Let’s dive into that not-so-fun part of vacation planning: travel insurance. You’re flying high after booking your dream trip, but get slammed back down to earth after you see the added cost of insurance. For a third of Canadian travellers, the extra dough isn’t worth it. But here’s the thing: travel insurance can really pay off, and there are three big reasons to consider it — protecting your non-refundable trip costs, your luggage, and your health. Trip cancellation/interruption and medical are the two main types of travel insurance. Together, they usually cost around 5% of your trip total, but depending on your plans, you might not need both. If your reservations are refundable and you’re just bringing a carry-on, you might skip trip cancellation/interruption coverage. But experts agree that medical insurance is a must for any trip outside of Canada, even if you’re only gone for a day. Before you buy insurance, don’t forget that you might already be covered — some credit cards come with built-in travel insurance, but there may be limits that make extra coverage a smart choice.
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