TravelInsuranceQuotes.ca 2008 Survey reveals 17% of Canadian travelers try to purchase travel insurance in the last minute.
Vancouver, Canada , August 29, 2008 — The survey, conducted by TravelInsuranceQuotes.ca, found that 18% of Canadian travelers arrange their travel insurance plan within the last 2 days before their departure. Of these, half requested travel insurance quotations on the departure day. The results also indicated that about 42% of Canadian travelers planned their insurance more than 30 days ahead of which more than 62% requested a quotation 60 days ahead of their trip.
Quote Date before Departure Percentage
same day 6.66%
1 day 6.34%
2 days 4.98%
3-7 days 14.72%
8-14 days 10.64%
15-30 days 15.92%
31-60 days 15.23%
60+ days 27.12%
It is understandable that consumers don’t want to pay until the last minute, but this might not be the case for Travel insurance.
Last Minute Deal
Unlike airline tickets or hotel bookings, travelers don’t get last minute discounted deals for travel insurance. In fact, to maximize coverage, travelers should purchase trip cancellation travel insurance no later than 48 hours after paying for the trip. The premium rate for trip cancellation is not sensitive to the number of days prior to departure. That means the sooner the traveler buy, the longer they will be covered for the same amount of money.
Early Bird Special
“For emergency medical travel insurance, we advise travelers to buy as soon as they confirm their trip schedule…. especially during August to Octoberâ€, commented by Dominic Chan, COO of TravelInsuranceQuotes.ca. “Early fall is the time where travel insurance companies usually adjust their rates, therefore snowbirds should take advantage of these early bird specials and buy prior to the annual rate increase.†Refund policies offered by the major travel insurance companies also makes it easier to lock into this early bird special. Travelers usually get full refund for travel medical insurance even if they cancel their plans for medical reasons. Some insurance companies might charge you a $15-$25 cancellation fee if the trip is cancelled for non-medical reasons.
Birthdate Before Departure
“If travelers have a birthday between now and their travel date then they may save substantially by purchasing travel insurance prior to their birthdate.†said Dominic. “Some travel insurance companies calculate the premium rate at the time of purchase, not the departure date. If the insured is going to be in a higher age category the savings can be very big.â€
Medical Questions
Travel insurance companies also tend to change the medical questionnaires at the same time they make their annual rate increases. Purchasing travel insurance early avoids the risk that Senior travelers may encounter if the new medical questions result in a lower rate category.
About the Survey
The survey was conducted in the period of 6 months from 02/16/2008 to 08/15/2008 The survey was designed to gather quotation done on www.travelinsurancequotes.ca site. The margin of error for the entire survey is 1% at a 95% confidence level.
About TravelInsuranceQuotes.ca
TravelInsuranceQuotes.ca, wholly owned by OIQ Insurance Solutions Inc., is Canada’s Number 1 online travel insurance website. TravelInsuranceQuotes.ca is the leading Canadian travel insurance website offering its users the ability to compare coverage between leading travel and health insurance companies. TIQ’s Travel Insurance Quote and Purchase system allows users to immediately get compare cost and coverage from leading Canadian and International travel insurance companies.
Online, real-time quotes are available for Canadian comprehensive travel insurance, emergency medical insurance, trip cancellation insurance, Canadian Expatriate health insurance, Visitors to Canada (travelers, foreign workers, and immigrants) emergency medical insurance, and international student health insurance.
About OIQ Insurance Solutions Inc.
OIQ develops and operates web-based insurance quotation systems that enable website users to obtain competitive quotations, compare coverage, and purchase policies online. OnlineInsuranceQuotes.ca was first launched in 2003 and responded to the increasing demand for online quotations for Travel, Life, Disability, Critical Illness, Group Benefits, and Health Insurance by Canadians.
OIQ is not owned in part or in whole by any insurance company, therefore we provide an unbiased one stop quoting and comparison service that directs consumers to purchase online from the insurance companies at the lowest travel insurance rates. We promise to deliver best quality of service and our best effort to assist you in solving your insurance needs. OIQ Insurance Solutions, has International Travel Insurance Solutions, National Health and Dental Insurance, and licensed insurance representatives in British Columbia, Alberta, Ontario and Saskatchewan.
Press Release submission By PressReleasePoint
Contact:
Dominic Chan
OIQ Insurance Solutions Inc.
Vancouver, Canada
604 628 4221
[email protected]
http://www.travelinsurancequotes.ca
