Travel insurance is an essential aspect of any trip, providing peace of mind and financial protection against unforeseen events. Many credit cards offer built-in travel insurance, but sometimes the coverage might not be comprehensive enough for your needs, or your trip exceeds the number of days allowed by your current credit card. In such cases, extending your travel insurance coverage with another carrier can fill the gaps and ensure you are adequately protected.
Here’s a guide on how you can extend your existing travel insurance coverage.
Understand Your Current Coverage
Before seeking additional coverage, it’s crucial to understand what your credit card travel insurance covers. Typical benefits may include:
- Travel Medical Insurance: Coverage for medical emergencies abroad.
- Trip Cancellation/Interruption Insurance: Reimbursement for non-refundable expenses if your trip is canceled or interrupted for a covered reason.
- Travel Accident Insurance: Compensation for accidental death or dismemberment while traveling. With credit cards this coverage is limited to common carriers (airlines, trains, ferries, etc.)
- Baggage Delay/Loss Insurance: Coverage for lost, damaged, or delayed baggage. Some credit cards do not include coverage for damaged baggage as part of their coverage. Of note here are cards from Desjardins and Collabria which have age restrictions on baggage coverage.
Carefully review your credit card’s policy document to know the limits, exclusions, and conditions of your current coverage.
Recommended reading: Guide to Credit Card Emergency Medical Insurance Coverage
Recommended reading: Loyalty Lesson: Be aware of this quirk with Desjardins Baggage Insurance
Identify Coverage Gaps
Once you understand your credit card’s coverage, identify any gaps that could leave you vulnerable. Common gaps might include:
- Medical Coverage Limits: Your card might offer limited medical coverage, which may not be sufficient in case of serious illness or injury. Your coverage maybe be reduced at a certain age, this being the most common gap in credit card coverage. Another common gap is the stabilization period which is how long prior to a trip an existing medical condition must not have any changes to it (including increase/decrease in prescription dosage)
- Trip Duration Limits: Some credit card policies only cover trips up to a certain number of days and select cards like those from National Bank and Desjardins will not cover you at all for medical if your trip extends beyond their coverage period.
Exclusions: Activities like adventure sports or pre-existing medical conditions or unstable pre-existing medical conditions might not be covered.
Recommended reading: Loyalty Lesson: Be aware of this condition with National Bank of Canada and Desjardins out of province emergency travel medical insurance coverage
Additional Travel Insurance Coverage
To fill these gaps, research additional travel insurance providers. Look for policies that complement your credit card coverage. When purchasing additional travel insurance, ensure it doesn’t duplicate your credit card coverage unnecessarily. Some insurance providers offer “top-up” policies designed to work in conjunction with existing coverage. These policies extend the benefits without overlapping them. Compare the cost of different policies to find one that offers good value for money.
soNomad travel insurance offers great rates when topping up existing credit card coverage. They have unique product features such as reduced stability clauses and emergency round trip benefits. Additionally, they have no admin fees for any date changes or cancellation fees, making it 100% refundable. They also offer flexible payment options to fit any traveler’s budget. You can contact them directly at (888) 860-2515.
Click here to learn more about SoNomad and to request a free quote
Beyond top-up insurance for emergency medical coverage, soNomad also offers a wide range of benefits and coverage options such as:
- Trip Cancellation & Trip Interruption
- Cancel for Any Reason Coverage
- Baggage Insurance Option
- Extreme Sports Coverage Rider
- Visitors to Canada Insurance
Purchase and Document the Coverage
After selecting the appropriate policy, purchase the additional coverage. Make sure to:
- Keep Documentation Handy: Carry both your credit card insurance details and the additional policy information while traveling.
- Inform Travel Companions: Ensure your travel companions are aware of the coverage details in case of an emergency.
- Know How to Make a Claim: Familiarize yourself with the claim procedures for both your credit card and the additional insurance policy. Keep emergency contact numbers and claim forms easily accessible.
Wrapping it up
Extending your travel insurance coverage by combining your credit card benefits with an additional policy can provide comprehensive protection for your travels. By understanding your current coverage, identifying gaps, researching providers, and documenting coverage, you can travel with peace of mind knowing you are well-protected against unexpected events.
Click here to learn more about SoNomad and to request a free quote
This article is published in partnership with SoNomad Travel Insurance