Monday, January 17, 2022

Which Credit Card Offers Best Travel Insurance

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The Platinum Card From American Express: Best Range Of Travel Insurance Benefits

BEST CARDS THAT OFFER TRAVEL INSURANCE

The Platinum Card from American Express comes with a pretty comprehensive travel insurance package if you can handle the annual fee of $695.

It comes with many of the same travel insurance benefits as the rest of the Amex travel card slate, but the benefits are so significant that theyre worth a spot on this list because other cards have nothing on them.

Heres a breakdown of all the details:

  • Trip interruption/cancellation insurance up to $10,000 per trip and $20,000 per 12-month period.
  • $500 for reasonable expenses when your trip is delayed more than six hours, even if you pay with reward points
  • Lost baggage protection up to $3,000 for a carry-on bag and up to $2,000 for a checked bag. Plus, up to $1,000 in coverage for high-risk items such as jewelry and electronics.
  • Primary rental car insurance when you enroll in the Amex Premium Car Rental Program.

See related: American Express travel insurance benefits

Best For Customization: Seven Corners

Seven Corners

We like Seven Corners travel insurance because they let you customize your travel insurance coverage so it fits your needs perfectly. They also offer high levels of coverage in some areas where travelers may feel vulnerable. For example, you can purchase a Seven Corners plan with up to $5 million dollars in coverage for international medical expenses. If you live outside the United States, you can also buy health insurance to cover potential medical expenses while youre in the U.S., then renew this coverage for up to three years.

Seven Corners offers individual travel insurance plans, but they also offer a Wander Frequent Traveler plan that covers all trips you take during the year. This coverage comes with up to $1 million in medical coverage for those under the age of 65, as well as political evacuation and repatriation coverage, trip interruption coverage, baggage delay coverage, terrorism coverage, and more. A deductible and policy limits apply.

Best Credit Cards For Roadside Assistance

  • Chase Sapphire Reserve card
  • United Club Infinite card

We like these 2 cards for roadside assistance coverage because youll receive 4 free service calls per year, up to a maximum of $50 for each occurrence. Any charges incurred above that amount will be charged to the associated Chase card.

Bottom Line: While a particular card may stand out over another in 1 or more specific benefit options, you wont go wrong selecting any one of these premium travel rewards cards for their overall package of travel insurance benefits.

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Best Credit Cards For Travel Accident Insurance

  • Chase Sapphire Reserve card
  • Wells Fargo Visa Signature cards

Travel Accident Insurance is widely offered but seldom used. According to the most recent available data, the Bureau of Transportation Statistics states that there were 4 deaths on a U.S. air or commuter carrier in 2019.

However, the coverage provides peace of mind that there would be a benefit offered if an accidental death or dismemberment should occur. We like that these cards offer up to $1,000,000 in coverage.

We review the best cards for travel accident insurance in our article on the topic.

Scotiabank Passport Visa Infinite Card

Best Credit Card for Travel Insurance Ranked

Flight delays are a fact of travelan inconvenient and often expensive cost of being in transit. This card offers an attractive flight delay insurance package that lets you claim up to $500 in costs for accommodations, food, and even personal items after a delay of as little as four hours. If your delay is shorter, youll spend it in style and comfort with the cards free airport lounge access. And, with no foreign transaction fees, the Passport Visa Infinite can save you even more on out-of-currency purchases. As part of the Scotiabank family, the Passport Visa Infinite allows you to earn Scotia Rewards, which you can redeem for travel or merchandise without blackout periods or other restrictions. And if you spend $1,000 in the first three months of card membership, youll receive 30,000 points which works out to $300 towards travel.

