TORONTO, ONTARIO — (Marketwired) — 08/19/13 — Don-t leave home without it – RateSupermarket.ca-s vacation costs study finds that when it comes to the necessities and potential savings associated with travel insurance, Canadian travellers can be clueless.
Despite being seasoned flyers – 32 million Canadians took outbound flights last year(i) – persisting confusion can cost travellers an arm and a leg in sky high medical bills or lost possessions.
“The right travel insurance coverage is the most effective preventative measure to avoid incurring high costs in a worst case scenario,” said , spokesperson at RateSupermarket.ca. “Even Canadians travelling within the country are well advised to make insurance a necessary part of their vacation checklist.”
The study, , debunks common misconceptions such as:
Myth 1: Travel insurance is just an expensive add-on.
Truth: While it-s vital to have coverage while travelling, consumers aren-t limited to the options provided when purchasing their airfare. is essential for acquiring the best coverage for less.
Myth 2: Travel insurance isn-t required when travelling within Canada.
Truth: A provincial health care card may not cover all costs if travellers fall ill or are injured out of province, leaving them on the hook for additional medical care.
Myth 3: I don-t need to insure my checked baggage.
Truth: Misplaced luggage is more common than perceived, with the risk of losing a bag increased by 60% when transferring at a major hub airport. (ii)
Myth 4: I-ll be paying for my vacation all year.
Truth: There-s no need to let a getaway linger on your credit card balance year-round. Travellers can take advantage of finance product options to minimize the impact of vacation-incurred debt, such as transferring a balance to another credit card with competitive balance transfer features.
(i)Canadian Tourism Corporation 2012 Travel Snapshot
(ii)Air Transport Users Council Delayed Baggage Table
About RateSupermarket.ca ( )
Over 3 million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada-s most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.
Contacts:
RateSupermarket.ca
Penelope Graham
PR Specialist
647-869-5301