The Best Travel Insurance in Canada | Ratehub.ca (2024)

Not all travel insurance policies are the same. Whether you're an avid backpacker or planning your very first overseas getaway, you can find an insurance plan that suits your specific needs.

1. Age

   Old age can lead to more expensive travel insurance rates as you’re statistically more likely to make a medical claim.

2. Health

   Not all travel insurance policies cover pre-existing medical conditions – you may need to purchase specialized coverage for a higher premium.

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3. Destination

   Visiting high-risk areas can increase your travel insurance quote as you're more likely to face implications such as illness and theft.

1. Trip cost

   The more expensive your trip costs, the more expensive your insurance will be – insurers have to pay out more if you’re in need of a refund.

2. Trip duration

   It’s no surprise that a month away from home will cost more to insure than a weekend getaway – extended coverage means higher premiums.

3. Coverage type

   A basic policy might not include trip cancellation insurance, but you’ll also be paying less when compared to an all-inclusive package.

While travel insurance isn’t required by law, getting coverage ahead of time is the smart and financially responsible thing to do. The cost of an overseas implication is generally much higher than if it were to happen at home, so travel insurance can offer your extra protection and peace of mind.

Medical care is the best example of this as most health insurers – public or private – won’t cover you overseas. Because of the high cost of healthcare, an uninsured emergency while you’re travelling can cost you thousands of dollars out-of-pocket.

Since public healthcare in Canada is provided at a provincial or territorial level, it’s still a good idea to purchase travel insurance when taking a domestic trip. Your public health insurance will provide some form of medical coverage out-of-province, but you may still face additional expenses – including bills for ambulance rides, medical testing, or dental work. Having the right travel policy in place ensures you won’t be left on your own to cover these gaps.

Also, keep in mind that a travel policy isn’t only limited to coverage for medical expenses. You may want to purchase trip cancellation or trip interruption insurance for your out-of-province stay to ensure you won’t lose out on any pre-paid expenses in case of an emergency.

Yes, our partner allows you to purchase travel insurance while you're already overseas. There is, however, a 48-hour waiting period from your policy start date in which you won't be able to claim benefits for injury or illness. Be sure to read the full terms and conditions as there may be additional exclusions to your coverage when binding a last-minute policy.

Keep in mind that other providers might not offer insurance to travellers that have already departed, so it’s always best to prepare far in advance.

To understand the exact coverages you'll receive, be sure to read the specific terms of your policy. Every insurer is different, and you wouldn't want to be left on your own during a financial emergency.

Some common exclusions on travel insurance plans include:

• Non-emergent health services (e.g. routine check-ups)
• Non-emergent dental care
• Mental health implications
• Cosmetic surgery
• Pregnancy – speak to an agent ahead of time
• Incidents related to alcohol and drug usage
• Incidents related to illegal activities
• Trip cancellation due to an unlisted reason (e.g. fear of flying)
• Incidents related to extreme sports (some insurers offer specialized adventure sports packages)

Also, keep in mind that each insurance company deals with pre-existing conditions differently. You may need to sign a waiver ahead of time to make sure you're covered for any emergency medical expenses related to your case.

And of course, like all types of insurance, your policy will only protect you put to a stated limit. So while you may be covered for various risks, you might still need to foot part of the bill.