Credit card travel insurance coverage varies widely. While some cards provide comprehensive protection, including trip cancellation and luggage loss reimbursement, others only provide travel accident coverage when paid with their card; still others only apply when your trip is paid with them and sometimes have specific requirements as to which costs must be charged using their card, such as only booking airfare and hotel rooms or paying a percentage of it on that card for coverage to apply.
When embarking on a business trip, it’s essential that you understand what coverage your credit card travel insurance provides and if it will provide adequate protection in case of emergency. In this article we explore what credit card travel insurance covers, its limitations and its relationship to standalone policies.
Premium cards often include comprehensive travel insurance policies, while no-annual fee cards with roadside assistance also come equipped with travel coverage. Unfortunately, however, many people are misinformed as to exactly what their policy covers or when it applies, leading them to believe they have more coverage than is actually available to them when traveling overseas. This may leave them either vulnerable while traveling or misled as to when their policy actually takes effect.
Does Credit Card Travel Insurance Make Sense? mes Yes, credit card travel insurance can be an invaluable tool under certain conditions. For example, it could cover the cost of cancelling plans due to illness, bad weather or civil unrest and cover the cancellation penalty charges that might incur as a result.
Credit card travel insurance offers coverage for medical expenses incurred while travelling overseas, provided you adhere to its terms and conditions. However, credit card travel insurance should only be used as an emergency measure or when your plans change unexpectedly.
While certain cards provide more comprehensive travel insurance policies than others, most card travel policies have certain restrictions and limitations that make them inapplicable to foreign travel or work-related travel outside the US. They typically only cover you if your trip was paid for entirely with that card and don’t offer cancellation rights like standalone policies do; additionally they only tend to cover domestic travel – of little use if your employees travel for work outside the country.
Before relying on any credit card travel insurance policy, it’s vitally important to read through and comprehend its finer points, understanding its limits of cover. If you have questions regarding your specific coverage options or would like some guidance from an expert travel management consultant regarding which option may best meet your business needs. For assistance selecting travel credit cards that best suit your company contact Corporate Traveller’s travel management experts; our specialists will take the time to understand your company needs before offering assistance in making informed choices.
