Finance

Snowbird vacationers expect to pay more for insurance this winter

By: Dominic Licorish on August 6, 2015

With the recovering of the U.S. economy, Canada's dollar value has slowly sunk from being nearly on par with the U.S. dollar to being worth a lowly $0.76 today. While we've yet to feel the full effects of the weaker dollar, you can certainly expect to feel it this winter if you were planning on escaping the cold with a trip down south.

According to the Toronto Star's Adam Mayers, there are approximately 750,000 Canadian visitors to Florida alone each winter. And while vacationers would probably love to stay by the beach until the snow melts, the cost of travel insurance  for long trips is one of the deciding factors when it comes to planning the duration of a trip.

After a 10 to 12 per cent jump in 2014, Alex Bittner, the president of the Travel Health Insurance Association of Canada, warns of another jump this year of about 12 to 15 per cent.

The cost of U.S. healthcare is on the rise by 6% every year, and for Canadian travelers that's compounded by the falling dollar.

Mayers includes a few tips for how to save a few bucks on travel insurance this year, including the recommendations to shop around for cheaper rates as well as seeing if your credit card offers health and travel insurance.

Image Courtesy of Adobe Stock

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