Many people try to save money on a vacation or business trip by not obtaining a travel insurance policy. They have travel benefits on their credit card and make the assumption that it is enough coverage.
Often, the travel benefits offered on a credit card don’t come close to what a travel insurance policy would offer.
Average Credit Card Benefits
The coverage offered by a credit card varies from card to card. However, the ones that specialize in being for travelers do offer quite a bit of perks. This includes coverage such as:
- Insurance on rental cars within the US
- No foreign transaction fees
- Changing airline tickets with no penalty
This still leaves the average traveler vulnerable to a wide array of issues that could go wrong when traveling.
Travel Insurance Policies are Custom to Your Trip
When obtaining travel insurance, it is important to note that it is customized to meet the needs of the individual traveler. This focuses on where a person is traveling as well as what they are doing. There are differences in coverage when a person stays within their home country versus when they travel to foreign countries.
A person might be renting a car, traveling by plane, train, boat, and various other modes of transportation. As such, a person needs to have the protection when traveling so that if they miss their plane, train, or other transportation, they are able to get a refund or be able to book on the next available route.
Travel insurance policies are able to cover a wide array of things, including:
- Trip cancellations and interruptions
- Travel delays
- Medical emergencies
- Lost luggage/replacement allowance
A 24/7 emergency hotline is generally offered as well. This includes people who are dedicated to helping in areas around the globe. If a person needs help booking a new flight, dealing with lost luggage, or translation assistance in a hospital, there is help that is readily available.
Choosing the Superior Coverage
No one should be without coverage when they travel, which is why it’s important to explore the various options. The coverage provided by a credit card might be free, but there are many gaps in the level of coverage. This means a person could end up spending a fortune to fill in the gaps with money from their own pocket.
A custom travel insurance policy should be obtained that will focus on the needs of the individual traveler.