Insurance

[FigmentSpark]

Anyone buying extra insurance? I know we have great medical benefits here, but what about out of country?

Also what about trip insurance? There are some credit cards with insurance on them, but are they enough?

 

[xlxo]

Thoughts...

• if you travel outside of Canada often... also consider an annual plan for a little more.
• if you don't plan to be claiming from trivial stuff.... ask for the highest "deductible" for additional savings.

 

[FigmentSpark]

I was hoping my Aeroplan card was going to cover me, but then I messed up and used my USD for cruise downpayment.

So, I'm wondering what others do.

 

[momof2gr8kids]

Check out the details of your Aeroplan card. I know some plans will cover even if the whole amount isn't put on the card.

And just an FYI, you should have additional medical coverage even travelling within Canada. Even though stuff in the hospital might be covered, many things, like medical transport back to your home province if needed, or prescriptions for those covered under the ODB (like Seniors) are not.

 

[isabellea]

We have a travel insurance with my BMO mastercard that covers cancellation. For health, we have one with DH work insurance plan (up to 1 million).

Both are essential imo.

 

[BLAZEY]

Also check your extended coverage though work. Both DH and I have out of province and out of country coverage for all of us. I checked before going to the UKin 2014 and both plans are very good a s long as we spend less than 60 days outside our province.

 

[busymommy2pink]

We usually purchase insurance through Disney. What they offer and what we can buy here, they've always come out ahead as a way better deal. That being said, we've also purchased through our bank the times we didn't use Disney. It's a definite must, dd got SO sick one trip and it was so lovely having peace of mind for her medical care being covered.

 

[bankr63]

We travel regularly to the US, often using our own transportation (camping) and our owned accommodations (timeshare).

We have an annual travel medical plan for the entire family. Cost is not much more than insurance on a single week vacation, and it covers so much more. Don't have to worry about where we are charging things (if we charge anything at all), or who is travelling.

Kids don't need to be travelling with parents on this policy either. This was a bonus when DS spent March break at a training camp in Myrtle Beach while DW and I were in Orlando. He would not have had coverage under most credit cards, and even many regular travel policies (with our former TD coverage, kids had to be travelling with the parent).

Elimination period on the policy is only 7 days for pre-existing conditions - have seen other policies with 90 days. Imagine you have to be absolutely healthy for the 3 months prior to your trip or you could be disqualified for pre-existing condition.

My biggest advice is to read any policy (including credit card) very carefully so that you understand what is covered and what is not. Too many Canadians come back with huge medical bills when they thought they were covered.

 

[FigmentSpark]

Check out the details of your Aeroplan card. I know some plans will cover even if the whole amount isn't put on the card.

And just an FYI, you should have additional medical coverage even travelling within Canada. Even though stuff in the hospital might be covered, many things, like medical transport back to your home province if needed, or prescriptions for those covered under the ODB (like Seniors) are not.

I've been told my medical is covered on the card (and on DH's work plan), so that's okay, but the trip cancellation/interruption is only covered on my Aeroplan card if I use it for the purchase of the trip or if it was an Aeroplan reward trip. So we're going to be doing a cruise and I put the downpayment on another card (USD), which, I think voids my coverage, even if I put the rest of the trip on my Aeroplan card. I don't want to be caught short if I need it, but I don't want to pay double if I am covered or mostly covered.

Someone at the bank told me to buy trip insurance just before I go and then cancel it when I get back, if I didn't need it, but that doesn't sound right.

 

[bankr63]

Someone at the bank told me to buy trip insurance just before I go and then cancel it when I get back, if I didn't need it, but that doesn't sound right.

I assume she means a multi-trip type policy (similar to annual medical)? She is making a couple of unlikely assumptions, but you might find a policy that would allow that.

First, you would have to watch carefully for the meaning of "just before". Almost all trip insurance has a long elimination period to prevent people from buying it once they discover that they can't go. I would expect at least 90 days maybe more on any policy. Many I have seen are tied to the date of the first payment for the trip (i.e. within two weeks of your first payment, or that particular trip is not covered).

Second, you would need to find a policy that refunds some of your premiums if you cancel part way through the term. I would think that would be almost impossible to find for the first year, perhaps in subsequent years if it is an auto-renewing type policy.

I can't think of any way that this would work on a single trip policy, which is what I would recommend.

Again, read the terms of the various policies available before buying so you know what is covered/allowed by the policy. Insurance companies are generally very rigorous about applying their rules. Remember their primary objective is "return on investment for shareholders", not helping people.

Finally consider if you can cover the risk yourself. This is an expensive trip for you, so probably not. Personally, if I were to cancel a trip (to an Orlando timeshare) I would be OOP at most about $1000. But I will probably pay more than that for insurance over say 5 years (@ $200/yr). So what is the probability that I will cancel more than once in a 5 year period? Pretty slim. I generally just take measures to limit my exposure where I can (refundable tickets, cancellable reservations) and take my chances.

 

[FigmentSpark]

Good points, Bankr63. I thought it sounded too good. Everyone would do that, otherwise. As my husband said, it sounds like she was on commission to sell me something.

 

[minnie56]

I have trip interruption, cancellation and medical insurance on my homeowners insurance. Had it for about 15 years after one big expensive time we didn't!!! It's a godsend.

 

[FigmentSpark]

Interesting. I never even thought to check if my homeowner's has that. That said, we stupidly claimed a $500 diamond that fell out of my wedding ring a year after we were married. I think that may have been our one claim without having rates go sky high on us.

 

[Blackadder337]

I have medical insurance through my work which covers my wife and daughter as well, and it does cover us out of country. But I found out through my union that they have "deals" in place with insurance, cellular companies etc... So I called the insurance company (in my case it was Johnson / MEDOC), and for $150 a year, the 3 of us are covered for:

Up to 10 trips a year, provided each trip is no longer than 17 consecutive days (I WISH i could afford a lifestyle like that)
Up to $9000 each person for trip cancellation per trip
Lost / Damaged Luggage insurance
More or less the same medical coverage I have at work, but they'll cover whatever percentage my work insurance doesn't cover.

The interesting thing is that the same coverage offered by a local travel agent was almost $800. So if you want to get cancellation insurance (if your cards and other plans don't cover it), I'd definitely phone around to insurance companies. You'll probably get some good deals that way.

After our upcoming Disney trip though, I will probably cancel the insurance because I don't envision us taking any fancy vacations for a few years after

 

[hardis5]

We have through work medical but always buy Dejardines' annual policy covering multiple trips and all dependents (used in Jamaica without issue - actually had the claim forms before we arrived back at home). PC Financial has reasonable one-time policy rates and is one of few that will ensure non-related travelers under one policy. I'd not travel without multi-millions in coverage. A simple break of an arm or leg or stitches is a simple treatment but can be costly medical bill - a life threatening serious accident or life threatening illness you will see millions in expenses and to medically evacuate one from the Caribbean or FLA back home when stable enough to move could be hundreds of thousands of $ itself alone.

Cancellation insurance we always hedge our bets and do not buy, medical I'd never travel without additional.

 

[FigmentSpark]

I checked with TD Visa and I discovered two things about their 'all inclusive' insurance that cause me worry. First, their medical does not include evacuation from a ship (which, as I'm going on a cruise is something that might be a good idea) and second, their trip cancellation insurance only covers up to $5000. Great for air fare, not so good for a cruise.

 

[minnie56]

Credit card insurance is dine as extra coverage ..but no good as the sole coverage.