No one likes to think about canceling their plans, but if it happens you'll be glad you protected your purchase!
Insurance options can be very confusing. Let me help break down what the options are so you can make an informed decision.
When making a vacation purchase make sure you understand the cancellation fees. Some products are nonrefundable from the time of purchase, others have a sliding scale of cancellation fees up to a certain time before your travel date, and some are fully refundable at any time (although you often pay more upfront for refundable rates, sometimes it is better to take the less expensive nonrefundable rate and purchase a trip cancellation policy).
Once you understand what the cancellation fees are you then need to make a decision if the unforeseen happens if you are okay with losing that money. If that thought makes you lose sleep, then it is best to examine your options. Many people start by inquiring with the credit card they plan to use to see if there are any perks included with their card such as trip cancellation insurance and emergency medical coverage. You may also want to check with your place of employment if they offer any travel benefits. You will want to fully understand what coverage you have, if there is a cap per person or per trip you can claim and if there are certain reasons that are excluded from coverage, for example, some credit card trip cancellation coverage will cover up to $1500 per cardholder and immediate family members if you cancel due to illness with a doctor's note but would not cover you if your dog eats your passport the week before you travel.
If you feel you do not have adequate protection for the nonrefundable elements of your vacation, here are the options you have for additional coverage you can purchase:
SUPPLIER PROTECTION PLANS:
For a fee, at the time of booking you often can purchase a protection plan offered by the supplier, which basically lets you loosen the cancellation and change rules of the package price. For example, with Air Canada Vacations you can purchase a protection plan that lets you change your dates/location as well as cancel for a full refund up to 21 days before travel, no questions asked, or cancel for credit to be used within 1 year up to 3 days before travel. Without this protection plan, Air Canada will consider the money you have paid for your vacation to be nonrefundable and will charge $250 per person to make any changes to your plans.
Please see the following links for further details on each supplier's protection plan:
Air Canada Vacations
Transat Vacations
Sunwing Vacations
WestJet Vacations
INSURANCE POLICIES:
I am licensed with Manulife and can provide you with a quote for any of the following plans or you can check with your bank, CAA, or other independent insurance companies to see what their policies offer.
The 3 main considerations for insurance policies are:
TRIP CANCELLATION COVERAGE: Manulife offers policies that will cover for 100% reimbursement for unforseen 'covered events' such as a death in the family and illness and up to 80% reimbursement for 'cancel for any reason' coverage. For cancel for any reason coverage to be valid policy must be purchased within 72 hours of paying deposit. Cancel for any reason coverage varies from 50-80% depending on policy purchased and length of time before travel when the claim is made. Policy can be topped up to add the value of other nonrefundable elements of your trip as they are booked (ie flights purchased after booking a cruise).
TRIP INTERRUPTION COVERAGE: Manulife offers policies that cover for unexpected expenses while you are traveling such as lost bags, an extra night at a hotel due to a flight delay, or transportation to the next port if you miss your cruise sailing away due to a flat tire of your cab. Trip interruption can be purchased at any time before travel either bundled with trip cancellation or on it's own.
EMERGENCY MEDICAL COVERAGE: When you leave Ontario you also leave OHIP behind, all foreign countries will expect you to pay out of pocket for any medical care and it is multiple thousands of dollars for something like a broken arm and an insane amount more if you need emergency surgery. Please NEVER leave Ontario without having an emergency medical policy in your wallet. Emergency medical coverage can be purchased at any time before travel on it's own or bundled with trip cancellation/trip interruption.
I highly recommend purchasing trip insurance for your vacation, the best product available is the Premium Protection Plan from Manulife which includes trip cancellation, cancel for any reason coverage, trip interruption and emergency medical coverage. Please reach out to me to discuss all your options and to get a quote.