Travelling is an activity cherished by many Canadians, offering the opportunity to explore new horizons, experience diverse cultures, and create lasting memories. However, amidst the excitement of planning a trip, it is necessary not to overlook a crucial aspect: travel insurance. This is particularly important when Canadians are heading to the United States, our southern neighbour, for an array of reasons.
Healthcare Costs
Healthcare expenses can be exorbitant, especially in the United States, where medical costs are significantly higher than in Canada. Canadian travellers often assume that their provincial healthcare will cover them while abroad, but this is not the case. Provinces generally cover a fraction of the medical expenses incurred outside the country, leaving travellers responsible for the rest. In the U.S., where medical costs can escalate rapidly, this can lead to financial burdens that overshadow the joy of the trip.
Travel insurance provides a safety net in this scenario. It covers a range of medical expenses, including hospitalization, emergency medical treatments, prescription medications and even medical evacuation, ensuring that Canadians can access quality healthcare without worrying over the financial repercussions.
Unforeseen Travel Hiccups
Travel plans can be disrupted by various unforeseen events, such as trip cancellations, flight delays or lost baggage. Imagine arriving in the United States, only to realize that your suitcases with essential belongings are missing. This inconvenience can quickly turn into a stressful situation, especially if your baggage contains medications, personal documents, or other indispensable items.
Travel insurance can step in to mitigate these challenges. It typically covers trip cancellations due to unexpected circumstances like illness, family emergencies or natural disasters, allowing you to recover non-refundable expenses. Moreover, it offers compensation for baggage loss or delay, ensuring that you have the resources to cope with such disruptions and continue your journey smoothly.
Emergency Assistance and Evacuation
Emergencies can strike without warning, and being in a foreign country adds an extra layer of complexity to such situations. In the U.S., where the systems in place might be unfamiliar, dealing with an emergency can be daunting. Travel insurance companies often provide 24/7 emergency assistance services, offering guidance, translation services, and help with arranging medical care or legal support if needed.
In extreme cases, when a medical condition requires specialized treatment unavailable at your location, travel insurance can cover medical transportation. This means you can be transported back to Canada for treatment.
Financial Protection
Travel-related expenses, from accommodation and flights to tours, meals, and other types of activities, can accumulate quickly. Imagine paying for these in advance and being forced to cancel the trip due to unforeseen circumstances. Travel insurance can help you avoid losing a significant amount of money.
By investing in travel insurance, you can gain financial protection against such losses. The cancellation coverage ensures that you can recuperate your prepaid expenses if your trip needs to be called off for covered reasons. This safety net offers peace of mind and can allow for worry-free planning.
Short Trips and Insurance
The Canada-U.S. border is one of the busiest international borders in the world, facilitating millions of crossings annually for tourism, business, and family visits. Given the proximity and cultural ties between the two countries, Canadians often view the United States as an accessible destination that does not warrant the same level of preparation as more distant locations.
Unfortunately, this familiarity can lead to some complacency. The truth is that even a short trip across the border requires careful consideration of potential risks. Whether it is a sudden illness, a car accident or travel disruptions, having travel insurance can be the difference between a manageable situation and a costly, stressful ordeal.
In general, travelling from Canada to the United States offers numerous experiences and opportunities. However, the importance of being prepared cannot be overstated. Travel insurance serves as a safety net, guarding you against unexpected medical expenses, travel disruptions, lost baggage and more.
Canadians embarking on their journey to the United States should view travel insurance as an essential investment in their well-being, peace of mind and financial safety. It allows them to fully enjoy the adventure, confident that they are safeguarded against the uncertainties that may arise.
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Disclaimer
This report is for the purpose of providing some insight into Pembroke and the Pembroke funds. Past performance is not indicative of future returns. Any securities listed herein, are for informational purposes only and are not intended and should not be construed as investment advice nor is it a recommendation to buy or sell any particular security. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Pembroke seeks to ensure that the content of this document is correct and up to date but does not guarantee that the content is accurate and complete and does not assume any responsibility for this. Pembroke is not responsible for decisions or actions taken or made on the basis of information contained in this document.
