Should I Supplement the Travel Insurance From My Credit Card?

So you are going on a vacation and you are the type of person who likes to be ahead of the curve, so you have everything planned out and all the important things taken care of. You know that travel coverage is important when going away so you’ve checked with your credit card company and they say they’ve got you covered. But how covered do they really have you? One travel mistake that you can make is to forgo getting travel insurance because you assume that your credit card will supply you with enough travel coverage. There are often coverage holes left behind by your credit card that makes getting travel insurance a good investment.

Limitations on credit card coverage

After ensuring that you have coverage with your credit card company, it would be a terrible reality in the unfortunate event of having to put forth a claim to find out that you that you did not have proper coverage. Here are some ways in which your credit card company could leave you without adequate coverage.

When you are issued a credit card, there are often no medical questions asked, so when you opt to use the travel coverage offered through your card, any underwriting takes place at the time that a claim is put forward. Often that means that when you put forth a claim, the insurance company who is affiliated with your credit card has underwriters that will need to order records from OHIP, your doctor, and your pharmacy. If there is any evidence of a pre-existing condition found at this time, it can render the claim you’ve put forward void.

Unless you closely read the fine print, you may not even know what restrictions your coverage holds. For example:

·      Many employ age restrictions on coverage, often for those over 55

·      They more often than not exclude any pre-existing conditions

·      Limits on how many days you can be covered for, often dependent on age

·      Some have little to no coverage for trip cancellation/interruption

·      If lost baggage is covered, it is often limited to a certain dollar amount

Travel insurance comes in to save the day

Luckily, to ensure that you have the proper coverage when travelling, travel insurance fills in the gaps left behind by your credit card company. For those that are worried that their age or a pre-existing condition may not be covered through their credit card, PrimeLink offers medically underwritten coverage that can give you peace of mind while on vacation. All-inclusive travel insurance is the best way to ensure that you will have coverage in the event that your trip needs to be cancelled or delayed, or if anything happens to your luggage, belongings, or important personal documents.

If you have any doubt that the coverage you have with your credit card will be sufficient, it is best to error on the side of caution and opt for additional travel insurance. It is better to pay a little more for coverage before you leave on your trip, than to have something happen while you are away, and come home with a big medical bill to pay.