Vienna (OTS) – Credit cards have travel insurance protection with many different components. When the insurance cover takes effect depends on the card provider and the card. Sometimes having a card is enough, sometimes you have to use it regularly. The means of transport used to travel is sometimes not insignificant. When it comes to cancellation protection, look carefully at when it applies and when it doesn’t. This is shown by a current AK analysis of three credit card travel insurance companies.
The AK analyzed the insurance conditions for credit cards from three credit card providers. They work with different insurance companies: American Express, card complete, PayLife. Credit cards also include travel insurance with numerous components: cancellation, trip interruption, flight delay, health and accident insurance, travel liability.
The annual fees for the credit cards, including insurance cover, range from EUR 66 (card complete – Visa/Mastercard classic) to EUR 250 (PayLife Platinum). “Depending on the card provider and card, there are different conditions for the effectiveness of the insurance cover,” knows AK consumer protection officer Christian Prantner. For example, it ranges from having a credit card and using it regularly for payments to paying the price of the trip with the credit card. There are also differences in the coverage limits in the individual modules.”
The insurance cover not only includes the cardholder himself/herself, but also relatives living in the same household (spouse or life partner and dependent children). Details can be found in the respective insurance conditions, whereby, for example, with card complete only family members traveling with you are also insured; in travel accident and treatment cost insurance, however, only the cardholder.
“There are other requirements for the insurance cover to take effect,” says Prantner. “A distinction is also made as to the mode of transport used for the trip.” Diners Club does not insure trips that are not made by public transport (e.g. by private car) – exception: luggage insurance if at least one night is spent away from home.
One of the most important components of travel insurance protection is cancellation protection. As a rule, only sudden and unexpected events (COVID-19 is also insured) and death of the insured person or close relatives, significant property damage to the residential property, loss of job through no fault of one’s own are considered reasons for cancellation within the framework of cancellation insurance. There is no protection for previous illnesses or events that were foreseeable. When reporting damage, consumers need evidence of why the cancellation was made, such as a death certificate, medical certificate or accident report, sick note to social security. Pregnancy that became known after booking the trip and conscription for basic military or community service are not insured everywhere. “It should be noted that the cancellation insurance may incur a deductible, around 20 percent with card complete or with the PayLife Card GoldPlus,” warns Prantner.
This is what you should know about credit card travel insurance – three tips:
+ Insurance cover: Before you travel, ask what conditions the insurance cover is subject to, such as paying for the trip with the card.
+ Coverage limits: Note the individual coverage limits in the individual modules.
+ Claim: Document the claim with invoices, documents, photos and report the damage to the insurance company.
SERVICE: The analysis can be found at www.arbeiterkammer.at/reiseversicherungen.