  • Annual fee: $139
  • Welcome bonus: Earn up to 30,000 Scotia Rewards points by making a minimum $1,000 in eligible purchases within the first three months
  • Earn rate: Cardholders earn 2 points on every eligible $1 spend, and 1 point per $1 spent on everything else. Eligible spends include grocery stores, dining, entertainment, and transit
  • Additional benefits:No foreign transaction fees, complimentary airport lounge access, flight delay insurance, plus Avis Preferred Plus car rental membership and Visa Infinite benefits

Read Also: Travelocity Insurance Policy

Emergency Evacuation And Transportation

If you or a traveling companion are suddenly struck with an illness or injury while on your trip, this coverage can provide you with emergency evacuation or transportation back home as well as any emergency medical expenses you may incur. Coverage amounts for these circumstances are usually a few hundred thousand dollars.

Will My Credit Card Cover A Holiday Cancelled Due To The Coronavirus

Travel rules and restrictions have changed frequently over the past 18 months.

As discussed above, the protections provided by Section 75 mean you should get your money back if you have paid money in advance for a holiday that can no longer be provided because of the Covid-19 pandemic.

If you have paid for your trip using a debit card, you can make a claim using chargeback. This is when the bank tries to reclaim the money you paid to the holiday company on your behalf.

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National Bank World Elite Mastercard*

Canadians work hard all their lives, often with the idea that theyll travel once in retirement or semi-retirement. The thing is, many insurance companies radically increase premiums or even refuse coverage to older applicants. Travellers with the National Bank World Elite Mastercard in their wallet have 15 days of emergency travel insurance included, even if theyre over 65 years old. The cards inventive travel fee reimbursements system can cover you for travel-related costs like airport parking, seat selection, and checked baggage fees.

This cards rewards program lets you earn points on purchases that can be redeemed for travel or merchandise, or used for financial products like RRSP or TFSA contributions, or mortgage or line-of-credit payments.

Different Types Of Credit Card Travel Insurance Explained

What does credit card travel insurance actually cover?

As listed above, there are several different types of credit card travel insurance. While the types of protections and amount of coverage vary, there are some elements that remain constant throughout.

Remember that to be insured during your travels, you must use the respective card for your travel expenses, such as airfare, hotel reservations or cruise excursions.

Here are some of the most common protections:

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Cards With Great Travel Protections

You can stay covered on your next trip no matter the annual fee youre able or willing to pay. But if youre looking to ramp up your travel insurance coverage and you travel enough to earn points and rewards that make the cost worth it, a more premium card may be a good fit. Here are a few of our favorite picks with varying price tags:

Trip Cancellation And Interruption

Trip interruption and cancellation coverage varies widely from card to card, but can range all the way up to $20,000 per trip. This is probably the most important insurance to be aware of since it can save you thousands of dollars in certain situations. If you need to cancel or cut short your trip due to unforeseen circumstances such as a hurricane or wildfire, you can contact your credit cards benefits administrator to file a reimbursement claim for nonrefundable expenses like flights or a cruise.

Limitations:As you might expect from any type of insurance policy, there are many important exclusions to be aware of, so before making a claim, be sure to read the fine print. Among the typical preclusions are traveling against the advice of a physician, if there are labor strikes affecting public transportation, trips that exceed 3060 days, and if theres a declared or undeclared war where youre traveling.

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American Express Platinum: Best For Earning Flexible Rewards

The travel insurance benefits on the Amex Platinum card were improved at the start of 2020, which means youll now have even more protection on your next vacation.

The Amex Platinum has the same trip cancellation and interruption insurance as the Chase cards, but with one limitation youre only able to make up to two claims in a consecutive 12-month period. This shouldnt be a problem for most travelers, but if you find yourself canceling trips regularly, youll want to use a different card. Neither the Amex Platinum nor the Chase cards cover voluntary cancellations.

Youll also get trip delay insurance with the Amex Platinum, up to $500 per ticket, and to be eligible, your trip only has to be delayed by six hours or more. Again, youre limited to a maximum of two claims per card in a 12-month period, but unlike the cancellation and interruption coverage, this is a benefit you might find yourself using somewhat often especially if you travel often.

Related: Travel with luxury perks using the American Express Platinum.

