The Top 3 Credit Cards Offering Travel Insurance

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Certain credit cards offer free travel insurance to cardholders that activates when travel expenses are charged to the card or when using points for travel through their loyalty programs. However, as with all insurance, you will likely encounter complex language and extensive terms and conditions to understand what’s covered, how much coverage exists, and when it applies.

To alleviate your concerns, we’ve analyzed the advantages of numerous credit cards—and their intricate fine print—for you. Below are the three best credit cards for travel insurance, along with simplified summaries of the protections they offer and the significance of these protections when choosing a new travel credit card.

1. Chase Sapphire Reserve®

The Chase Sapphire Reserve card (annual fee: $550) offers unparalleled travel coverage compared to any other credit card available. Below are the essential travel insurance benefits included with this card.

Emergency Evacuation & Transportation: Up to $100,000 available for necessary emergency evacuation and transportation costs for the cardholder, spouse, and/or eligible children under nineteen years old.

Trip Interruption and Cancellation: Coverage up to $10,000 per individual, $20,000 per trip (for instance, if family members on the same trip are also filing claims), and a total of $40,000 per year for trips that are canceled or interrupted due to specific unexpected events.

Emergency Medical and Dental Benefit: Up to $2,500 (with a $50 deductible) for emergency medical or dental treatment required during a covered trip (Note that this amount is reimbursed only after using your primary health insurance first).

Trip Accident Insurance: Coverage of up to $1 million if you suffer serious injury, are permanently disabled, or die while using a common carrier; up to $100,000 for accidents occurring during a trip that are not on a common carrier.

Trip Delay: Reimbursement of up to $500 per ticket for expenses like meals and accommodations if your common carrier is delayed by more than six hours or overnight.

Delayed Baggage: Compensation of up to $100 per day for a maximum of five days if your luggage is more than six hours late.

Lost Baggage: Coverage of up to $3,000 per individual for lost luggage.

Rental Car Insurance: Up to $75,000 in primary coverage for theft or damage to a rental car that you did not cause.

2. The Platinum Card® from American Express

Though its travel insurance benefits may not be as extensive as those of the Chase Sapphire Reserve, The Platinum Card from American Express (annual fee: $695, see rates and fees) offers the best coverage among American Express cards and is unique in providing medevac services to its cardholders. (Terms apply.)

Emergency Evacuation & Transportation: Coverage for necessary emergency evacuation and transportation costs for the cardholder and eligible family members, with no specified limit.

Trip Interruption and Cancellation: Up to $10,000 per trip and a maximum of $20,000 per eligible card over a consecutive 12-month period.

Emergency Medical and Dental Benefit: Not available.

Trip Accident Insurance: Not provided

Trip Delay: Up to $500 per trip if your common carrier experiences a delay exceeding six hours (limited to two claims within a 12-month period)

Delayed Baggage: Not covered

Lost Baggage: Up to $3,000 for each individual

Rental Car Insurance: Provides up to $75,000 in secondary coverage for theft or damage to the rental vehicle, which you did not cause. This secondary coverage will only cover the costs that your personal or business insurance does not, requiring you to first file a claim with your personal/business auto insurance.

3. Chase Sapphire Preferred® Card

With an annual fee of just $95, the Chase Sapphire Preferred Card offers many of the same protections as the Chase Sapphire Reserve, as detailed below.

Emergency Evacuation & Transportation: Not included

Trip Interruption and Cancellation: Up to $10,000 per person, $20,000 per trip, and $40,000 per 12-month period for trips that are canceled or interrupted due to unforeseen events (This matches the coverage offered by the Reserve card.)

Emergency Medical and Dental Benefit: Not included

Trip Accident Insurance: Coverage of up to $500,000 if you suffer severe injury, disability, or death while using a common carrier (compared to $1 million with Reserve); up to $100,000 for accidents occurring during the trip, excluding those on a common carrier.

Trip Delay: Up to $500 available for expenses such as meals and lodging if your common carrier is delayed for more than 12 hours (versus six hours with Reserve) or overnight.

Delayed Baggage: Provides up to $100 daily for a maximum of five days if your baggage is more than six hours late (identical to Reserve's offer).

Lost Baggage: Coverage of up to $3,000 per person (the same as the Reserve card).

Rental Car Insurance: Primary coverage up to the full value of the rental vehicle for theft or damage not caused by you (compared to $75,000 with Reserve).

Understanding Claims and Coverage

Undoubtedly, the travel protections associated with these three cards are unparalleled in the industry. However, this does not imply that navigating or claiming these insurances is an easy task. In fact, it can be quite complex.

Each card’s specific insurance comes with its own intricate rules regarding coverage, exclusions, and applicable situations. For instance, to utilize the Emergency Evacuation & Transportation feature of the Chase Sapphire Reserve, “the evacuation must be pre-approved by the Benefit Administrator in conjunction with a certified Physician who confirms that the evacuation is necessary due to the severity of the injury or illness.” It’s difficult to envision, in a critical situation, prioritizing a call to the Benefits Administrator for approval before making a potentially life-saving choice.

Regarding the Trip Interruption and Cancellation coverage of the same card, a “Named Storm Warning” qualifies as a valid reason for trip cancellation, whereas “...a country closing its borders or a Travel Supplier canceling or altering travel plans due to an epidemic or pandemic” does not qualify. Delving into the details of a “Named Storm Warning” reveals that the warning must be issued by an authoritative meteorological body (a government’s emergency declaration alone does not suffice), and the storm must be “occurring or expected to occur within fifty (50) miles of the departure or arrival airport, terminal, or station.” While this does not guarantee that a clause will obstruct you from claiming insurance, it signifies that there are numerous conditions and scenarios to consider. Conversely, third-party travel insurance can have equally complicated benefit terms. In some instances, the coverage provided by your credit card may actually outperform an additional policy.

Selecting the Optimal Credit Card for Travel Insurance

While nobody wishes for mishaps during their travels, they can happen, and having protection is a smart move. It's true that certain events might not be covered, but this is also true for many standard travel insurance policies that travelers often pay a premium for. By using the Chase Sapphire Reserve, The Platinum Card from American Express, or Chase Sapphire Preferred Card for travel expenses, cardholders can travel with the confidence that their trips are safeguarded against various situations.

When selecting a new credit card, we evaluate various factors, from welcome bonuses to lounge privileges to annual credits. Travel insurance should be part of that evaluation. Chase Sapphire Reserve stands out as the top high annual fee card for travel insurance, while the Chase Sapphire Preferred Card is the best option for those seeking a low annual fee. The Platinum Card from American Express also offers robust coverage, but it’s not quite the best in its category.

Although the offers stated above are accurate at the time of writing, they are subject to change and may no longer be available.