Spend on travel insurance and save

What seems like an extra cost, could save you money

Travel Insurance News - 05/06/2008

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For some travelers, buying travel insurance is one more expense on what is already an expensive proposition. Vacations do not come cheap these days and after plane tickets have been paid for and hotel rooms are booked, adding on yet another cost can sometimes seem like too much. For Garry Marr, a writer for the Financial Post, however, that little extra expense ended up saving his family over $4,000.

When Marr planned his vacation, he really wasn’t enthusiastic about the idea of paying more for travel insurance. “I have life insurance (thanks to my brother, who is a broker), car insurance and home insurance. But travel insurance?” he wrote.

But because Marr did have other insurance policies, his insurance company TD Meloche Monnex, was able to offer him a reasonably priced add-on to this home and auto insurance.

Henry Blumenthal, vice-president and chief underwriter with TD Meloche Monnex, said: "The main reason you would buy a travel insurance policy is for medical expenses.”

Blumenthal suggested that travelers shop around before buying a policy to make sure they get the most coverage for the best price.

When Marr became ill and had to cancel the trip, he almost lost thousands of dollars on the flights for himself, his wife and his two children, as well as the hotel rooms they had pre-booked in Paris for €175 a night and train tickets. Luckily he was covered by his insurance and the whole thing only cost $100 for his deductible.

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