Have you ever found yourself in a situation where you have planned a vacation, paid for it and had to cut the trip short or delayed part of the trip due to unforeseen circumstances? Due to non-refundable policies, many people pay for the whole trip. In these cases, paying with your credit card might actually save the day because many credit card travel insurance plans include trip interruption and delay insurance.
Trip interruption and delay insurance covers you in the event that you suffer financial penalties or losses as a result of having to delay part of a trip or cut it short. Generally speaking, coverage will apply to most situations that involve requiring medical attention, unforeseen weather complications, being called to duty by the military, and other instances where the delay was unexpected and out of your control.
But there are coverage limitations. The reason for an interruption or delay must be considered legitimate in order for a claim to be granted. It’s always a good idea to have a strong understanding of what your policy covers and the amount of coverage you’ll receive prior to relying solely on your credit card insurance.
Should you need trip interruption or delay coverage, here are two credit cards that have you covered:
- Coverage up to $2,500 per person and $10,000 per trip
- Coverage applies when you’ve paid 75% or more of eligible expenses with your this card
- Possible eligible expenses include cost of transportation by common carrier, accommodation, and package tours
The Scotiabank Gold American Express credit card offers up to $2,500 per insured person and up to $10,000 for all insured people per trip in coverage. Coverage is not only provided to you, but also to your spouse and any dependent children or one travelling companion.
The BMO World Elite MasterCard will provide trip interruption and delay insurance of up to $2,000 per person. If you happen to be delayed when returning home, your necessary and reasonable costs of commercial accommodation and meals are also covered up to $150 per person per day. This MasterCard travel insurance will extend from the date of your departure to the day you return to your original point of departure.