TORONTO, ONTARIO — (Marketwire) — 07/05/12 — BMO Insurance today released the results of its Summer Travel Insurance Study which found that, while many Canadians are turning their thoughts to summer vacation plans, only 41 per cent who travel purchase travel insurance on a regular basis. This is despite the fact that four in ten Canadians reported that, at some point in their lives, either they or a companion have required medical attention while travelling.
The study revealed that Canadians love to travel. Over the last 12 months:
“It-s critical that Canadians ensure they have the proper medical coverage before travelling,” said Julie Barker-Merz, Vice-President and Chief Operating Officer, BMO Insurance. “While Canadians can sometimes be covered under the terms of their credit card or workplace healthcare plan, they need to be certain that the correct insurance is in place given the high cost of medical services that can be incurred while away from home.”
The costs associated with medical care abroad can be daunting without adequate travel medical insurance. For example, a broken leg in the United States can cost up to US$20,000, an air ambulance from Florida to Ontario US$15,000 and treatment for decompression sickness in Thailand up to US$40,000.
On the question of who pays for medical costs:
“Medical emergencies can happen anywhere, anytime so it-s important to ensure you are not at financial risk should an unfortunate event occur,” said Ms. Barker-Merz. “Just like packing sunscreen and cancelling the newspaper before leaving home, making sure you have travel medical insurance should be a high-priority item on any traveler-s -vacation to-do list-.”
Ms. Barker-Merz noted that even when travelling to another province within the country, Canadians may not be fully covered for all costs associated with any required medical attention.
BMO offers insight on what Canadians should consider when selecting a travel insurance policy:
The online survey was conducted by Pollara with a random sample of 1,000 Canadians 18 years of age and over, between June 14-18, 2012.
For more information on BMO Travel Insurance:
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Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Ronald Monet, Montreal
514-877-1873
Laurie Grant, Vancouver
604-665-7596