Traveling, be it for business or leisure, is an exciting venture that can sometimes come with unexpected bumps along the way. Flight cancellations, lost baggage, medical emergencies – the list of potential travel disruptions can be long.
To safeguard your journey, you might consider purchasing travel insurance. Interestingly, many banks offer travel insurance as a part of their banking products and services. But how does it work, and how can you get it? Let’s dive in!
In this article...
What Is Travel Insurance from Banks?
Travel insurance from banks is usually bundled as a value-added service with other banking products like credit cards, premium bank accounts, or as a standalone insurance product.
Coverage typically includes medical emergencies, trip cancellations or delays, lost or stolen baggage, and sometimes even worldwide emergency assistance services.
Some banks offer travel insurance as a complimentary benefit on their premium credit cards or accounts. Others may offer it at a discounted rate to their customers or as an option to buy from their partnered insurance providers.
Recommended Plans
Up to $2,000,000 of Overall Maximum Coverage, Emergency Medical Evacuation, Medical coverage for eligible expenses related to COVID-19, Trip Interruption & Travel Delay.
Coverage for in-patient and out-patient medical accidents up to $1 Million, Coverage of acute episodes of pre-existing conditions, Coverage from 5 days to 364 days (about 12 months).
Up to $8,000,000 limits, Emergency Medical Evacuation, Coinsurance for treatment received in the U.S. (100% within PPO Network), Acute Onset of Pre-Existing Conditions covered.
How Does It Work?
Bank-provided travel insurance works similarly to insurance purchased from traditional insurance providers. When you incur a covered loss during your travels, such as a flight cancellation or a medical emergency, you would file a claim with the bank or their insurance partner.
If approved, you would receive reimbursement up to the coverage limit detailed in your policy.
Credit Card Travel Insurance
Many banks offer travel insurance benefits with their credit cards, particularly travel-focused or premium cards. In most cases, to activate the insurance, you’ll need to pay for your travel expenses, such as flights or hotel bookings, with the eligible card.
Coverage usually includes trip cancellation, travel delays, lost or stolen baggage, and sometimes even medical emergencies.
Bank Account Travel Insurance
Some premium bank accounts offer travel insurance as a complimentary feature.
The coverage may include emergency medical insurance, trip cancellation, and personal belongings protection. To activate coverage, you may need to use the bank account’s associated debit card to pay for your travel costs.
How to Get Travel Insurance from Your Bank
Check Your Existing Bank Products:
Look into the details of your current bank products, like your credit card or account benefits. You might already have travel insurance coverage that you weren’t aware of.
Contact Your Bank:
If you’re unsure whether your bank provides travel insurance, don’t hesitate to ask. Contact your bank’s customer service to inquire about available insurance options.
Consider Premium Banking Products:
If you’re a frequent traveler, consider upgrading to a premium bank account or credit card that includes travel insurance as a perk. These products often come with higher fees but can offer substantial value in terms of included benefits.
Purchase Standalone Travel Insurance:
Some banks partner with insurance companies to offer standalone travel insurance policies to their customers, often at competitive rates.
This could be an option if you need more extensive coverage or if your current bank products don’t include travel insurance.
Conclusion
Travel insurance from banks can be a valuable benefit for customers, providing a safety net against the unexpected disruptions that can occur during your trips.
However, it’s crucial to understand the specifics of your coverage, including any activation requirements and coverage limits.
Remember that complimentary or bundled travel insurance might not be as extensive as a standalone policy, so consider your travel insurance needs carefully. Safe travels!
