Smart Quote

How to be a smart buyer

Cheap insurance could mean you are paying with limitations and exclusions on the coverage that will translate in costly expenses. On the other hand, an expensive insurance policy doesn’t necessarily mean you are getting the best coverage. It all depends on how the coverage, exclusions and conditions of a particular plan meet your specific needs.

Learning to be a smart buyer will help you browse the marketplace and compare apples to apples and not only dollar amounts.

Here are the six key points you want to look for and compare when shopping for Travel Insurance:

  • Eligibility: The requirements you have to meet to purchase the insurance.
  • Sum insured: The maximum dollar amount covered for each benefit.
  • Deductible: Payable in CAD or USD, depending on the plan you purchase. You will have to pay out of pocket any emergency medical expense that is under the deductible amount.
  • Benefits: Details of what the insurance company is responsible of paying in case you make a claim, e.g. hospital and doctor’s fees, airfare to return to your original point of departure, the cost of airfare in case you cancel your trip, reimbursement of additional travel costs if you interrupt your trip, etc.
  • Exclusions: What is not covered by the insurance.
  • Limitations:They are similar to the exclusions and, in general, they reduce the coverage.

Good insurance starts with a good agent