Main Points About Credit Card Travel Insurance
These days, most gold, platinum and travel credit cards will offer the perk of credit card travel insurance. While you might think they are all the same, each policy may differ in the amount of cover you receive.
If you intend to travel, it’s important to look at what your credit card travel insurance policy will cover should you need to make a claim at any time.
Types of Credit Card Travel Insurance Policies Covered
Don’t simply assume you have complimentary travel insurance that will cover everything you need while you’re travelling. Always take the time to read through the policy you’ll receive and if you don’t understand any of the terms or coverage provided, be sure to call the insurance underwriter and ask questions.
The types of policies and extent of cover may differ between providers. These can include:
Coverage Extent depending on the type of card you have, your travel insurance could range from 3 months to 12 months.
International Travel Insurance Most credit card travel insurance policies cover approximately $20,000 and are designed to cover flight cancellations, luggage loss, delays and medical.
Rental Car Excess Insurance some credit card policies may also include cover for rental car excess that range from $1,000 and up to $6,000. However, for this type of insurance to apply to you, you’ll need to have taken full comprehensive insurance at the time you rent the vehicle.
Transport Accident Insurance Some cards also offer transport accident insurance that may cover you in the event of an injury or death while travelling overseas. Compensation can range from $100,000 up to $1,000,000. The severity of the injury sustained will be questioned and need to be verified.
Property and Personal Belongings Insurance Some policies may also include coverage for property or personal belongings. If you have items that are lost or stolen while travelling overseas, your insurance may cover an amount up to the depreciated value of the item.
Round-the-Clock Customer Service while this isn’t technically a part of your coverage, it’s important to ascertain whether you’ll be able to call the insurance underwriter if you’re overseas and need to make a claim. If your insurance company closes at 6pm and your accident happens in another time zone when it’s the equivalent of 3am in Australia, you may not be able to contact someone when you need it most.
