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Does Your Credit Card Travel Insurance Provide Comprehensive Coverage Research Team | Posted On Thursday, November 07,2019, 05:31 PM

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Does Your Credit Card Travel Insurance Provide Comprehensive Coverage



International trips have become the new trend and people often embark on their journeys without properly ensuring their trips. Most travellers believe that their credit card insurance is enough to meet their insurance requirements abroad. Travellers heavily rely on their credit card travel insurance and expect insurance benefits similar to travel insurances. They are hardly aware of the number of things these insurance exclude.

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Through this article let’s try to understand the effectiveness of the credit card travel insurance:

What is Covered Under Credit Card Travel Insurance?

Credit cards travel insurance offer great advantages and mainly cover the following:

Trip Delay: Flight delays are a common occurrence and thus this benefit covers food, accommodation and transportation charges if your trip is delayed by several hours. 

Trip Cancellation and Lost Deposits: Sometimes we are forced to change our travel plans due to unexpected occurrences or medical emergencies. This benefit will cover the non-cancellation fee and non-refundable charges if the trip is cancelled.

Medical Emergency Overseas: If you break your hand or catch an infection while you are abroad then this cover will take care of your medical expenses. It will cover your medical bills and your hospitalization cost.

Baggage Loss or Delay: International travels often come with the surprise twist of baggage loss. Your credit card will compensate you for the loss of baggage on trips or damage caused to your luggage.

Travel Accident Insurance: This kind of insurance will compensate you if you have met an accident while travelling. The coverage also ensures to compensate the family members of the beneficiary if the cardholder dies due to the accident or injury. 

Legal Coverage: The travel insurance also covers you in a situation where you are held legally responsible for damaging a property belonging to a third party.

See Also: What is Travel Insurance?

Things to know about your Credit Card Travel Insurance:

Often travellers depend on their credit card insurance for international trips and think its coverage is similar to travel insurance. But there are certain situations where your credit card travel insurance may not prove to be adequate.

  • You are Not Automatically Covered: to get the insurance coverage on your credit card you need to know the terms and conditions under which the coverage is offered. To become eligible for insurance you first need to pay almost a sizeable portion of the trip’s expenses with your credit card.
  • Keep Your Bank Informed About Your Travel Plans: Banks often mark you suspicious for activities or transactions conducted through your credit card abroad. It is safe to keep your bank updated about your travel plans to ensure your bank safeguards you in case it comes across a suspicious activity while you are on a foreign trip.
  • The Insurance Only Covers the Cardholder: Travel insurance offered by various credit card issuers primarily covers the cardholder by default. However, if you are on a family trip you need additional insurance coverage for your loved ones. Either activate the family coverage by paying an additional fee or opt for travel insurance for your family members.
  • Limited Coverage for Your Existing Medical Conditions: If you have an ailment or have certain pre-existing medical conditions then your insurance may not cover all issues arising due to your medical condition.
  • Adventure Sports are Excluded from Coverage: Most insurers offer no coverage for accident and injuries resulting from adventure sports and activities.
  • Limited Coverage: Your credit card travel insurance covers short international trips basically not more than a month. Also, the additional coverage is offered for a limited period while you are travelling. Credit card travel insurance is not the solution if you are looking for an extended stay abroad.

See Also: Domestic Travel Insurance

Points to remember for choosing Credit Cards That Offer Travel Insurance:

To get the best deal on your credit card travel insurance, compare products offered by other issuers and then decide. Evaluate the benefits, features, inclusions and exclusions before finalizing a product. You also need to go through the fine prints of the insurance offered by credit cards. If your credit card does not cover an emergency like accidental coverage or excludes medical coverage then you can choose a better option.

For queries call the customer helpline and solve your queries regarding the minimum spend threshold, how to activate the cover, inclusions and exclusions etc. familiarize yourself with the product documents and its terms to avoid confusion later. Also, check other factors like annual fee and rewards program to make the correct decision.

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