Can I Rely On The Travel Insurance Offered By My Credit Card?

You may have started planning for your next holiday destination, but even as you plan your flights and your itinerary, you’d need to also have a think about your personal safety. Recently, there has been a surge of attacks on popular tourist district where civilians are not spared.

In light of the recent assaults on civilian targets which affected popular tourist areas in 2017, the Ministry of Foreign Affairs (MFA) advised Singaporeans who are travelling out of the country to “stay informed” of the news related to the destination that they are heading to. “Be safe” to avoid such places especially New York, Las Vegas, Barcelona, London and Stockholm.

MFA has always encouraged Singaporeans to take up comprehensive travel insurance and know what they are being covered for. At the same time, following these preventive measures while travelling out of the country during the festive and holiday seasons:

• Register online with [email protected] mobile app to update your whereabouts
• Take care of personal safety at all times, to remain observant and attentive at all times to the when it comes to local security updates
• Do not break any laws and respect every local customary/tradition that one is visiting
• Passports and Identification card should be kept separately to reduce any risks of losing both important identity documentation
• Do not carry big amount of cash or valuable items along with you or leave them unattended
• For those who are driving overseas, be sure to obey the local rules of the road. Ensure that your passengers, yourself, and the vehicle itself is being covered by insurance
• Stay cautious in big populated areas and steer away from places which are prone to threats
• Keep in touch with closed ones and family members in Singapore as and let them know where you are.

In the event that there is any consular help needed, do reach out to the MFA duty office’s 24 hour hotline at +65 6379 8800/8855, alternatively, you are able to reach out to the nearest Singapore Overseas Mission as well.

By following the above precautions, you should not be in any major trouble at all. But to further ease the minds of your loved ones back in Singapore (if you are travelling alone or with your friends/colleagues), do at least take up a basic Travel insurance as it acts as a safety net, providing another layer of security when uncertainties were to eventuate.

Besides the existing insurance companies that are providing travel insurance policies, credit card companies are also offering travel insurance for those who are not aware of it.

The credit cards that these banks are offering allows frequent travellers to accumulate points which are called “air miles”. Upon accumulating an X amount of air miles, you are able to exchange these points with air tickets.

Since these credit card companies are offering a credit card that is catered to travellers, why not sweeten the deal by throwing in a complimentary travel insurance which would entice existing card holders or customers who travel frequently.

Source: Citibank

 Citibank did something different from other banks, for as long as you have one of the following Citibank Credit Card above, you are entitled to a complimentary Travel Insurance by Citibank. Do check against the list on their website to see if you are eligible for a Free Travel Insurance.

Source: Citibank

 Citibank’s underwriting insurance company is AIG. These is the travel coverage that you will be getting if you are a card holder of the selected Citi cards mentioned above.

Source: ValuePenguin

Citibank is not the only bank that offers their credit card with complimentary travel insurance. You can compare travel insurance on sites like GoBear, or ValuePenguin who compiled the table above . Depending on your travel pattern, every factor would affect everyone differently. Some people might have valuable information or documents for meetings, whereas to some businessman, time is of the essence, hence if there is any cancellation or delayed of flights, they will be compensated accordingly.

If you are not particular about the coverage amount and how comprehensive a travel Insurance offered by a credit card company is, you may consider signing up with one of the above credit card to be eligible for their complimentary travel insurance.

Yes, you are still able to rely and trust your credit card company if you do not have the time to drop by any insurance company to sign off a travel insurance policy. Travel Insurance offered by Credit Card companies would satisfy and address to most of the concerns that any Singaporeans would have. From death and disability, to lost of baggage, to flight cancellation. But it is worth noting that these coverage is basic enough to cover you. But if you have the extra time to do up a travel insurance, it is still advisable to take up one with a insurance company as you will be given the flexibility to make better selections of your coverage.

The Bottom Line

Travel Insurance from credit card companies offers great coverage depending on the type of credit card you have. If you are looking for something convenient and would not mind having no or less control over the type of coverage you will receive, then getting a credit card’s travel insurance is the way to go.

The down side about getting a credit card’s company travel insurance is that you will have no flexibility over what are being insured for and the amount of coverage as well. Do seek out another alternative or get a travel insurance directly from insurance companies if you want it to be personalised the way you should be covered for. Websites like MoneySmart, ValuePenguin and GoBear are comprehensive sites that allows you to compare travel insurance in Singapore, in terms of their travel insurance coverage, as well as their latest travel insurance promotions. Cross reference it against the travel coverage that credit card companies are offering before taking up a travel insurance.