With weeks of winter still ahead, many Canadians are eager to escape the cold, trading snow-covered streets for sunny beaches and warm destinations.
Whether it’s a short getaway or an extended stay, travel remains a top priority—even in the face of rising costs and economic pressures. But while plenty of Canadians are willing to spend on flights, accommodations, and excursions, a surprising number are cutting corners on one critical expense: travel insurance.
A recent TD Insurance survey found that while many Canadians plan to travel for pleasure in the next year, a third are opting to forgo travel insurance altogether, leaving themselves financially vulnerable in the event of an emergency. The findings are concerning, especially given that 40% of travellers admit they wouldn’t have the financial means to cover unexpected out-of-pocket costs. Some could manage up to $300 in unplanned expenses, but others say they wouldn’t be able to cover any emergency costs without assistance.
“It’s easy to understand why skipping travel insurance is tempting for those looking to cut costs, but that could pose risks,” says Annie Campoli, vice president of distribution, life and health at TD Insurance. “If you have the right policy in place to meet your needs, travel insurance can help 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.”
The reality is that travel disruptions are more common than many realize. More than half of Gen Z travellers, for example, have experienced a disrupted trip—whether due to a serious injury, an unexpected cancellation, or the need to cut their travel plans short. Those who have faced travel disruptions have incurred unexpected expenses averaging over $2,600, a cost that could be significantly reduced or avoided with the right coverage in place.
“No matter how diligent we are when it comes to planning our trips, from checking the weather and ensuring we have all the necessary documents to creating a list of things to do and see – unplanned cancellations or medical emergencies can happen,” says Campoli. “Having the right emergency travel medical coverage, along with trip cancellation and interruption insurance, can help you travel confidently and focus on how much fun you’ll have on your vacation.”
As Canadians continue to book trips in the months ahead, ensuring that travel insurance is part of the plan could make all the difference—protecting both their wallets and their peace of mind.
