Many Canadians plan to travel without insurance

Canadians’ travel budgets

Only 32% of Canadians surveyed who are planning to travel intend to purchase both emergency travel medical and trip cancellation and interruption insurance.

At the same time, 40% of Canadians who plan to travel, do not feel they have the financial means to cover unexpected out-of-pocket costs: Fifteen percent could only cover up to $300 of out-of-pocket expenses and one in four Canadians would not be able to manage any unanticipated expenses without assistance if something were to happen.

Nearly 30% of respondents say they are struggling to meet the financial needs of their trip, and that includes covering expenses in case the unexpected happens.

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Generational breakdowns

More than three-quarters (78%) of Canadians prioritize reducing or cutting back on non-essential spending. Having said that, 54% of respondents prefer to spend their money on experiences rather than material goods.

That includes Gen Zers wanting to travel with family (38%), to Boomers planning to visit somewhere they haven't seen before (31%), to Millennials looking to travel with their kids (34%).

More than half of Gen Zers (53%) and 38% of Millennials who travel have experienced a disrupted trip, having to either shorten or cancel a trip, or manage a serious injury that required medical attention. Further, 32% of Canadians who have experienced these travel disruptions incurred unexpected expenses averaging over $2,600.

"No matter how diligent we are when it comes to planning our trips, from checking the weather, to ensuring we have all the necessary documents, to creating a list of things to do and see — unplanned cancellations or medical emergencies while travelling can happen and can be out of our control,” Campoli said.

“Having the right emergency travel medical and trip cancellation and interruption insurance can help you travel with confidence and focus on how much fun you're going to have on your trip.”

Survey methodology

This Maru Public Opinion survey conducted on behalf of TD Insurance was undertaken by the sample and data collection experts at Maru/Blue. One thousand, five hundred and twenty randomly selected Canadian adults who are Maru Voice Canada online panelists were surveyed from July 29 to July 30. The results of this study have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to census data.