No, there aren’t any credit cards that offer trip cancellation insurance for any reason. Many cards will reimburse you if your trip is canceled or interrupted. But the reasons have to be extraordinary: Sickness, death, severe weather, etc. Sickness must be verified by a physician, too.
There are separate Cancel for Any Reason (CFAR) benefits that provide extended trip cancellation coverage. These benefits are available for an additional charge through insurance carriers that offer travel insurance plans. CFAR benefits are optional and the cost varies depending on the travel insurance plan.
You do have to meet certain eligibility requirements in order to qualify for CFAR benefits. Depending on the policy, you’ll have to enroll within between 10 and 21 days of your first trip payment (such as an initial deposit). You must also insure all pre-paid non-refundable trip costs. Typically, you’re covered for 100% of those insured costs for cancellations up to 48 hours prior to your scheduled departure date.
Yes, the Visa credit card travel insurance is pretty good. It covers all Visa credit card users for damage or theft of rental cars. Some cards also provide coverage for accidents while traveling, trip cancellation and lost luggage. Plus, Visa credit card travel insurance never costs extra. You just have to pay for your travel with your Visa card to be eligible for any coverage it might have.… read full answer
The exact amount of coverage you get, the claims procedures you have to follow, and other fine print depend on the bank or credit union that issues the card. It also makes a difference whether your card is a Visa Platinum, Visa Signature or Visa Infinite (least coverage to most coverage).
Types of Visa Credit Card Travel Insurance
Travel accident: Should you or dependents you’re travelling with die or get seriously disfigured due to the fault of a travel provider, this policy will reimburse you or your family. The amount of money you can get varies, but it could be as much as $500,000 with certain cards. But not all cards will have this benefit. Chase Sapphire Reserve® has the best coverage.
Trip cancellation/interruption/delay: If your trip has to be ended early or moved because of things out of your control (e.g. death, injury, severe weather, military orders and more), you can get compensated for the inconvenience. Coverage might be up to $2,000 per trip, but not every card will have it. The Chase Sapphire Preferred® Card has the best coverage.
Lost luggage: It’s hard to enjoy yourself on a trip if you don’t have any of your belongings. If your luggage gets lost or stolen, Visa may pay you for its value. You could get up to $3,000 per person per trip, but whether you have coverage depends on the card. Chase Sapphire Preferred has the best coverage.
Rental car: Every Visa card should have this, no matter who issues it. If you rent a car with your Visa card and that car gets damaged or stolen, you can be reimbursed. But certain types of cars aren’t eligible (like expensive cars, RVs, motorcycles, and more) and certain situations aren’t either (like drunk driving). You can receive up to the full value of the rental vehicle.
If you’re in the market for a new card, there are several good offers available. Just keep in mind that the best course of action is to check your card’s terms to find out what kind of coverage it has.
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