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What is travel insurance and how does it work?
Travelling soon and want to know more about travel insurance? In this article, we'll explore what travel insurance is and how it works, why it's important to consider getting coverage, and when you should consider purchasing travel insurance.
What is travel insurance and how does it work?
Travel insurance is a type of insurance that could help cover you financially while travelling. It's coverage you can apply for before you depart on your trip for yourself and your family members.
Travel insurance helps provide financial protection against unexpected eligible travel expenses. For example, expenses resulting from medical bills from an illness or injury, a trip cancellation, or interruption due to covered events. Obviously, these are events that one would rather not think about, especially when travelling, but are nonetheless important to plan for.
When is the right time to purchase travel insurance?
Generally, to be eligible for travel insurance, you must purchase it before you depart on your trip. A good time to purchase travel insurance could be when you are booking your trip because you will have confirmed your travel information that you will need in your insurance application, such as your return and departure dates.
With the TD Insurance Trip Cancellation & Interruption Plan, you should purchase this coverage as soon as you book your trip. This coverage can be purchased up to 186 days before your departure date. This is suggested because the sooner you purchase the plan the sooner your coverage will begin. Trip cancellation & interruption insurance can help cover a portion of unused travel arrangements if your trip is cancelled or interrupted due to a covered event.
Just consider this stat from a September 2024 TD Insurance survey: "More than half of Gen Zers (53 per cent) and 38 per cent of Millennials surveyed who travel, have experienced a disrupted trip, having to either shorten or cancel a trip, or manage a serious injury that required medical attention. Further, 32 per cent of Canadians surveyed who have experienced these travel disruptions, incurred unexpected expenses averaging over $2,6001."
What are some things to consider when purchasing travel insurance?
Many insurance companies offer a suite of different plan options to choose from. Plans can vary by eligibility conditions, the amount of coverage they provide, the types of coverage they offer, benefits, and the duration of coverage (to name just a few).
To help you purchase travel insurance, you may want to consider: assessing your needs, checking your credit card for coverage, comparing plans, and reviewing your coverage.
1. Assess your needs: When looking into travel insurance, start by asking yourself if this plan is right for you. Are you looking for a plan that covers medical emergencies for your next holiday? Do you travel frequently and want medical coverage over multiple trips? Are you looking for a plan for non-medical expenses?
TD Insurance Travel Insurance offers four different types of travel insurance plans. You can speak with our administrator at 1-833-962-1143, where a licensed insurance advisor can speak to our travel insurance options.
2. Check your credit card for coverage: Some credit cards may already include travel insurance coverage for cardholders. Take time to review the features of your card to see if it includes travel insurance. If yes, it's important to make sure that it's the right type and amount of coverage for your travels. And ensure that the coverage period included with your credit card is long enough to cover the full duration of your trip. If not, consider supplementing this coverage with top-up or extension coverage.
3. Compare plans: Before purchasing travel insurance, it's important to research and compare plans. You want to make sure that you're getting coverage from a reputable insurance company and that you understand your coverage options. By comparing available options, you can find better pricing, evaluate the customer service, and identify any potential coverage gaps.
4. Review your plan: Before you purchase a travel insurance plan, it's important that you review and understand the policy. Spend some time going over exactly what your new policy offers. If you have any questions, you should contact the insurance company.
TD Insurance Travel Insurance options for Canadians
TD Insurance Multi-Trip All-Inclusive Plan: Our most comprehensive plan. It provides up to $10 million in emergency travel medical coverage, and trip cancellation and interruption, for multiple covered trips up to the maximum trip duration selected within one year2.
TD Insurance Single-Trip Medical Plan: This plan provides up to $10 million in emergency travel medical coverage for one trip.
TD Insurance Multi-Trip Medical Plan: Frequent traveller? Then this multi-trip plan could be more cost-effective than buying a single-trip plan each time. This plan provides you up to $10 million in emergency travel medical coverage for each covered trip up to the maximum trip duration selected within one year3.
TD Insurance Trip Cancellation & Interruption Plan: This plan offers financial protection for cancellations and interruptions for you and your travel companion due to a covered event. It also reimburses costs to purchase necessary toiletries in the event that your checked baggage is delayed for a covered reason.
