Canadians keen to travel but plan to scrimp on insurance

Canadians keen to travel but plan to scrimp on insurance – poll | Insurance Business Canada

Travel

Canadians keen to travel but plan to scrimp on insurance – poll

Survey sheds light on this concerning trend

Travel

By
Terry Gangcuangco

A new TD Insurance survey conducted by Maru Public Opinion found that while 68% of Canadians plan to travel for leisure within the next year, a notable 32% of them will do so without purchasing travel insurance.

It was revealed that many Canadians are actively working to cut costs, with 78% prioritizing reductions in non-essential spending. Despite the financial pressures, though, over half of respondents (54%) still prefer to invest in experiences rather than material possessions.

To manage the rising costs of upcoming vacations, Canadians are employing cost-saving strategies like skipping dining out (63%) and avoiding clothes shopping (60%). However, financial constraints remain a concern, with nearly 30% of travellers admitting they struggle to meet the financial demands of their trips.

Alarmingly, only 32% of Canadians planning to travel intend to purchase emergency travel medical insurance and trip cancellation & interruption insurance.

Meanwhile, 40% of those with travel plans do not feel they have the financial resources to manage unplanned costs. A further breakdown shows that 15% could only afford up to $300 in unexpected expenses, while one in four travellers would need assistance.

“If you have the right policy in place to meet your needs, travel insurance can help financially should the unforeseen happen – from emergency medical bills to expenses like travel interruptions and cancellations due to an unexpected event that’s covered by your policy.”

Of those who previously experienced travel disruptions, 32% incurred unexpected costs averaging more than $2,600.

Campoli added: “No matter how diligent we are when it comes to planning our trips, from checking the weather, to ensuring we have all the necessary documents, to creating a list of things to do and see – unplanned cancellations or medical emergencies while travelling can happen and can be out of our control.”

What do you think about this story? Share your thoughts in the comments below.