Canadians Risk Thousands by Travelling Without Insurance
A BMO survey released today showed that a majority of Canadians, whether for business or pleasure, are travelling without travel insurance. Revealed in the Summer Travel Insurance Study, BMO found that only 41 per cent of Canadians who travel purchase travel insurance regularly.
What’s concerning is that, the survey found, four in ten Canadians reported the need for medical assistance while travelling.
"It's critical that Canadians ensure they have the proper medical coverage before travelling," said Julie Barker-Merz, Vice-President and Chief Operating Officer, BMO Insurance. "While Canadians can sometimes be covered under the terms of their credit card or workplace healthcare plan, they need to be certain that the correct insurance is in place given the high cost of medical services that can be incurred while away from home."
As medical bills can reach the tens of thousands, Canadians are putting themselves at risk by not purchasing.
"Medical emergencies can happen anywhere, anytime so it's important to ensure you are not at financial risk should an unfortunate event occur," said Ms. Barker-Merz. "Just like packing sunscreen and cancelling the newspaper before leaving home, making sure you have travel medical insurance should be a high-priority item on any traveler's 'vacation to-do list'.
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The following infographic by InsureEye puts medical costs into perspective. Some of these figures will make you think twice about not purchasing insurance before your next trip.