Friday, May 1, 2015

Questions to ask about credit card coverage.


We often hear our clients say, "I need travel insurance from fourth month of my trip.  My credit card insurance will cover me for the first three month.

Do you really have "proper protection"?  Here are some questions to ask credit card company.


- Is Emergency Hospital & Medical coverage included? If so, how much 
  coverage does my plan offer?
- How many days am I covered for?
- Does my age, medical history, medication, or pre-existing condition 
  affect the coverage?
- Am I covered fro trip cancellation and interruption benefits before 
  and after departure? What else am I covered for? What is the dollar 
  limit for each benefit?
- What reasons can I cancel for?
- Do I have to purchase my trip on my credit card to activate the 
  insurance coverage?              (By courtesy of our partner TIC)


Also, credit card insurance often exclude seniors to cover.   Thestar points out that credit card insurance still have limit in covered age and duration although more credit cards with travel insurance are now extending its coverage to seniors. According to InsurEye's research, the eligibility provisions of Top five cards for 2013 are as below:

1. Desjardins Visa Odyssey Gold
   Age 59 or under:48 days, age60-64:23 days, age65-75:15days,
    age 79 or older:no coverage.
2. National Platinum MasterCard and National World Master Card:
   Age54 or under:60days, age55-64:31days, age65-74:15days.

3. Desjardins Visa Platinum
   Age59 or under:48days, age60-64:23 days, age65-75:15days, 3
   age76- or older:no coverage.
4. Scotiabank Gold Amex
    Under age 65:Up to 25 consecutive days, age65 and older:Up to 10  
   consecutive days.
5. RBC Rewards Visa Preferred
   Under age 65:Up to 31 consecutive days, age 65 & older:Up to 7 consecutive  
   days.

And each card has limitations for pre-existing medical conditions.


Beware of limitations. Ask lots of questions to your credit card company and read through insurance policy.  You can purchase additional or more tailored coverage from travel insurance broker.  Contact us info@biis.ca
 

Source:
- TIC, Travel Insurance Coordinators  
-Thestar.com ,"Read the fine print if you're travelling with credit-card insurance" 2014. http://www.thestar.com/business/personal_finance/2014/01/05/read_the_fine_print_if_youre_travelling_with_creditcard_insurance.html