon.
  • 65 per cent think it?s too complicated to compare one product to another.

Source: http://otcinsurance.ca/is-travel-insurance-in-your-luggage-before-taking-a-trip/

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