Compare
Travel Insurance

About Comparing Travel Insurance

If you are planning a trip within Canada, you will have to deal with dozens of insurance options, each offering different coverage, rates, and features.

Making the wrong choice may cost you thousands of dollars in an emergency situation or a cancelled trip. This guide will show you exactly how to compare travel insurance in the best way in order to travel with confidence.

Best

9.9

Price From

$70

Max. Cover

$10M

Destinations

150+

Continue

Via BestMoney

9.8

Price From

$100

Max. Cover

$1M

Destinations

249

Continue

Via BestMoney

9.7

Price From

$330

Max. Cover

$10M

Destinations

100+

Continue

Via BestMoney

Why compare travel insurance?

Provincial health plans cover none or only a small part of medical care costs abroad, including medical evacuation if needed, and will never pay bills upfront.

A simple broken bone in the United States can cost from $20,000 to $40,000, while your provincial plan might reimburse only a few hundred dollars.

Travel insurance in Canada ranges from $50 to over $300, depending on age, trip length, and activities.

One policy might exclude your pre-existing condition entirely, while another covers it with no restrictions. One might pay your hospital bills directly, while another requires you to pay first and claim later.

Some insurers assign you a personal claims adjuster within 24 hours, and others take days or even weeks to respond.

These differences matter when you’re stuck in a foreign hospital needing immediate help. Comparing policies before you travel ensures you get coverage that actually protects you when emergencies happen.

Travel insurance costs between 4% to 12% of the total trip cost, with an average of about $228 for a $5,000 trip. For the same coverage, one insurer might charge $150 while another charges $400.

Taking time to compare travel insurance quotes can save hundreds of dollars without sacrificing protection.

How travel insurance pricing works for Canadians

Travel insurance pricing depends on several factors that insurers use to calculate your risk level.

Trip type (single-trip vs annual multi-trip)

Single-trip plans give you emergency medical coverage for one trip with defined start and end dates, while multi-trip annual plans cover unlimited trips over 12 months but limit days per trip.

If you’re taking one vacation per year, a single-trip policy makes sense. If you travel three or more times annually, an annual multi-trip policy usually costs less overall.

Multi-trip annual plans commonly limit trips to 4 to 60 days per trip. Once you hit that limit, you must return to Canada before your next trip resets the clock.

For example, if your annual policy has a 30-day limit and you want to spend two months abroad, you’d need a top-up policy for the extra days.

Annual policies offer convenience beyond savings. You buy coverage once, and you’re protected for every trip that year. No need to remember to purchase insurance before each departure.

This works especially well for business travellers, frequent vacationers, or Canadians visiting family abroad multiple times yearly.

Destination & duration of travel

Visiting high-risk areas increases travel insurance quotes as you’re more likely to face complications such as illness and theft.

A week in Western Europe costs less to insure than the same week in a country with limited medical facilities or political instability.

The United States stands out as particularly expensive to insure. American healthcare costs are astronomical compared to most countries.

A three-day hospital stay in Florida can easily exceed $100,000. Insurers know this, so U.S. coverage costs 20% to 40% more than coverage for other destinations.

Trip duration also impacts premiums. Extended coverage means higher premiums. A two-week trip costs more than a weekend getaway because you’re exposed to risk for longer.

Insurers calculate the probability that something will go wrong, and longer trips increase that probability.

Age, health status & pre-existing conditions

Older adults, particularly those over 70, see higher premiums related to added health risks. A 30-year-old might pay $100 for coverage that costs a 70-year-old $500 or more.

The statistical reality is that older travellers are more likely to need medical care abroad.

Pre-existing conditions also complicate pricing further. Most policies require conditions to be “stable” for a specific period before departure.

For those aged 0 to 54, pre-existing conditions must be stable for 3 months before departure, while for those 55 and over, conditions must be stable for 6 months.

Stable generally means the condition hasn’t changed or worsened, with no changes in medication, treatment, or symptoms. If your condition isn’t stable, it will be excluded from coverage.

However, some insurers offer personalized policies that cover unstable conditions for higher premiums, and some policies require no stability period at all, though these cost more.

How to compare travel insurance policies

When comparing travel insurance policies, certain features determine whether a policy truly protects you or leaves you vulnerable to massive expenses.

Emergency medical coverage & evacuation

Emergency medical coverage is the foundation of travel insurance. Choose at least $5 million in medical expense coverage abroad, especially for the United States. This might seem excessive, but serious medical emergencies can reach or exceed this amount.

Medical evacuation coverage is equally critical as a medical evacuation can cost over $100,000 in cases where air transport is necessary.

If you suffer a heart attack in a remote location or need specialized care unavailable locally, you’ll need evacuation to the nearest adequate facility or back to Canada.

Also, verify whether the policy pays hospitals directly or requires you to pay first and submit claims later. Direct billing saves you from scrambling for tens of thousands of dollars while dealing with a medical crisis.

Trip cancellation/interruption, baggage loss/delay

Trip cancellation insurance covers non-refundable trip expenses, provided you have to cancel the trip beforehand because of specific reasons.

They normally include serious illness, accident, death of a relative or yourself, jury duty or natural disasters affecting your destination.

If you’re on vacation and suddenly need to return home due to an emergency, trip interruption coverage reimburses unused prepaid expenses plus extra transportation costs to get home.

It usually costs between 4% to 10% of the total prepaid, non-refundable trip cost.

Baggage loss and delay coverage provides reimbursement if the airlines lose your luggage or delay it beyond a certain time period.

Most policies pay $100 to $300 for essential items like clothing and toiletries if your baggage is delayed more than 12 to 24 hours. Full baggage loss typically covers $1,000 to $2,500 per person, though valuable items like jewelry and electronics often have sublimits.