Top up or Extension: Do you have an existing TD Insurance Travel Medical Insurance plan and need to extend your period of coverage for a particular trip? You can top-up or extend your existing coverage with TD Insurance. Your coverage begins after your existing plan ends.
Ready to learn more about the TD Insurance Travel Insurance plans available to you?
FAQs
Do credit cards automatically have travel insurance coverage?
It depends on the type of credit card you have. Not all credit cards automatically come with travel insurance coverage.
You'll have to review the features of your credit card. If your credit card does provide you with travel insurance, make sure you have the right coverage amount, type of coverage, and duration of coverage. If not, consider looking into topping up your travel insurance.
Do I need travel insurance if I'm covered through work?
It depends on what type of travel insurance coverage your work offers and the type of coverage you need.
For example, your work might provide you with travel medical coverage but not trip cancellation and interruption insurance. This additional coverage can help cover eligible travel expenses in case of a covered trip cancellation or interruption. It may also provide coverage for baggage delays and the repair or replacement of baggage and personal effects.
So, be sure to review the plan you have through work and consider what additional coverage you may need.
Do I need travel insurance despite having a provincial health plan?
While having a provincial health plan provides you with health coverage in your home province, it usually offers limited to no coverage outside your province or territory of residence.
How do I contact TD Insurance Travel Insurance?
You can visit our website to explore plans and start a quote.
Our administrator, Global Excel Management Inc., is also ready to assist you and answer your questions. For quotes, to purchase a plan or any general inquiries, please call:
Monday - Friday 8am-9pm ET
Saturday 9am-5pm
TTY 1-800-855-0511
Who underwrites TD Insurance Travel Insurance?
TD Insurance Travel Insurance is underwritten by TD Life Insurance Company (medical covered causes) and TD Home and Auto Insurance Company (non-medical covered causes).
How do I submit a claim with TD Insurance Travel Insurance?
To submit a claim with TD Insurance Travel Insurance, you can start your claims process and submit documentation with our Online Claims Portal. Global Excel Management Inc., our administrator, on behalf of TD Insurance Travel Insurance will help guide you through the process.
You can also submit a claim over the phone. To do so, contact Global Excel Management Inc., at:
1-833-962-1140 (toll free from Canada or the U.S.)
+1-519-988-7629 (collect from other countries)
Monday to Friday, from 8 a.m. to 8 p.m., EST.
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The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a licensed insurance professional regarding your specific situation. The information contained herein is subject to change without notice.
TD Insurance Travel Insurance plans (TD Insurance Multi-Trip All-Inclusive Plan, TD Insurance Single-Trip Medical Plan, TD Insurance Multi-Trip Medical Plan and TD Insurance Trip Cancellation & Interruption Plan) are individual insurance plans administered by Global Excel Management Inc. and its subsidiary, CanAm Insurance Services (2018) Ltd. TD Insurance Multi-Trip All-Inclusive Plan and TD Insurance Trip Cancellation & Interruption Plan are underwritten by TD Life Insurance Company (medical covered causes) and TD Home and Auto Insurance Company (non-medical covered causes). TD Insurance Single-Trip Medical Plan and TD Insurance Multi-Trip Medical Plan are underwritten by TD Life Insurance Company.
Medical and claims assistance, claims payment and administrative services are provided by the administrator described in the insurance policies. Coverages and benefits are subject to eligibility conditions, limitations, and exclusions, including pre-existing medical condition exclusions. Please refer to the respective policy for full details.
1 stories.td.com. " A costly cut: Many Canadians plan to travel on tight budgets that won't include travel insurance, according to new survey," September 2024.
2 The TD Insurance Multi-Trip All-Inclusive Plan will provide coverage for each covered trip taken within 1 year up to the maximum trip duration you selected when the policy was purchased. If the oldest person on the insurance policy is 15 days old to 59 years old, the maximum trip duration is 60 consecutive days. If you are 60 years and older, the available maximum trip durations are 22 or 30 consecutive days.
3 The TD Insurance Multi-Trip Medical Plan will provide emergency travel medical coverage for each covered trip taken within 1 year up to the maximum trip duration you selected when the policy was purchased. If the oldest person on the insurance policy is 15 days old to 79 years old, the available maximum trip durations are 4, 9, 16 or 30 consecutive days. If you are 80 years and older, the available maximum trip durations are 4, 9 or 16 consecutive days.