The Canadian dollar ended this Tuesday, on August 4th at its lowest point since August 2004. Our dollar closed more than half a cent from the previous session.
The loonie closed at 75.87 cents US, down .58 cent of a U.S. cent from Friday's close on July 31 2015.
Will this hold travellers back? Probably!
I personally think that they will still travel, but maybe cut down on the number of days instead. With our last winter, Canadian SnowBirds still remember how long it was and how cold.
What about the Travel Insurance, how does it get affected by the US dollar? We buy it in Canadian dollar, so it shouldn't be affected? We wish! Because of travellers going to the US, the cost of the medical expenses are typically the same, but it's when we use Canadian dollars to pay this is were the value of our low dollar hurts us.
Most insurance companies have already increased their rates, but they are still a few that are very competitive, on top of offering "Early Bird Discounts". We are talking 15 to 25% savings before they raise their rates.
Looking for a deal on travel insurance, don't wait! Lock your rates now!
Happy Travelling,
From the Optimal Team!
No comments:
Post a Comment