Do I Want Medical and Evacuation Coverage?
Credit Card Coverage. Most credit cards don’t include medical coverage if a traveler has a medical emergency while traveling. If a credit card does come with travel medical benefits, it is often a limited amount, ranging from $2,500 to $5,000.
Third-Party Travel Insurance Coverage. Third-party medical insurance offers more comprehensive coverage, with benefits starting around $10,000 for Emergency Medical and $100,000 for Medical Evacuation, and can exceed a million dollars. Third-party policies can also offer coverage for pre-existing conditions, including chronic conditions and recent diagnoses, illnesses, or injuries.
Did I Book Everything on My Credit Card?
Credit Card Coverage. Some credit cards include Trip Cancellation coverage—reimbursing customers for the cost of their trip if they are unable to go as planned. However, most credit cards that include this benefit only cover travel expenses purchased on that card, and limit the amount that can be reimbursed, typically between $1,500 and $10,000 per trip.
Third-Party Travel Insurance Coverage. Third-party Trip Cancellation-style policies can reimburse 100 percent of the insured trip expenses. This can even include unforeseen fees related to a cancellation, like the fee to rebook travel or airline points used to book the trip.
Do I Need Any Other Specific Coverage?
Credit Card Coverage. Credit card travel insurance typically offers travelers higher amounts of coverage for lost or damaged luggage than most third-party providers, often reimbursing up to $3,000. However, this coverage typically only applies to items purchased using that credit card.
Third-Party Travel Insurance Coverage. Third-party travel insurance usually offers some coverage for baggage and personal items that are lost or stolen while traveling, but often has limitations per item and may actually exclude expensive items, such as jewelry, cameras and electronics.
Most third-party policies offer additional travel insurance benefits that are usually not covered by credit card insurance, such as Pre-existing Condition coverage and Cancel For Any Reason coverage. These benefits are time sensitive and must be purchased within a specific time frame prior to the trip departure date.
Is It Worth Buying a Policy If My Card Already Covers Me?
Depending on the benefits a traveler needs, they may already have adequate coverage through their credit card, and don’t need to spend more on an additional policy.
Another money saving tip Squaremouth suggests is to purchase a third-party policy with just the basic benefits missing from your credit card’s coverage. For example, travelers who have their trip expenses insured by their credit card can find a medical-only travel insurance policy at a very affordable premium.
Published with permission from RISMedia.
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