Wednesday, November 25, 2009, 12:57PM ET - Canadian Markets close in 3 hours and 3 minutes.
It's February again and for most Canadian college and university students this means Reading Week, those five days away from assignments and midterms. While your professors and parents probably think it's a good time to catch up on your work and reading requirements, odds are you're thinking about everything but. Instead, maybe you're heading home to visit family and hometown friends, going with classmates on a ski trip, or seeking some southern fun in the sun with your roommates? Whatever your plans, if you're leaving your home province or country, keep reading.
To buy or not to buy travel insurance? There's really no question
If you're thinking you don't need to worry about travel insurance because "it won't happen to you," all it takes is one nasty sunburn, that hidden jump on the ski slope or one bad burrito at 2 a.m. for you to have to pay out-of-pocket for your trip to the doctor. Because the fact is, if you require medical attention on vacation, there's a chance your government health benefits won't cover your expenses. Or if it does, it likely will not be nearly enough.
Still thinking you'd rather wing it instead of buying travel insurance? Here's a few questions you should ask yourself first:
Q. Do you think travel insurance is too expensive?
A. Travel insurance really is very inexpensive-especially if you're young and travelling for a short time. You can get rates from travel insurers that start as low as US$12 for trips less than 7 days, or US$13.30 for trips of 8 - 10 days. That's cheaper than the average price of a pitcher of beer from your favourite pub.
Q. Are you covered through your parents' workplace benefits or through a school program?
A. If you're not sure due to your age or whether or not these types of plans are available to you, you'd be better off making the safest decision to buy travel insurance anyway because it's so inexpensive.
Q. Do you think buying travel insurance will take forever to complete?
A. Purchasing travel insurance takes very little time thanks to being able to buy online after getting a quote. Unlike some other insurance products, like auto or life insurance, there is no extra wait time for approval and administration. In most cases, there is no medical exam and quotes only take a few minutes to get.
Q. Are you under the impression you're too late to buy travel insurance since all your other travel plans are complete?
A. Even if you planned your vacation months ago, you can still buy travel insurance. Most companies offer a whole suite of products that don't require you to buy a policy at the same time you booked your trip.
Q. Have you purchased travel insurance already and assume you've gotten a good deal?
A. If you've purchased travel insurance, that's fantastic! Your parents must think you're very responsible. But, if you didn't have a chance to compare rates, or didn't know you could, you might find a better deal elsewhere. It's not too late. Consider getting quotes from competing insurers to see if you could get a better deal. If you find a better rate elsewhere, most companies allow you to cancel your policy with a full refund, as long as you do so prior to leaving.
Compare travel insurance quotes from as low as US$12 at kanetix.ca and enjoy your week off!
Rates provided by 
| Mortgages Type | Rate |
|---|---|
| 1-yr Closed | 3.54% |
| 3-yr Closed | 4.15% |
| 5-yr Closed | 4.97% |
| GICs Type | Rate |
|---|---|
| 1-yr Annual | 0.95% |
| 3-yr Annual | 2.12% |
| 5-yr Annual | 2.77% |
| RRSP Type | Rate |
|---|---|
| 1-yr | 0.94% |
| 3-yr | 2.09% |
| 5-yr | 2.75% |
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