Free Travel Insurance You May Not Know You Have
I’ve had my fair share of travel disasters, which caused me to pay more attention to travel insurance. A few years ago, I got a VentureOne credit card from Capital One to rack up points for my big flight purchases. I chose this card mainly because it had no annual fee, a reasonable APR, no foreign transaction fees, and a great purchase point system. However, a recent review of my credit card benefits reminded me that I also have decent built-in insurance as a cardholder.
While not all credit cards offer these services, here are four travel-related coverage options you may not know you have in your wallet:
1. Auto Rental Collision Damage Waiver
The Fine Print:
If you have personal automobile insurance or any other insurance covering theft or damage, this benefit acts as supplemental coverage; meaning they will cover the expenses that are not reimbursed. However, if you decline the rental insurance, the benefit reimburses you for the covered theft or damage.
2. Lost Luggage Reimbursement Benefit
The Fine Print:
This is also a supplemental benefit; you must file with your existing insurance first and provide proof. In turn, CapitalOne will reimburse you for the difference.
3. Emergency Card Replacement and Emergency Cash Disbursement
This will be useful in the unfortunate event of a loss or theft of your credit card or cash. This 24-hour, 7-day-a-week global service allows you to quickly get a replacement card sent to you and/or emergency cash at a convenient location.
4. Travel Accident Insurance
You can receive coverage up to $250,000 for common carrier accidental death or dismemberment at no additional cost for you, your spouse, and unmarried dependent children.
The Fine Print:
This is for accidents when riding as a passenger, entering or exiting any licensed common carrier. This does not apply to accidents that may arise during your trip.
These are a few of the built-in traveler’s insurance provided by my VentureOne card. Some credit cards, like the mecca of travel cards Chase Sapphire or the United Miles Plus Explorer card, offer more in-depth travel benefits, including trip interruption, delay, and cancelation insurance.
Things to Consider
- You must purchase your fare using your credit card to redeem most of these benefits.
- Purchasing travel insurance is always a good idea. Most of these benefits are supplemental, which is awesome in ensuring that you receive the maximum coverage for your claims.
