Best Travel Insurance Companies In Canada-If you are currently reading this post it means that you want to travel to Canada and you are looking for the safest travel insurance companies in Canada to making your reality come through, well you are on the right article. After the covid-19 many people saw the need for travel insurance companies and there are reputable insurance companies in Canada.
If you are spending hundreds or thousands of dollars to book a trip, it will make so much to sense to additionally buy travel insurance.
What Is Travel Insurance?
Travel insurance is an insurance policy that protects your investment in a travelling trip. It compensates for financial losses of a cancelled or interrupted trip, also emergency medical care during travel, emergency evacuation, loss of luggage, damage of a rental car and more. The aspect of medical care is important and critical in Canada.
Travel insurance comes in different forms. You can purchase it as an individual policy or as an add-on to a travel purchase like flight. Sometimes, it may even be included as a credit card benefit when you use yours to make a travel purchase.
How Does Travel Insurance Work In Canada
Since most of the travel insurance policies in Canada are designed specifically to cover costs incurred from health-related emergencies and disruptions to the travel itinerary. Here we will be listing the usual types of plans Canadian travelers can access, along with their corresponding benefits and features by RATESDOTCA
- Single-trip travel insurance or Single-trip emergency medical travel insurance
The coverage for single trip can last up to 365 days
It covers emergency medical expenses that may come up during the trip
Make available up to $10 million in emergency medical benefits
All travellers are expected to complete a health questionnaire to qualify for the policy depending on their age
- Multi-Trip Travel Insurance Or Annual Emergency Medical Travel Insurance
It covers all trips taken over the course of a year
It is recommended as the best travel insurance for people who take multiple trips in one year, and for those who travel more often for business
- Trip Cancellation And Interruption Insurance
This covers the full cost of the trip when the trip is cancelled, interrupted or delayed for reasons beyond the traveler’s control
The trip cancellation and trip interruption coverage are almost the same insurance types. Just that the difference is that cancellation applies before the trip, while the other is active once the traveler has already left
This is the best for traveler who already has medical coverage through their credit card or employer’s health benefits
- Top-Up Travel Insurance
It is an optional insurance coverage for travelers who already have coverage through a credit card or an employer but the coverage is not available for the whole of the length of the trip, or do not have enough coverage
It also makes sure that travelers get extended coverage for the full length of the trip
- All-Inclusive Travel Insurance
Brings together all common travel coverage, which include unexpected medical emergency, lost baggage, trip delay, cancellation and interruption insurance into a single policy
The most expensive option, but also offers the best protection
Best Travel Insurance Companies in Canada
- Canadian Automobile Association (CAA)
- Manulife CoverMe
- Allianz Canada
- Blue Cross
- World Nomads
- Canadian Automobile Association (CAA)
The Canadian Automobile Association which can be called CAA happens to be a non-profit organization that offers travel insurance, roadside assistance and other travel-related services to Canadians. In as much as membership is not required to purchase travel insurance, members also benefit from a 10% discount on CAA travel insurance. Just like some providers, CAA insurance packages also vary via province, from British Columbia Automobile Association (BCAA) to Canadian Automobile Association Atlantic.
For more information on CAA visit: https://www.caa.ca/
This is also another travel insurance company which is created for digital nomads and also long-term travelers which works on a subscription basis, renewing each month.
It also makes available annual plans if you would be interested in better overall travel insurance rates. The amount for the monthly plans is $40 USD a month for those that are between the ages of 10-39, this making it one of the best travel insurance options for nomads or for those planning to do long-term travel.
For those who are Canadian who is living abroad at this time and you have no insurance coverage by your employer, then nomad-friendly travel insurance is very vital at this point and time. Do well to always check if you are covered and also know that insurance packages are available to you.
For more information on SafetyWing visit: https://safetywing.com/
- Manulife CoverMe Travel Insurance
It offers some of the best Canadian travel insurance packages to choose from. Family coverage is also included in the plans which last up to three generations under the age of 60 and also an insurance coverage for students who are up to 44 years old.
One of the partners of Manulife is Air Canada, where those travelling from Canada can receive complimentary travel insurance also with eligible round-trip flights on Air Canada which is included.
For more information on Manulife CoverMe travel insurance visit: https://www.coverme.com/
- Allianz Global
It was formerly known as Mondial assistance. This travel insurance company is a worldwide leader in the world of travel insurance that offers comprehensive packages for Canadians.
Allianz Global has a global network of 75 countries, other services include an in-house medical team, a 24/7 call-line and travel insurance coverage packages for visitors coming to Canada.
Allianz Canada also comes with a TripWise travel insurance app for added assistance on-the-go.
For more information on Allianz insurance visit: https://www.allianz-assistance.ca/en/
- Blue Cross
For you to be eligible to purchase this travel insurance with Blue Cross, the province or territory you reside in plays a major role in covering events related to Covid-19. You should also have this in mind that in most cases you should apply for insurance coverage before your trip departure date and also for the entire length of your trip.
In cases where by your home province does permits you to be covered with Blue Cross insurance for Covid-19 related events, specific rules will apply depending on your region.
For more information on Blue Cross visit: http://www.bluecross.ca/en/products/travel-coverage
- World Nomads
This travel insurance company is a popular choice for backpackers, budget-travellers and solo travellers. World Nomads travel insurance provides coverage for more than 200 adventure activities and explorer package offers up to $10 million for medical insurance.
For more information on World Nomads visit: https://www.worldnomads.ca/
Frequently Asked Questions
These are the best travel companies for the year 2020
Best Overall: Travelex
Runner-Up, Best Overall: Allianz Travel Insurance
Best Value: InsureMyTrip
Most Comprehensive Coverage: World Nomads
Best for Seniors: HTH Travel Insurance
Best for Cruises: Nationwide
Best for Medical Coverage: GeoBlue
Manulife Financial Corporation provides any form of financial advice, insurance and asset and wealth management solutions for individuals, institutions and groups through its offices in Canada, Europe and Asia and primarily as John Hancock in US.
Firstly, check if your destination is covered. Not all travel policies cover all places
Secondly, pay cash or go cashless. Some policies require you to make upfront payments for medical expenses, and claim them later
Thirdly, purchase cover for special cases
Fourthly, look beyond medical expenses
Finally, save on premium
Travel insurances has helped secure so many loss and health emergencies (medical). So it is better you go through the list above and pick one of the companies that best fit your choice. For those working try and check if your company has some insurance coverage over you so as to be on a safe side mainly for those Canadians working outside Canada.
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