Only 40% of Canadians Buy Travel Insurance Even as Threats to Health Continue to Emerge Around the Globe, New Rates.ca Report
March 04, 2020 (PRLEAP.COM) Business News(TORONTO, ON) March 4, 2020 – While the coronavirus outbreak and recent calamities such as the Australia and California bushfires have raised concerns for travellers around the world, only four in 10 (40 per cent) Canadians who travel outside of Canada purchase insurance for their trip, according to a new Rates.ca report.
"Sometimes unexpected things can happen when you're travelling and you may need to seek emergency medical attention or end your trip earlier than planned. Without appropriate coverage, costs could be exorbitant," explains Liam Lahey, Editor at Rates.ca. "For example, a visit to a hospital in the U.S. for something as minor as a broken arm or a new plane ticket home can cost you thousands of dollars."
According to data on Canadian travellers who compared travel insurance quotes on Rates.ca, the most popular destination is overwhelmingly the U.S., with Mexico, Cuba, United Kingdom, Dominican Republic, Australia and Italy the next top picks for out-of-country travel. In light of the increasing global health risks, like the recent influx of new COVID-19 cases in Italy, it is more important than ever to act with prudence and consider travel insurance when making future travel plans.
Canadians who do purchase travel insurance consider the following issues when determining the type of coverage they need:
"Getting the protection you need before departing Canada may cost around $40* for a week's worth of all-inclusive insurance coverage in the U.S.," Lahey said. "Without a travel insurance policy, medical attention can cost you thousands of dollars, and you would be responsible for paying that bill," Lahey said.
Rates.ca offers these tips to Canadians who are planning their next trip:
Among the survey's other findings:
To review the survey's findings, visit Rates.ca.
About the Survey
An online survey of 1,514 Canadians was conducted by Leger Marketing from February 7 to February 10, 2020, using Leger's online panel. The sample's ages ranged from 18 to 55+ years old. Only those who have purchased travel insurance in the last three years are reported. The margin of error for this study is +/-2.5%, 19 times out of 20.
* – travel quote is based on a 45-year-old male who is a nonsmoker with no pre-existing conditions, and who is travelling alone to the U.S. for seven days.
Rates.ca is Canada's one-stop-shop for the best rates on insurance and money products. Rates.ca publishes rates from 30+ insurance providers so that shoppers can find the best rates for themselves. Use the site to find the best rates for auto, home, travel insurance, mortgages and credit cards. Headquartered in Toronto, Rates.ca is located at 360 Adelaide Street West, Suite 100, Toronto, Ontario, M5V 1R7.
For more information or to arrange an interview, please contact:
Masha Mikey, Proof Inc. for Rates.ca
Cameron Penner, Proof Inc. for Rates.ca