by Lorie Zorn, Island Savings Credit Union –
Finally, the time has come: your long-awaited summer vacation has arrived.
Car filled up? Check. Hotel booked? Check. Snacks for the trip? Check. Insurance? Uhhhh.
I get it: insurance isn’t exactly top of mind when you’re planning your exciting summer getaway, but it’s an important piece that often goes unchecked and should be included somewhere in the trip planning process.
Travel Insurance. Having adequate travel insurance is important whether you’re travelling internationally or staying within Canada. Unexpected injury or sickness while travelling can be an incredibly emotional time and by having adequate coverage, you are removing the financial burden should something happen. Many people assume that they are covered through their employer or credit card provider, but I strongly encourage you to find out exactly what is covered through these policies as it may cover you for some things and not others.
Quick Tip: Getting travel insurance is a simple risk/reward analysis. How much are you willing to risk and what could you gain with that risk? Do you risk $35 in travel insurance to save $68,800 in medical expenses or do you risk $68,800 to save $35?
Home Insurance. Make sure that you understand what is covered under your policy and if there are any requirements if the home is vacant. It is good practise to connect with your broker before you go away so they can explain your policy in detail and let you know if there are any additional steps you should take before you leave. For instance: your policy may require that somebody visit the home every five to seven days to check for potential issues such as leaks or damage.
Quick tip: Make the house look “lived-in” while you’re away. This could include a neighbour or friend cutting your lawn, grabbing your mail or even parking their car in your driveway.
Auto Insurance. If you are driving your vehicle anywhere in Canada and the United States, your Autoplan policy will have you covered. The basic coverage does not include rental vehicles, however, there are additional coverages that can protect you while driving a rental.
Quick Tip: Before you leave, make sure to print off your policy or take a photo of it, so you have it for quick reference in case of an accident.
If you are unsure of the specifics of your insurance situation always connect with your broker before you go away. Not all insurance policies are the same, and you want to make sure you’ll be covered in case of any mishaps.
Lorie Zorn is a Manager of Insurance Services at Island Savings, a division of First West Credit Union.