Where this card falls short is that its car rental insurance only provides secondary coverage, so if you have an accident, youll first need to file a claim with any other insurance providers such as your own personal auto insurance company before this insurance kicks in. Its much easier to have a card that offers primary coverage, though having some sort of protection is better than no protection at all.

Travel Insurance Is A Perk Frequently Offered By The Best Travel Credit Card Select Reviews The Most Common Types Of Travel Insurance Offered By The Best Travel Rewards Credit Cards So You Can Make Sure Your Next Trip Is Protected

The Best Credit Cards for Travel Insurance

Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Vacation should be relaxing, but there are plenty of things that can go wrong: Your flight is delayed or your luggage gets lost. You may wind up booking last-minute hotel accommodations or repurchasing the lost items, and find yourself spending a lot of extra money you didn’t plan for.

But it can be a lot less expensive managing these travel disruptions if you paid for eligible travel, such as the flight, hotel or car rental, with a credit card. Many of the best travel credit cards offer travel insurance that can cover the cost of unexpected expenses.

The specific terms of the travel insurance benefits vary by card issuer. In most cases, you have to pay for your trip in full with your credit card, though some card issuers only may require a portion of the trip to be paid with the eligible card. And card issuers often implement different limitations on the coverage you receive and what expenses are eligible for protection. Make sure you review the specific terms before booking travel.

Below, Select reviews the types of travel insurance offered as a credit card benefit, along with a list of cards that provide these kinds of travel protections.

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Here’s How To Submit A Chase Sapphire Preferred Travel Insurance Claim:

  • Notify the Common Carrier or Rental Agency. Get in touch with the airline, passenger train company, rental car agency, etc., and tell them about the incident. This will begin the company’s claims process. Chase will ask for proof that you notified the transportation company of the incident, so make sure you get copies of all paperwork.
  • Notify Chase of Your Claim Within 20 Days. Call within 20 days of a covered event, or mail written notice to:

    Plan Administrator

  • The American Express Blue Card travel insurance gives you automatic travel protection benefits at no extra charge, as long as you pay for your travel costs with your card. The American Express Blue Card’s travel insurance includes rental car insurance and Global Assist Hotline.

    The rental car insurance pays for damage to and theft of rental cars and the coverage is as high as $75,000 per vehicle. To be eligible for coverage, you must pay your entire travel fare with your American Express Blue Card.

    The Global Assist Hotline offers 24/7 emergency assistance and coordination services, including medical, legal, and passport referrals, emergency cash wires, and missing luggage assistance, whenever you travel more than 100 miles from home.

    Of course, terms & conditions apply. You can learn more by visiting Amex’s benefits page.

    How We Chose The Best Credit Cards With Travel Insurance

    As card issuers try to save money useful travel insurance perks are being cut from even the best rewards credit cards. Citibank went as far as removing nearly every single travel insurance benefit from just about all of its cards. Granted, travel coverages shouldnt be the main factor in whether or not you get a specific card, but it shouldnt be ignored either. Im made two successful trip delay claims with Chase saving me over $500 in the process. Now I always make sure I pay for travel with a card that has a trip delay benefit.

    For this list we focused mainly on the cards travel insurances when determining which cards made the cut and not as much on bonus offers or other travel perks. You could also look as this list as a handy guide to which of your current stack of cards should be used to pay for your next trip.

    For rates and fees of the Amex Platinum Card, please click here.

    For the rates and fees of The Business Platinum Card from American Express, please click here.

    Featured photo by Evgeny Bakharev/Shutterstock.

    Also Check: Travelocity Insurance Claim

    Best Credit Cards For Free Travel Insurance

    AwardWallet receives compensation from advertising partners for links on the blog. Terms Apply to the offers listed on this page. The opinions expressed here are our own and have not been reviewed, provided, or approved by any bank advertiser. Here’s our complete list of Advertisers.

