There are two types of Costco Visa travel insurance: travel accident insurance and rental car insurance, as of September 2020, according to Citi representatives. The Costco Visa card also used to offer trip cancellation and interruption insurance, but Citi discontinued that benefit on all its cards back in 2019.
The Costco Visa travel accident insurance benefit covers you, your spouse, your domestic partner and/or your dependents up to $250,000 per person against death or dismemberment. The coverage applies while you are traveling on a common carrier like a plane, train, bus or boat, as long as you paid for the full fare using the card.
The rental car insurance policy on the Costco Visa provides up to $50,000 per rental in reimbursement for collision damage and theft. The car must be rented entirely with the Costco Visa, and the cardholder must decline the optional insurance offered by the rental agency.
Both types of Costco Visa travel insurance have a lot of fine print, so be sure to read your card’s benefits guide to see coverage exclusions. On that note, before you apply for the Costco Visa, it might be wise to call Citi and confirm that they still offer travel insurance, since Citi has been dropping many card benefits over the past year.
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