Excited trip planners often assume they’re covered by work benefits, general policies or their credit card. But many are surprised to learn that both credit cards and homeowner’s policies may only provide limited coverage. Depending on the type of card or coverage selected, benefits and coverage can vary drastically.
No one wants to be in the unfortunate situation of having an accident abroad and learning that your credit card does not provide payment directly to foreign hospitals, leaving you stuck in a foreign country with expensive bills, including emergency medical transportation.
Dan Keon from Allianz Global Assistance advises travellers to read and understand the details of their existing insurance coverage when organizing the logistics of their trip.
“People assume they have built-in coverage for trip cancellation through their credit cards, but many credit cards and homeowner’s insurance policies do not cover medical emergencies, trip cancellation or interruption, baggage loss, or delays.”
Some travel rewards credit cards will offer coverage in case of cancellation, but you should read the fine print to understand the circumstances that will be accepted. Policies may require that the full cost of the trip be purchased on the card, or may offer low coverage limits.
Additional travel insurance can typically recover up to 100 per cent of eligible prepaid travel-related expenses lost due to covered reasons for cancellations, such as unforeseen illness or a government advisory restricting travel to your planned destination.
Look forward to a stress-free holiday knowing that even if something happens, your chosen insurance will not only cover unforeseen medical costs, but will arrange billing with foreign health providers and monitor your care — like the plans offered by Allianz Global Assistance.
Every insurance plan includes restrictions and exclusions, so it’s important to always research and review the terms and conditions of your existing travel insurance policy as well as those from other providers. If in doubt, contact your insurance provider to verify that your coverage is adequate.
COURTESY: News Canada