Friday, June 7, 2024 Credit card providers often tout perks like built-in travel insurance as a major benefit. However, these offerings might not always align with the specific needs of travelers. The travel insurance aggregator, Squaremouth, highlights three scenarios where a detailed third-party travel insurance plan can prove more beneficial than credit card insurance.
In Case of a Medical Emergency When faced with a medical crisis during travel, most credit card benefits fall short, providing minimal medical insurance, if any, typically between $2,500 and $5,000. In contrast, specialized travel medical insurance plans deliver extensive coverage. These plans can offer $10,000 to $250,000 for emergency medical issues and $100,000 to $2,000,000 for medical evacuations.
They can also cover pre-existing conditions, encompassing chronic issues and recent health changes. For international trips, Squaremouth suggests obtaining policies that include at least $50,000 for emergency medical situations and $100,000 for evacuations, with higher amounts recommended for cruises or travels to remote areas. When Travel Disruptions Occur Credit cards may reimburse trip cancellations if the trip was booked using the card, typically capping reimbursements at $10,000 per person and $20,000 per trip.
However, this might not be sufficient for all expenses. By consulting a third-party insurer or a comparison website, travelers can find policies that cover much larger amounts and reimburse up to 1.