Deductibles, coverage limits & exclusions

You should prefer deductibles under $100 to reduce expenses in an emergency. A policy with a $0 deductible costs more upfront but means you pay nothing out of pocket. And a $500 deductible lowers your premium but requires you to cover the first $500 of any claim.

Your coverage limits define the maximum payouts. A policy might offer $5 million in medical coverage but only $1,500 for baggage loss. Check limits for each coverage type to ensure they’re adequate.

If you’re carrying $3,000 in camera equipment, a $1,500 baggage limit won’t fully protect you.

Exclusions are situations the policy doesn’t cover, and some common exclusions include intentional self-harm, illegal activities, high-risk sports without additional coverage, and expenses related to non-stable pre-existing conditions. Always read exclusion lists carefully to understand what’s not covered.

How to compare travel insurance quotes

Getting accurate quotes requires providing specific information and knowing what to look for beyond the price.

What information you’ll need to provide

To get an accurate travel insurance comparison, you’ll need several information ready. Start with your departure and return dates, destination countries, and your age, plus the ages of anyone else being covered. Insurers also ask for your province of residence, as provincial health plans affect how they price policies.

You will need to answer health questions honestly. Most insurers ask about pre-existing medical conditions, recent hospitalizations, and current medications.

If you’re over 60, expect a more detailed medical questionnaire. Lying or omitting information can result in denied claims later.

You’ll also need to state your trip cost for cancellation and interruption coverage. This includes all non-refundable, prepaid expenses like flights, hotels, tours, and event tickets. The more expensive your trip, the higher your premium for cancellation coverage.

How to evaluate quotes beyond just price

Price matters, but the cheapest online travel insurance Canada might not offer the best value. A $200 policy with $5 million in medical coverage beats a $150 policy with only $1 million if you’re travelling to the United States. Also, check the deductible amounts.

A lower premium often comes with a higher deductible. Calculate whether the premium savings justify potentially paying more out of pocket during a claim.

Look at what each policy excludes, as two policies might both cost $250, but one might exclude your destination’s adventure activities while the other covers them.

If you plan to ski, dive, or participate in other activities, this difference is crucial. Read customer reviews about claims experiences. Also, look for feedback about response times, ease of filing claims, and whether the company pays hospitals directly or requires reimbursement.

Special-case considerations for Canadian travellers

Different types of travellers face unique insurance needs and challenges.

Travel within Canada vs abroad

Many Canadians assume provincial health insurance fully covers them when travelling within Canada, but this is false.

When travelling within Canada, provincial plans cover most emergency medical expenses in another province, but certain treatments and services may be excluded, such as ambulance services, prescription drugs, and transportation back to your home province.

An ambulance ride in another province can cost $500 to $1,000 or more, and your provincial plan might cover none of it. Prescription medications filled out of province typically aren’t covered.

If you need to be transported back to your home province for ongoing care, you’ll pay those costs yourself without travel insurance.

It’s still a good idea to purchase travel insurance when you’re taking a domestic trip, as public health insurance may cover some medical treatment out of province, but you may still face additional expenses.

Travel insurance for domestic Canadian trips costs less than international coverage, often 30% to 50% cheaper, making it affordable protection against these gaps.

Seniors, snowbirds & travellers with pre-existing conditions

Seniors pay higher premiums but also have specific policy options that cater to their needs. The snowbirds who spend months in warmer areas cannot use the normal travel insurance since most of the coverage is limited to 30 days or 60 days.

Instead, they need long-term travel medical insurance designed for stays up to the maximum allowed by provincial health plans, typically 212 days per year.

Custom-made travel insurance policies cover pre-existing medical conditions with no stability period requirement and sometimes insure healthy travellers on lower premiums than normal ones.

According to these policies, you are supposed to fill in a medical questionnaire regarding your particular conditions. The insurer will then offer cover depending on your health circumstances.

There are also special policies available to travellers with unstable conditions, and they cover conditions even when they have changed recently. These are more expensive, and they offer vital protection.

There are also policies that have stability buy-downs, which allow you to buy coverage even in case you develop a condition during the 7 to 30 days of departure.

Frequent travellers / business vs leisure trips

If you travel three or more times per year, an annual policy costs less than buying three separate single-trip policies. These policies cover business and leisure travel equally, so one policy protects all your trips.

Business travellers often need coverage for expensive equipment like laptops and business documents, so check whether your policy includes business equipment coverage or if you need to add it.

Policies that have good trip delay and missed connection coverage should be considered by frequent flyers.

When you always find yourself at the airports, the likelihood of flight delays coming your way is great. Meal and accommodation reimbursement policy in case of delays is more valuable as you travel more.

Common mistakes when comparing travel insurance

Avoiding these mistakes helps you get proper coverage without overpaying or leaving gaps in protection:

• Not buying insurance soon enough: Trip cancellation coverage usually requires purchase within 7 to 21 days of making your first trip deposit. Wait longer and you lose coverage for pre-existing conditions or cancel-for-any-reason options.
• Assuming all policies are the same: Two policies might both advertise “$5 million coverage,” but one might exclude your destination or activities. Always read what’s actually covered, not just the headline numbers.
• Failing to disclose medical conditions: Even if you think a condition is minor or unrelated, disclose it. Insurers investigate claims, and undisclosed conditions give them grounds to deny coverage entirely.
• Choosing the cheapest policy without comparing coverage: A policy that costs $50 less but has a $5,000 deductible instead of $100 could cost you much more if you need to claim.
• Ignoring activity exclusions: If your policy excludes skiing and you break your leg on the slopes, you’ll pay the full medical bill yourself. When you compare travel insurance policies, verify that your planned activities are covered or purchase additional coverage for them.