In this blog, Campbell & Haliburton Insurance are going to review credit card travel insurance vs a travel insurance policy. Campbell & Haliburton Insurance is a locally owned Regina insurance broker, and we are proud to be present in the same city that we started in 1957!! We are happy to be a part of the Regina community, as we believe this is one of the most important values of our company. Further, we are a certified SGI Regina insurance broker and know the importance of selling an insurance policy and educating each customer.
Credit Card Travel Insurance Vs A Travel Insurance Policy
Travel insurance is a necessary consideration for anyone planning a trip. It offers protection against various risks and uncertainties that arise while travelling. There are two main types of travel insurance: credit card travel insurance or a travel insurance policy. Both offer coverage for travel-related risks, but there are some significant differences between them.
Credit Card Travel Insurance
Credit card travel insurance is a type of insurance that is often automatically included with a credit card purchase, typically when booking a trip. This type of insurance is designed to offer limited coverage for specific risks. For example, a trip cancellation or interruption, and is typically offered at no additional cost to the cardholder. While this type of insurance can be convenient, it is often limited in scope. Further, it may not offer the same level of coverage as a traditional travel insurance policy.
Travel Insurance Policy
A traditional travel insurance policy is purchased separately and offers more comprehensive coverage. This type of policy covers a wide range of risks and uncertainties that arise while traveling. This can include medical emergencies, trip cancellations, lost or stolen luggage, and more. Unlike credit card travel insurance, traditional travel insurance policies are customizable. Further, these policies can be tailored to meet the specific needs and requirements of the traveler.
Advantages to A Travel Insurance Policy
One major advantage of a traditional travel insurance policy is the flexibility. Policyholders can choose the level of coverage they require and can add or remove coverage as needed. For example, a traveler who has pre-existing medical conditions may choose to add coverage for medical emergencies to their policy. On the other hand, a traveler who is confident in their ability to manage their own risks may opt for a basic policy with limited coverage.
Another consideration is the level of support offered by the insurance provider. Credit card travel insurance is often provided by the credit card issuer and may not have a dedicated support team. This means there will not be comprehensive resources to assist with claims or other issues. In contrast, traditional travel insurance providers typically have a dedicated support team. Therefore, providers will have resources to assist policyholders with claims, medical emergencies, and other issues that may arise while traveling.
In conclusion, both credit card travel insurance and traditional travel insurance offer coverage for travel-related risks. However, there are some important differences between them. Credit card travel insurance is typically limited in scope and offered at no additional cost. While traditional travel insurance policies offer more comprehensive coverage and are customizable. Ultimately, the choice between the two will depend on the specific needs and requirements of the traveler.
Talk to one of our Regina insurance brokers at Campbell & Haliburton! We have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business.
**(This is a general overview. There are many different insurance companies and there are always differences in insurance policies. For specific details on your policy and coverage, we recommend that you contact your agent or broker).