Why you need a standalone travel insurance policy

As Canadians prepare to travel with the summer almost upon us, many are wondering if they need insurance and, unfortunately, many are deciding that they don’t.So why do we need travel insurance? The question is legitimate and it may be tempting to forego travel insurance when travelling within Canada or taking short range trips to the US. It seems many Canadians agree — when polled, some 44 percent of Canadians said they rarely or never purchase travel insurance when visiting the US.Similarly, many Canadians also take a potentially expensive risk by travelling outside their home province without insurance. This may be because of lack of knowledge about provincial health coverage which many believe to cover medical expenses. However, some expenses such as air ambulance, prescription drugs and x-rays may not be covered.And while provincial insurance plans are quite similar, there are differences in their coverages that can add up. Meanwhile, standalone out of province insurance can be as little as $15 per person and it can save you thousands of dollars in expenses for broken limbs and hospital stays.Not only do standalone policies offer broader coverage than provincial health plans, but they can also provide increased flexibility over other insurance solutions such as credit card insurance.For example, standalone policies allow you to choose the level of coverage best suited to your needs, ranging from basic to unlimited. Part of that is the ability to cover lengthy trips of up to 12 months. On top of that, you can customize a standalone policy with extra features and functions like acquiring extra coverage for extreme sports.At the end of the day, the low cost, flexibility and customizable nature of standalone insurance plans make them a good candidate to safeguard you during your travels. That being said, always check the coverages and conditions on any insurance policy before signing up.What kind of insurance do you have lined up for your travels? Let us know! Comment below or tweet us @TheShepherdGroup