TD Insurance survey reveals a third of
Canadians surveyed who plan to travel for pleasure in the next 12
months, won't be packing travel insurance that covers them
completely.
TORONTO, Sept. 24,
2024 /CNW/ - As Canadians start planning their
holiday and winter vacations, a new survey from TD Insurance,
conducted by Maru Public Opinion, reveals that despite rising costs
and economic pressures, many Canadians surveyed (68%) are still
planning to travel for pleasure in the next twelve months, but a
third of them are not purchasing travel insurance for their
trip.
To cope with rising costs, many Canadians are focused on saving,
with 78 per cent of Canadians surveyed prioritizing reducing or
cutting back on non-essential spending. Having said that,
fifty-four per cent of survey respondents prefer to spend their
money on experiences rather than material goods. From Gen Z'ers
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%), it's clear Canadians surveyed who
plan to travel are keen to explore the world – but travel budgets
are still tight.
While Canadians surveyed are finding creative ways to save for
upcoming trips, like foregoing dining out (63%) and buying new
clothes (60%), nearly 30 per cent of respondents say they are
struggling to meet the financial needs of their trip, and that
includes covering expenses in case the unexpected happens.
In fact, only 32 per cent of Canadians surveyed planning to
travel intend to purchase both emergency travel medical and trip
cancellation & interruption insurance, yet 40 per cent of
Canadians surveyed who plan to travel, do not feel they have the
financial means to cover unexpected out-of-pocket costs: 15 per
cent could only cover up to $300 of
out-of-pocket expenses and one in four Canadians surveyed would not
be able to manage any unanticipated expenses without assistance if
something were to happen.
"It's easy to understand why skipping travel insurance is
tempting for those looking to find ways to cut costs, but that
could pose risks," said Annie
Campoli, Vice President, Distribution, Life and Health, TD
Insurance. "If you have the right policy in place to meet your
needs, travel insurance can help financially should the unforeseen
happen - from emergency medical bills to expenses like travel
interruptions and cancellations due to an unexpected event that's
covered by your policy."
For Canadians planning to travel for pleasure or business in the
next 12 months, there are many instances where you may need to rely
on travel insurance. More than half of Gen Zers (53%) and 38 per
cent of Millennials surveyed 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 per cent of Canadians surveyed 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. Having the right emergency
travel medical and trip cancellation & interruption insurance
can help you travel with confidence and focus on how much fun
you're going to have on your trip," said Campoli.
To learn more about travel insurance plans, visit the TD
website.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.5 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD Auto Finance
U.S., TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and TD Insurance; and Wholesale
Banking, including TD Securities and TD Cowen. TD also ranks among
the world's leading online financial services firms, with more than
17 million active online and mobile customers. TD had $1.97 trillion in assets on July 31, 2024. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock Exchanges.
About the Survey
This Maru Public Opinion survey conducted on behalf of TD
Insurance was undertaken by the sample and data collection experts
at Maru/Blue. 1,520 randomly selected Canadian adults who are
Maru Voice Canada online
panelists were surveyed from July
29th to July
30th 2024. 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. This is to ensure the sample is
representative of the entire adult population of Canada. For
comparison purposes, a probability sample of this size has an
estimated margin of error (which measures sampling variability) of
+/- 2.5%, 19 times out of 20. Discrepancies in or between totals
when compared to the data tables are due to rounding.
SOURCE TD Bank Group