Credit Card Travel Insurance

Old May 18th, 2008, 06:52 AM
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Credit Card Travel Insurance

My credit card includes $1 million travel accident insurance and $1500 trip cancellation. I still have to find out the particular details.

Do most travellers buy extra travel insurance or is the credit card travel insurance sufficient?

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Old May 18th, 2008, 07:24 AM
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It's can be risky and a pain dealing with some credit card companies regarding travel insurance issues. To begin with, all of your purchases (airfare, hotels, etc.) have to be made with that card and you have to keep a lot of paperwork to back everything up.

You will be better off purchasing a trip insurance policy through a regular travel insurance company. One that we have used is Seven Corners (http://www.sevencorners.com/). They deal with expats and leisure travelers.
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Old May 18th, 2008, 07:24 AM
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gtrkker, it all depends on what your needs and desires for insurance encompass. Some folks opt for other insurances (please see www.insuremytrip.com) for travel delay insurance, baggage delay insurance, lost baggage insurance, medical and/or dental (in the event their insurance doesn't cover them when they travel to other countries) and medivac insurance to be air-lifted to other countries for medical treatment if necessary.

Once you've determined your needs, you can go from there. I always advise people to read the policy and what it will cover very, very carefully.

Safe travels to you,
BC
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Old May 18th, 2008, 07:26 AM
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I always buy extra cover, on an annual policy. I like to have at least $10m worth of cover for emergency evacuation/repatriation and hospital treatment.
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Old May 19th, 2008, 06:16 AM
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If your whole trip costs $1500, then that would be enough. If it costs more, then you have to decide whether you want to pay about 6% to guarantee the rest. It depends how much you can afford to lose, and what are the odds of your having to cancel.

Londonres - Is that $10,000 or $10,000,000?
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Old May 19th, 2008, 07:26 AM
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As someone else pointed out on another thread, the money he's saved over the years by NOT buying travel insurance is enough to pay for several extra, very nice trips.

Me personally, I don't buy travel insurance. I tend to have a high risk tolerance (finances, flexibility, adaptability, know backup options, etc) and do what I can to lower my risk exposure (I don't plan to arrive 1hr before the cruise ship leaves port, or book separate tickets and count on making a connection, for example).

Insurance is all about personal risk/benefit, and you know your own situation better than anyone.
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Old May 19th, 2008, 09:13 AM
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We don't buy it. Our health insurance covers us overseas. Other than airfare, just about everything else we reserve in advance can be cancelled up to the day that it's reserved for or our credit cards provide coverage.

Based on anecdotal evidence here at from friends, credit card companies don't seem any more difficult to deal with than travel insurance companies themselves in the rare instance that someone actually has to file a claim. People have had good and bad experiences with both.

However you decide to insure, read the fine print.
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Old May 19th, 2008, 09:25 AM
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If you are prepaying a large amount up front, which is absolutely nonrefundable, then it makes more sense to get trip cancellation or interruption insurance than if you are prepaying very little and have refundable airline tickets. If you have children, especially minor children, or parents with health problems, that's another reason to get trip cancellation or interruption insurance, provided the policy would allow you to cancel or interrupt in those cases, of course.

Example: Family of 10 going on cruise, and the health problem of any one of the 10 will force a cancellation, and the nonrefundable cost for each person is $5K. I think it would be ridiculous not to buy trip cancellation and interruption insurance, in addition to ensuring good medical coverage.

Example: Single person books ticket on points, will have to pay $100 if the ticket is cancelled to redeposit the points, and has booked a hotel room cancellable until 7 PM on the day of travel. This person should make sure to have medical coverage, but there'd be little need for trip cancellation or interruption insurance.
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