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Does Your Credit Card Provide Adequate Travel Insurance?

This credit card post is brought to you by one of our travel insurance providers – Tugo Insurance.

I’ve always been a staunch believer in travel insurance. When I first started travelling with friends, I was surprised that most of them didn’t buy travel insurance! Those that did often relied on credit card insurance coverage. However, I’ve since learned that not all policies are created equal, so if you’re relying on credit card or group plan travel insurance coverage, you may want to reconsider.

How do you determine if your credit card is providing adequate insurance?

Coverage Clauses

  • Do you have to pay for the whole trip with your credit card to be covered? Is there a minimum amount?
  • What’s the maximum number of days covered for one trip?
  • What’s the maximum amount you’re covered for?
  • Are you covered for sports and high-risk activities, like skiing or scuba diving?
  • Are you covered for other professional services like physio, chiropractic, etc. to relieve the acute emergency?

Family Coverage

  • Is coverage only for the cardholder?
  • Are the other people travelling with you receiving the same coverage amount as you, or do you need to purchase additional insurance?
  • In the event of an emergency, would coverage be available to return your travelling companion, children/grandchildren or accompanying pet home? 

Emergency and Claims Assistance

  • Are you covered for ambulance or emergency air transportation?
  • Is 24/7 toll-free emergency assistance available?
  • Will you be penalized if you don’t call the claims company after the emergency or before visiting the hospital? 

Pre-existing Medical Conditions

  • Does your age affect coverage?
  • Are you covered for pre-existing medical conditions?
  • What’s the stability period for pre-existing medical conditions?

Trip Cancellations or Interuptions

  • Does the plan offer trip cancellation or trip interruption?
  • What’s the maximum amount you’re covered for?
  • Do you have to pay for the whole trip with your credit card to be covered? Is there a minimum amount? 

Also, if you have employee group plan travel insurance, make sure you find out the answers to these questions too. While you may have coverage, you may be surprised at how little. Here’s a quick and easy way to compare coverage. Download Tugo’s Comparison Tool so you can probably understand the differences between credit card coverage and Tugo’s coverage.

If you would like a quote for travel insurance please give us a call, visit our travel page, or click the button below for a online quote.

 

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