Healthcare and lost luggage misconceptions top RateSupermarket.ca travel study
August 19 – Toronto, Ontario: Don’t leave home without it – RateSupermarket.ca’s vacation costs study finds that when it comes to the necessities and potential savings associated with travel insurance, Canadian travellers can be clueless.
Despite being seasoned flyers – 32 million Canadians took outbound flights last year* – persisting confusion can cost travellers an arm and a leg in sky high medical bills or lost possessions.
“The right travel insurance coverage is the most effective preventative measure to avoid incurring high costs in a worst case scenario,” said Penelope Graham, spokesperson at RateSupermarket.ca. “Even Canadians travelling within the country are well advised to make insurance a necessary part of their vacation checklist.”
The study, Busting The Top Travel Insurance Myths, debunks common misconceptions such as:
Myth 1: Travel insurance is just an expensive add-on.
Truth: While it’s vital to have coverage while travelling, consumers aren’t limited to the options provided when purchasing their airfare. Comparing the market for travel insurance is essential for acquiring the best coverage for less.
Myth 2: Travel insurance isn’t required when travelling within Canada.
Truth: A provincial health care card may not cover all costs if travellers fall ill or are injured out of province, leaving them on the hook for additional medical care.
Myth 3: I don’t need to insure my checked baggage.
Truth: Misplaced luggage is more common than perceived, with the risk of losing a bag increased by 60% when transferring at a major hub airport. **
Myth 4: I’ll be paying for my vacation all year.
Truth: There’s no need to let a getaway linger on your credit card balance year-round. Travellers can take advantage of finance product options to minimize the impact of vacation-incurred debt, such as transferring a balance to another credit card with competitive balance transfer features.
*Canadian Tourism Corporation 2012 Travel Snapshot
**Air Transport Users Council Delayed Baggage Table
About RateSupermarket.ca ( www.ratesupermarket.ca )
Over 3 million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada’s most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.