One in three Canadians say travel insurance is an unnecessary expense
according to American Express study
MARKHAM, ON, Sept. 5, 2012 /CNW/ - Most Canadians would never question
the need for car insurance, but many are willing to take the risk of
travelling uninsured, according to new survey results released today by
American Express Canada. The results reveal that over half of those
Canadians surveyed are planning to travel in the next six months;
however, only 59 per cent will purchase travel insurance prior to
taking off on their next trip. This number isn't surprising
considering that 30 per cent of Canadians and 42 per cent of those 18
to 34 admit that they have never purchased it.
These results suggest that Canadians are bigger risk-takers than they
admit. The study found that 39 per cent of Canadians do not consider
themselves to be risk-takers, but the truth is many are taking gambles
all the time while travelling, the biggest being forgoing travel
insurance. In fact, when it comes to Canadians pre-travel checklist,
most prioritized researching things to do at their destination (80%)
over purchasing travel insurance (61%).
43 per cent have travelled alone
15 per cent have travelled off resort when it's not advised
1 in 10 say they've travelled to countries with known travel warnings
14 percent have travel to a remote location removed from medical
10 per cent have drove a scooter or motorcycle without a helmet while
"The high percentage of Canadians who choose to opt out of travel
insurance when planning a vacation is rather surprising for a nation of
people that don't consider themselves to be risk takers," says Jeff
Gladwish, Director of Insurances at American Express Canada. "A lot of
people don't realize that your provincial health care may not cover
your entire medical expenses abroad, leaving you vulnerable while
you're away from home."
The study found that most Canadians are naïve when it comes to the cost
of the treating medical conditions away from home. A mere two per cent
of Canadians would be willing and able to pay $10,000 or more
out-of-pocket for medical expenses while travelling, an amount which
would likely not cover even the most basic of accidents in many parts
of the world.
"You often hear travel horror stories, but you never expect it's going
to be you," says Sue Noble, Burlington, Ontario, who was travelling
when tragedy struck. Noble's husband was rushed to hospital for an
emergency surgery after suffering a severe heart attack. "It was
terrifying and the last thing I wanted to worry about was how we were
going to pay for it all. Our total cost totalled $300,116. Without
travel insurance, our medical bills would have left us broke."
What's deterring Canadians from purchasing travel insurance? Canadians
don't know if they're getting a good deal (72%), they think there is
too much jargon and don't understand what coverage includes (66%), and
that it's too complicated to compare one product to another (65%).
"We understand that there's a lot of confusion about travel insurance in
the marketplace, which is why we believe that a 'one size fits all'
approach doesn't work," says Gladwish. "Look for flexible plans, like
the ones offered by American Express Travel Insurance, to make sure you
get coverage that fits your budget and your needs.
For more information visit americanexpress.ca/travelinsurance or call 1-866-292-5234. We welcome all major credit cards including
American Express, Visa, and MasterCard.
About American Express Canada
American Express in Canada operates as Amex Bank of Canada and
Amex Canada Inc. Both are wholly owned subsidiaries of the New York
based American Express Travel Related Services Company, Inc., the
largest operating unit of the American Express Company. Amex Bank
of Canada is the issuer of American Express charge and credit cards, with outstanding products like the American Express® Gold Rewards Card, the Platinum Card ®, the American Express AeroplanPlus® Gold Card. Amex Canada Inc. operates the Corporate Travel and Travellers
Cheques divisions in Canada. American Express opened its first offices
in Toronto and Hamilton in 1853 and now employs 3,700 Canadians
coast-to-coast. For more information, visit AmericanExpress.ca or connect with us at Facebook.com/AmericanExpressCanada and YouTube.com/AmericanExpressCAD.
SOURCE: American Express
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