Do you need travel insurance? A guide for Canadian travellers

Travel insurance is a crucial consideration for Canadians planning a trip abroad. With varying circumstances and needs, it's important to evaluate what coverage best suits you and your family. Here’s a concise guide to help you understand the importance of travel insurance and the benefits it offers.

Health-related concerns are a primary reason many travellers choose to buy insurance. Medical emergencies can occur unexpectedly and affect anyone, regardless of age, time or location. Since provincial health plans offer little to no coverage outside of Canada, the Government of Canada Opens a new window. recommends purchasing travel insurance with trip interruption and medical benefits before your departure. This allows you to focus on enjoying your trip and on your recovery in the case of a medical emergency, without the added stress of potential financial burdens of overseas medical care.

Consider these questions:

• Are you aware of the potential costs of medical treatment abroad?
• Could you afford medical expenses in destinations like the US, Europe or Asia?
• What if you need an air ambulance to return to Canada?
• Can a family member afford to travel overseas to support you?

CIBC Travel Insurance plans with medical benefits can help cover these financial risks and also provide invaluable assistance, such as referrals to quality medical providers, monitoring your care to ensure you are receiving appropriate treatment and coordinating your safe return home when medically necessary.

Planning a vacation is a significant time and financial commitment. Unforeseen events, from unexpected illnesses to jury duty can force you to cancel your trip. CIBC Travel Insurance plans with trip cancellation benefits can help recover eligible non-refundable pre-paid travel costs, up to the amount purchased (up to $50,000 per person), if you need to cancel your trip for a covered reason.

While on your trip, trip interruption benefits can help protect you if you need to cut your trip short due to a covered reason, reimbursing non-refundable, unused, prepaid expenses and costs to change a flight or book a new return flight home. If your trip is interrupted, these benefits may also cover meals, accommodations and transportation during your extended stay.

Ask yourself:

• Are any of your prepaid expenses refundable in case you need to cancel your trip?
• Do you have the funds to cover unexpected costs if your trip is interrupted or delayed?

With millions of bags handled daily at airports, lost or delayed luggage is a common issue. Lost or stolen baggage benefits reimburse you for the value of personal items, up to $2,000, if your baggage is lost or stolen. Delayed baggage benefits may cover essential purchases if your luggage is delayed for an extended period of time.

CIBC offers various plans tailored to Canadian residents, including CIBC Travel Medical Insurance – Single Trip Plan, CIBC Trip Cancellation & Trip Interruption Insurance Enhanced Plan, CIBC Comprehensive Travel Insurance Plan and CIBC Travel Medical Insurance – Multi Trip Annual Plan (8 or 18 Days). Please note that separate eligibility conditions apply to different plans and these plans are exclusively available to CIBC clients.

Before purchasing, review the policy details to understand what is covered. CIBC’s travel insurance administrator, Allianz Global Assistance is available to answer questions and assist with plan selection. Contact them at 1-800-281-9109 Opens your phone app. for more information.