Importance of understanding your travel insurance in the post-Covid-19 era | Tech US News

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TD Home and Auto Insurance Company, a subsidiary of TD Bank, has settled a class-action lawsuit with Canadians whose trips were canceled due to the COVID-19 pandemic, and an expert says the situation reinforces the importance of understanding what type of travel insurance you use . you are buying, what are the consequences and what can you claim.

The suit alleged that TD Insurance breached the terms of its travel insurance policy around the cancellation after denying refunds to those who were offered credits or vouchers from airlines, cruise lines and Airbnb.

TD Insurance has agreed to pay $4.8 million in compensation to those who were insured under a TD travel insurance policy between March 16, 2018 and October 15, 2021, as well as $200,000 in costs and $100,000 dollars in the concept of administrative expenses. according to the settlement documents.

Martin Firestone, president of Toronto-based insurance agent Travel Secure, says the deal is a good thing, adding that a voucher or credit would not be enough to satisfy travelers when there was uncertainty about when people could actually travel from new.

He says that in an ideal world, all insurers would give travelers the option of getting their money back, subject to the terms and conditions of the insurance policy, or accepting a credit or voucher.

He says travelers should be aware that COVID-19 is now considered a “known cause” and cannot be used as a reason to cancel their trip, but noted that contracting COVID-19 is now being treated like any other unexpected medical emergency and is covered. in most cases.

Firestone says travelers shouldn’t be deterred from buying travel insurance and should continue to do so because you don’t know what the future holds.

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