    Offers for the Barclaycard Arrival Plus® World Elite Mastercard® are not available through this site. All information has been independently collected by AwardWallet and has not been reviewed or provided by the card issuer. Some offers may have expired. Please see our card marketplace for available offers.

    Insurance is a proven bad investment. How do insurance companies stay in business? The same way that a casino continues to operate day in and day out they have a slight edge. That edge keeps insurance companies profitable.

    While the idea of paying for insurance should make anyone shudder, at least a little, it does provide a sometimes necessary safety net. The shocking thing with travel insurance is that you may be purchasing an inferior product that might not cover what you really want, and your desired coverage might already be something you have through one of your credit cards.

    photo credit: Jobopa Turkey Istanbul Ataturk Airport via

    American Express Aeroplan* Card

    Which credit card offers the best travel protections? (2021)

    American Express® Aeroplan®* Card40,000 Aeroplan points and an Air Canada Buddy Pass

    Heres how:

    • 10,000 Aeroplan points and a bonus Buddy Pass after $1,500 in Card purchases within the first 3 months
    • 2,500 Aeroplan Points per month, after $500 in Card purchases per month for the first 12 months or 30,000 Aeroplan Points

    With this Card, you earn 2X the points on purchases made directly with Air Canada and Air Canada Vacations.

    And 1.5x the points on Dining and Food Delivery purchases in Canada. Anywhere else, you will earn 1X the points.

    Enjoy your first checked bag free for up to 9 people travelling on the same reservation on Air Canada®* flights.

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    What Type Of Travel Insurance Can You Get From Your Credit Card

    While the coverages offered will change per card, you may be offered benefits such as trip cancellation and interruption coverage, primary or secondary rental car insurance, emergency medical services, baggage insurance and more. You’ll need to check the fine print to see exactly what’s covered under each policy.

    What Card Should I Use For Travel Insurance

    The Amex Platinums 5x for airfare booked directly through airlines or Amex Travel is impressive. But the lack of baggage delay protection and the requirement of round-trip travel for some benefits usually discourages me from using Amex-issued cards for flights.

    Related: Why the Sapphire Preferred should still be the first rewards card in your wallet

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    Ihg Rewards Club Premier Credit Card

    Another hotel credit card from Chase with almost unbelievable protections wrapped in. It is currently offering 125,000 bonus points plus a reward night after spending $3,000 on purchases within the first three months. The reward night is worth up to 40,000 points.

    Its annual fee is $89, but that is waived in the first year.

    Travel insurance with the IHG Rewards Club Premier includes:

    • Trip interruption and cancellation: Up to $5,000 per person and $10,000 per trip.
    • Lost and delayed baggage: Delay coverage begins at six hours and will reimburse you up to $100 per passenger per day for as many as three days. Lost luggage coverage ends at $3,000.
    • Auto rental insurance: Secondary to your personal insurance.
    • Travel accident insurance: Up to $500,000.
    • Purchase protection: Up to $500 per claim and $50,000 per account within 120 days of purchase.

    Main Benefits Of Having A Credit Card With Travel Insurance

    Best credit cards for travel insurance

    There are multiple benefits to having a credit card that provides travel insurance when you pay for eligible travel expenses with your card. The main advantage is simplicity: I dont need to research independent travel insurance unless Im going on a trip for which my credit cards travel insurance doesnt provide the level of coverage I want.

    Having a credit card with travel insurance can also save you money. My sister-in-law paid more than $100 to buy theft and collision insurance from a car rental company. After that experience, she finally got the Chase Sapphire Preferred to obtain similar coverage as a card perk. Now, she can recoup her annual fee even if she just rents a car a couple of times each year.

    Finally, having a credit card with travel insurance provides reassurance. I dont need to worry if bad weather causes a flight cancellation and strands me overnight since I know my card will provide trip delay protection. And, Im almost happy when the airline temporarily misplaces my checked bag for a few days, as my cards baggage delay insurance means I can purchase some essential clothing items while I wait.

    Related: Why you might want to get a premium credit card instead of purchasing travel insurance

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