InsureMyTrip Reveals the Hidden Risks of Relying on Credit Card Insurance While Travelling

TORONTO, June 19, 2024 (GLOBE NEWSWIRE) — The travel industry is experiencing a revival as summer travel numbers surge to pre-pandemic levels. Canadians are eager to embark on summer adventures, explore new destinations, and make the most of the warm season. However, the expenses associated with travel remain steep, and the unfortunate reality of airline delays, cancellations, and other travel issues persists. 

In the current economic climate, taking chances with your hard-earned vacation, which likely required significant saving and planning, is not advisable. And many Canadians rely solely on their credit card provider for travel insurance, unaware of the potential risks. So, the experts at InsureMyTrip.ca are highlighting the pitfalls of depending on credit cards and Canadian government health coverage while journeying abroad – while offering advice on how to protect yourself fully while staying on budget. 

Understand Credit Card Travel Insurance Limitations 
The extent of coverage depends on the specific card, and it may fall short. Credit card coverage is often restricted to expenses directly paid for with that card and may only address fundamental issues that could arise before or during your journey. 

Even if your credit card offers trip protection, it may not be the level of protection you would expect. It’s important to carefully read the credit card travel insurance documents to understand limits, special conditions, and restrictions.  Also, credit cards often have lower limits than a robust third-party travel insurance plan. 

Canadian Government Health Insurance Plan Shortcomings   
Just as relying on your credit card for travel insurance can lead to surprises, assuming your province-wide or Canadian medical coverage will suffice while travelling abroad can become a costly and frustrating oversight. 

You Canadian Health Insurance Plans will likely not cover you for medical expenses while you’re travelling abroad and may be limited when travelling outside your province. If you become unexpectedly injured or ill while travelling out of Canada, you will have to pay for those medical bills out of pocket, unless you have travel medical insurance. You will likely find the limits on travel medical coverage are often lower through a credit card than through a third-party, like InsureMyTrip. 

All-Inclusive Insurance Benefits 
All-inclusive travel insurance plans offer coverage for emergency medical expenses, medical evacuation, baggage and baggage delay, and trip interruption and trip cancellation, all under one policy.  

“As with any purchase, it’s important to shop around and compare,” explains InsureMyTrip CEO Suzanne Morrow. “InsureMyTrip allows travellers to comparison shop for providers and policies to find the best one for them and their trip at a price within their budget. All-inclusive plans offer the most bang for your buck.” 

A third-party plan like InsureMyTrip can also include “cancel for any reason” benefits, allowing more flexibility if you must cancel your trip for a reason other than a covered one. This benefit typically reimburses up to 50% of the covered trip cost, allowing you to recoup a good portion of your trip cost if you decide not to travel. 

Key Points 
Relying only on credit card benefits or local health insurance while travelling internationally can expose you to unforeseen costs and restrictions. So, it’s important to do your homework. Be aware of what your credit card or health plan does and does not cover and compare that with a third-party plan like those offered through InsureMyTrip.  

Knowing you chose the right coverage for you and your much-anticipated holiday can help provide security and peace of mind.

Media Contact:  
Meghan Kayata  
Press@insuremytrip.ca  
 

About InsureMyTrip  
You like options. We do too. InsureMyTrip finds you the right travel insurance plan, every time. We are committed to empowering travellers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is based in the U.S. with an office in Toronto.  

Not available to Quebec residents.