Travel insurance is a type of coverage that keeps you financially protected when you’re travelling abroad. It comes in handy in case something on your vacation goes wrong, like you injure yourself, have dental emergencies, hotel cancellations, theft or lost luggage, etc.
Credit card companies also offer travel insurance as a feature included in their services. There are multiple plans available. Let’s take a detailed look at what credit card travel insurance is.
Here’s How Credit Card-Based Travel Insurance Works
Travel insurance based on a credit card subscription is very simple and works like any other travel insurance policy. All you have to do is enroll in any travel insurance plan offered by your credit card provider.
Once you’ve enrolled, the travel insurance policy comes into effect in case you face any sort of trouble on your trip to another destination.
Benefits of Getting Credit Card-Based Travel Insurance
There are a lot of insurance providers in the market. However, getting travel insurance from your credit card provider has its own perks. Here’s why.
1. Trip Cancellation or Changes
Credit card travel insurance allows you to make cancellations, deal with cancellations, or make changes to your travel plans swiftly. Independent insurance providers make you go through a long process that can take time to get your refund processed or change your travel plans.
Suppose you’re planning a vacation trip with your kids. However, a couple of days before the departure, you find out a relative has passed away and you’ll need to postpone the trip by a week because you need to attend their funeral. In this case, the credit card-based travel insurance will swiftly process your cancellation and make any new bookings and handle any refunds properly.
2. Trip Accidents/Health Emergencies
Credit card travel insurance also covers you in case you get into an accident or face a health emergency during your trip.
For example, your credit card travel insurance will cover your costs if you sustain an injury, need to get surgery immediately, or get a medical procedure done which is necessary to save your life.
3. Rewards
Independent travel insurance companies only offer you travel insurance. However, with credit card travel insurance, you can also receive rewards and benefits. This includes cash back, reward points, and award miles that can be redeemed for discounts and gift cards on your trip.
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