High end credit card vs. Travel insurance

[BB1]

I usually get an annual Allianz Travel policy but I have fortunately never needed to make a claim. Has anyone compared or had experience with the travel insurance coverage provided by high end credit cards? Should I stay with Allianz or are there better options.  Thanks.

[FireFishII]

I think you need to compare what the 2 insurances cover.  Call your credit card company for their insurance coverage policy. 

[DoomSlayer]

I use my Amex for this reason. It is a refund policy, meaning you will need to pay out of pocket and they will refund your money when you provide them details and receipts.  It’s also very tight on what proof you need to submit for your claim to be processed, what is actually covered, and how long it takes to get refunded. But honestly, I think Allianz has similar requirements, so it is comparable in my opinion.  Either way you decide to go, just have enough resources to take care of yourself immediately while you wait on help from the CC or Allianz.

Edit - Just for reference, it is an Amex Platinum card I have which includes the travel insurance.  The annual fee is comparable to what Allianz costs on an annual basis.  You won't get similar coverage with the old Amex green card for example.  

[Va4fam]

@DoomSayer.....what type of travel insurance does the Amex Platinum provide?  Is it just for travel related issues or will it also provide coverage for injuries/illness for yourself and traveling companions?

 

[DoomSlayer]

@Va4fam It has full coverage including medical and evacuation as long as you used the card to purchase the trip.  About the only thing it won't cover is if you get hurt jumping out of a plane (skydiving lol).  You do have to be more than a 100 miles from your home for most of it to kick in.  Also, if you have to do the global assist, you have to do it through them and let them coordinate it, you can't just do it and then ask for a refund.  They also have other travel perks, like refunding your TSA pre-check application and some awesome deals from time to time with Royal Caribbean resulting in more on-board credit if you use their card to pay for the trip.

[BB1]

33 minutes ago, DoomSlayer said:

@Va4fam It has full coverage including medical and evacuation as long as you used the card to purchase the trip.  About the only thing it won't cover is if you get hurt jumping out of a plane (skydiving lol).  You do have to be more than a 100 miles from your home for most of it to kick in.  Also, if you have to do the global assist, you have to do it through them and let them coordinate it, you can't just do it and then ask for a refund.  They also have other travel perks, like refunding your TSA pre-check application and some awesome deals from time to time with Royal Caribbean resulting in more on-board credit if you use their card to pay for the trip.

It's so complicated that I'm really having a difficult time making a determination. I know Allianz is very comprehensive, but the devil really is in the details. I read the credit card coverage and it's difficult to find all the "covered reasons" and exclusions. I'm sure I'll figure something out but it isn't made very easy. Thanks for the input. 

[BrianB]

I have both Amex Plat and Allianz yearly policy.

Amex offers the best, hoop-free coverage if you use their personal travel service when booking. Otherwise, it's still pretty comprehensive. Allianz is straightforward in that the written policy is clear as to what is covered and what's not (Exclusions).

Both are secondary coverages...you can't double-dip (or triple dip if you also get a refund from the cruise line). Proof of un-refunded or unreimbursed loss is required. 

So far, I've never needed to file a claim so I don't have experience dealing with that...but, I try really hard to keep myself educated as to what I need to do as far as 'timely notification' is required should something happen. I have their apps on my phone, and their quick reference cards in my wallet.

Proper Planning Prevents Poor Performance!

[Vancity Cruiser]

16 hours ago, BB1 said:

It's so complicated that I'm really having a difficult time making a determination. I know Allianz is very comprehensive, but the devil really is in the details. I read the credit card coverage and it's difficult to find all the "covered reasons" and exclusions. I'm sure I'll figure something out but it isn't made very easy. Thanks for the input. 

This is on purpose. The amount of legalese in any policy is designed to confuse you, which may lead you to not file a claim. Or to give the insurance company an out. They will never give you a simple bullet point list of what their coverage is because they are in the business of making money, not helping people and paying out claims.

[Traveling Mike]

I have used AIG for almost all my cruises over the years.  I have filed multiple claims over the years.  This last year when I was researching Annual Travel Insurance it was very confusing and it seems everyone cover something different.  I ended up going with AIG Travel Guard because their policy looked just like all the others, I have purchased over the years except it is Annual.

[jbrinkm]

For those of you who regularly buy travel insurance, what exactly do you like to look for in terms of coverage? I purchased travel insurance for the first time and had no clue how to evaluate the level of coverage for each byline, or what exactly I would want covered.

[Va4fam]

I will use my Amex Platinum next time I book a cruise.....but we are probably going with Costco travel for Alaska and they don't take AMEX.