Travel Insurance Vs. Credit Card Coverage
Difference between credit card travel insurance and my own separately-purchased travel insurance policy
Credit card travel coverage and travel insurance from a brokerage are both types of insurance that can provide protection while traveling. However, there are some key differences between the two:
Coverage: Credit card travel coverage is typically more limited in scope than travel insurance from a brokerage. It may only cover certain types of travel expenses, such as trip cancellation or interruption, while a brokerage policy can offer a wider range of coverage options, including medical expenses, emergency evacuation, and baggage loss.
Eligibility: Credit card travel coverage is typically only available to cardholders who have used their card to pay for the trip. A travel insurance policy from a brokerage can be purchased by anyone, regardless of how the trip was paid for.
Cost: Credit card travel coverage is typically included as a benefit of the card, while travel insurance from a brokerage will have an additional cost.
Claims process: The claims process for credit card travel coverage may be more streamlined and efficient, as the card issuer may have a dedicated department to handle claims. However, a travel insurance policy from a brokerage may offer more flexibility and customization in coverage.
Medical coverage: Some credit card travel coverage may not cover medical expenses, while a travel insurance policy from a brokerage will cover medical expenses, emergency evacuation, and other medical-related issues.
It's important to evaluate your specific needs and risk tolerance before deciding whether to rely on credit card travel coverage or purchase a separate travel insurance policy.
You should also carefully read the terms and conditions of the coverage provided by your credit card company, and compare it to the coverage offered by a travel insurance policy, to make an informed decision.
