Why not rely on credit card travel insurance?
Nowadays, banks offer interesting travel insurance products. It seems convenient to have two services for one account, plus one card that you always carry with you. However, not every bank has its own insurance company, so these are often additional services. And as such, its quality (whether it is the scope of insurance or assistance services) may not be comparable to the services of insurance companies.
What are the disadvantages of travel insurance on credit cards?
- The insurance on the payment card may have lower limits.
- Usually does not apply to trip cancellations.
- It does not include any special additional insurance (e.g. risky sports).
- It may not include assistance services, which are invaluable in an emergency abroad.
What are the advantages of an individual travel insurance?
- Travel insurance always includes assistance services that will help you in any emergency situation.
- All the costs for the treatment including local statutory deductibles are covered by the travel insurance company.
- Medical expenses always apply to both public and private healthcare providers.
- Expenses that the insured person had to pay in cash are fully reimbursed by the travel insurance company as soon as possible (usually within 2 weeks following the submission of the receipts and documents).
- Travel insurance applies to the transport of the patient or repatriation of human remains back to the home country.
- Travel insurance covers a lot of other travel related risks (personal liability, baggage, trip cancellation, accompanying escort etc.).
- Insurance terms and conditions are uniform for all countries.
- Insurance premium is usually much lower than mandatory deductibles of medical treatment in particular countries.