Credit card travel insurance can be an invaluable resource, but it is crucial that you fully comprehend all its nuances and losses covered.
Most cards only cover their primary cardholder; however, certain plans include coverage for secondary cardholders and/or immediate family members — subject to certain limitations.
Coverage for immediate family members
Many credit cards provide trip cancellation insurance policies to primary cardholders and their immediate family members. These policies usually require all travel expenses be charged directly to the card, with maximum payable limits per insured person as well as exclusions such as preexisting medical conditions being applicable.
Some cards offer travel accident insurance, similar to accidental death and dismemberment (AD&D) insurance in that it provides a lump sum payout if either the cardholder or their immediate family suffer a serious injury that cannot be covered by other policies. Some even come equipped with rental car damage and theft coverage which protects personal belongings should your rental vehicle become damaged or stolen during your use of it.
Price protection offers are provided by certain credit cards and allow cardholders to receive refunds if the item they purchased with their card later appears for less on sale within 30 days. While these benefits are nice, they often fall short compared to what can be obtained through dedicated travel insurance policies.
Coverage for secondary cardholders
As the details of credit card travel insurance can differ between policies, it’s crucial to read all of the fine print carefully and call your card provider directly in order to confirm there are no circumstances or events in your current or past life that could prevent you from qualifying for coverage, such as failing to disclose a preexisting medical condition.
Many credit cards offer various travel-related perks, such as primary rental car coverage and purchase protection against items lost or damaged while traveling; emergency evacuation coverage; however it should be noted that these policies typically have maximum payable limits per incident and individual insured compared with separate-owned travel policies that tend to offer greater coverage; additionally they can often be purchased at a fraction of the cost of some premium credit cards – making them a good option for travelers seeking some added peace of mind during travel.
Coverage for spouse
If you and your significant other share an address or are defacto couples, your spouse may be covered under some or all of your credit card travel insurance coverages – specifically trip cancellation, interruption and delay coverages as well as personal accident, medical evacuation and car rental damage/loss protection policies.
However, if both cards offer similar benefits and your card issuer defines immediate family differently (like Chase does), then your spouse may not be covered for all benefits. For example, Natalie’s parents would only be covered under her Chase Sapphire Reserve trip cancellation and interruption insurance but not under Amex Platinum card’s trip delay reimbursement feature.
Bottom line, credit card travel benefits can add considerable value to any vacation experience, yet for more comprehensive coverage including medical and evacuation benefits, standalone policies might be necessary. It should be noted that policies included with credit cards tend to have higher maximum limits than standalone policies as well as more exclusions.
Coverage for children
Some credit cards provide complimentary cover for the primary cardholder’s spouse and dependent children. Eligible family members usually must meet certain spending requirements, spend at least some days travelling annually, reside permanently in Australia, be permanent Australian residents and be permanent Australian citizens in order to be covered under this policy. There may also be age limits or exclusions which apply; it’s essential that you read up on what applies for your card in terms of insurance policies as there may be exceptions such as preexisting medical conditions that won’t be covered under certain policies!
