A recent survey from Verisk has highlighted gaps in confidence and understanding of travel insurance coverage among Canadians aged 55 and over, particularly those with pre-existing medical conditions.

The survey of 1,001 Canadians in this age group found that 42% had at least one pre-existing medical condition, and nearly one-third of these respondents were not confident their insurance adequately covered their medical needs.

The study also showed that, although awareness of coverage restrictions was high, confusion persisted. While 83% of respondents acknowledged that travel insurance often restricted coverage for pre-existing conditions, 20% still assumed they would be fully covered. Verisk noted that this misunderstanding could lead to denied claims.

Additionally, the results highlighted customers’ willingness to switch providers in pursuit of more suitable coverage. Among respondents with pre-existing conditions, 80% said they would change insurers if offered more inclusive medical coverage elsewhere. That figure rose to 92% among snowbirds (who usually travel frequently).

The data also showed that perceptions of coverage limitations affected travel behaviour, with 14% of respondents saying they had avoided travel altogether due to a lack of suitable insurance coverage options.

A recent Gigasure survey revealed that a quarter of travellers withhold information about medical conditions when buying travel insurance.