10 things you need to know about credit card insurance
In the days preceeding the big summer holiday, everyone tells you that you are covered by your credit card insurance but beware of traps! Here are 10 things you need to know about your credit card insurance:
1. Your credit card covers you for trips of 90 days maximum. Beyond that time, regardless of what may happen to you in the middle of nowhere, nobody will come and get you!
2. Your standard Visa card or Mastercard has a €11,000 cap on medical expenses, that is…. enough to treat an ankle sprain in the USA! In many countries such as Thailand or Turkey for example, we have witnessed an explosion in the cost of medical expenses. In Turkey, if you are involved in a car accident, you will be charged €60,000 for 10 days of intensive care, and beware, you will even be charged for the bandage and thread used to saw you up: enough to get you into debt for the next 10 years! (they certainly understand everything about tourism!)
3. Your golden card (Mastercard or Visa) will certainly offer you higher caps on medical expenses, but just like with standard cards, the excess will be between 50 and 75 Euros for each claim.
4. The cancellation insurance is not included with standard cards, even if you pay for your trip with the card.
5. The cancellation insurance included with gold cards is rather restrictive given it only kicks in in case of death, serious illness or hospitalisation of you or a close relative, AND only if you have paid for your trip with this very card. Beware, uncles, aunts and nephews are not considered close relatives for your credit card! We don’t all have the same sense of family… Should your ID documents get stolen 48h before you depart, you will not get a refund either, even if, of course, you can no longer go. If you are interested in the cancellation benefit, we have compiled, especially for you, a credit card cancellation insurance comparative table which will shed some light on the issue.
6. If you cancel more than 30 days before the departure date, your Gold card will refund €200
7. If you’re off scuba diving and that your doctor deems you unfit to do so before your departure, too bad, you will not get a refund.
8. Your luggage is only covered during transport. If your suitcase gets stolen at your hotel, too bad!
9. Civil liability overseas is not included with your standard card… Try and avoid hurting anyone, it will be a lot simpler for you!
10. The list is not exhaustive, just take a few minutes to read the terms and conditions of your credit card insurance policy.
And if travel safety is important to you, please refer to our Cap Assistance travel insurance which includes:
- Medical expenses: €75,000 in Europe, €200,000 worldwide except USA-Canada, €500,000 in the USA Canada
- Cancellation insurance for any justified reason (option): €8,000
- Repatriation assistance: real costs, 24 hours a day
- Luggage cover for the duration of your trip: €3,000
- Search and rescue expenses: €4.500
- Overseas civil liability: €4.5 million
- Accident benefit: €50,000 maximum
We are available everyday from 9am to 7pm on +33 1 74 85 50 50 or by filling out this form to answer all your questions, do not hesitate to contact us.