How to Use Credit Cards for Travel Insurance

While solo traveling might be your passion, we at Urban Money recommend taking a travel buddy. This co-passenger will not take up too much space and will save you from any unforeseen mishap. This unsung hero is a Credit Card with Travel Insurance. From covering emergency medical expenses to protecting your trip investment, a credit card with good travel insurance will help you with daily expenses. It will also extend its pre-set limits to save you from any financial distress. Available at very low costs, a credit card with travel insurance will elevate your travel game and offer you peace of mind.

Travel Insurance Coverage Types for Credit Cards

Credit Cards can cover the costs of various travelling mishaps and provide a sense of relief to travellers. Here are some of the benefits why you should consider purchasing travel credit cards and the different coverage options available with them:

Trip Cancellation Protection

Unpredictable events like medical emergencies and family crises can force you to cancel your travelling plans, some of which might be booked under non-refundable costs. You can get the same reimbursed using credit cards and recover for expenses like pre-paid flights, accommodations, and reserved activities. Credit cards act like a safety net in these cases, so your finances aren’t affected.

Emergency Medical Coverage

While travelling, one must take extra precautions for sudden hospitalisation, injuries or accidents. Credit cards with travel insurance policies will help you cover costs that local healthcare systems might not cover. Varying from bank to bank, the credit card will cover your medical expenses for doctor visits, tests and hospitalisation.

Luggage Loss or Any Other Type of Travel Disruption

Credit Cards will help cover expenses for lost luggage while travelling and reimburse you for extra costs incurred due to a disruption in existing plans. This includes cancellation of some adventure activities or additional accommodation charges. You can also ensure you don’t have to pay extra for flight cancellations.

Personal Accident Coverage

Such credit cards will also compensate you and your loved ones in case of an accident, sudden disability, or even death during your trip. Thus, they ensure that your beneficiaries receive enough funds for their survival and some financial stability.

Steps to Apply for a Card with Travel Insurance

Here are some necessary steps that need to be taken while applying for a credit card that offers travel insurance:

Checking Policy Details and Comparing Insurance Options

Before applying for a credit card with travel insurance, you must review all the important metrics for the available insurance policies, such as medical coverage, trip cancellation benefits, and luggage protection. Pay special attention to the terms and conditions, exclusions, and limits of the policy as they will come into play when filing a claim. Only purchase the plan with the maximum available benefits at minimum costs.

Some of the available traveling-oriented credit cards in the market are:

• Axis Atlas Credit Card
• American Express Platinum Travel Credit Card
• Air India SBI Signature Credit Card
• Club Vistara IDFC FIRST Credit Card
• InterMiles HDFC Bank Diners Club Credit Card
• Standard Chartered EaseMyTrip Credit Card
• Yatra SBI Card
• IndusInd Bank Avios Visa Infinite Credit Card

Activating Your Insurance

You might activate your credit card by following the issuer’s instructions. This will include a free registration process via phone or online applications. Make sure to complete any required forms and confirm that your coverage is active before you actually leave for the tour. Ensure that you are in contact with your insurer at all times and keep on updating them about the costs to be reimbursed.

Filing a Claim

You need to file an official claim with your insurance provider to receive the costs of the unexpected expenses. This file might include receipts, medical reports, and a detailed description of the incident for submitting your claim, online or offline. Timely and accurate filing helps ensure that you receive the compensation you’re entitled to.

Avoiding Common Pitfalls

Here are some of the common avoidable mistakes while taking a credit card with a travel insurance policy:

Know What’s Covered

Read all the pre-existing conditions of the travel insurance so you won’t get caught off guard in case a claim gets rejected. Ask questions if anything is unclear, and contact your insurer.

Activate Your Insurance

Always ensure your travel insurance is activated before you leave and your insurance provider has all the necessary details. If you skip this step or don’t follow the correct procedures, you might find your coverage invalid when needed.

Save Your Documents

Keeping your receipts, medical records, and other essential documents organised can be incredibly helpful if you need to file a claim. By keeping everything related to your trip in order, you’ll ensure you have all the necessary proof and paperwork ready, making the reimbursement process much smoother and hassle-free.

Compare Your Options

Always compare the available options for travel insurance and choose the one with the best coverage plan. Sometimes, seemingly similar cards can have different limits or exclusions, so pick wisely.

Understand the Claims Process

Ensure that you know the complete filing process for your insurer. This will help you prepare well in advance about the required documents and prevent you from a lot of stress. Also, familiarise yourself with the timeline for receiving funds so you can handle things smoothly if you need to make a claim.

Conclusion

In conclusion, choosing robust travel insurance can be incredibly cost-effective and help you receive the financial protection you truly deserve on your holidays. Remember to keep all relevant documentation organised and familiarise yourself with the claims process to streamline any potential issues. With a deep understanding of these metrics, you will be able to enjoy your travels in a much better and relaxed way.