Moving abroad is exciting, stressful, and scary all at the same time. However, it’s something that millions of people choose to do every year, and very few people regret it.
Uprooting your life to a brand-new country is a hefty task, and there are several different things that you need to organize for your move to be successful. One of the main things that you need to remember is to arrange adequate insurance.
If you have a great credit score and have already been approved for a credit card, you might want to consider credit card travel insurance. Your provider may offer coverage to protect you with travel-related issues, such as flight cancellation, emergency medical expenses, or stolen luggage.
Only some credit card companies provide travel insurance, so you will need to check with your provider to see whether this is something they offer. Your provider might offer a range of plans with different levels of coverage.
Before signing up for any sort of credit card travel insurance, review the terms and conditions of your chosen policy in detail. You will need a thorough understanding of your exact coverage, including the exclusions or limitations and the process for claiming the event of a covered incident.
Let’s look at the benefits and limitations of getting credit card travel insurance when moving to a new country.
Benefits of Credit Card Travel Insurance When Moving Abroad
Here are some of the main benefits of signing up for credit card travel insurance when you make a big move abroad.
Reduced costs
One of the most obvious benefits of getting credit card travel insurance is its potential to significantly reduce your costs while living abroad. If you run into trouble while you’re away, you could end up paying thousands of dollars to resolve travel-related issues.
You can’t always predict when you’ll lose your luggage, have your flights canceled, or get injured in a serious accident. Having adequate credit card travel insurance means you won’t need to pay the bills alone.
Your credit card provider will pay some of the costs associated with travel-related issues, so you can easily plan your finances and enjoy a comfortable life abroad.
Medical coverage
Your credit card travel insurance might cover you if you get into an accident and sustain injuries or fall ill while living abroad. Depending on your chosen plan, you may get financial help with your medical bills, including costs associated with hospital inpatient stays, outpatient appointments, and prescriptions for medications.
Convenience
To fully enjoy your time abroad, you won’t want to spend your days worrying about whether you can access healthcare if you get injured or whether your future flights will be canceled. With great credit card travel insurance, you can have peace of mind knowing you’ve got coverage for these events.
Many people choose to get this type of insurance for its convenience. Plus, many credit card providers offer travel insurance as a complimentary service to their cardholders.
So, you can purchase flights, accommodation, and other travel luxuries using your credit card, and the insurance is automatically added. Because it’s an automated process, you can save time and energy by adding insurance to each component of your travels.
Limitations of Credit Card Travel Insurance When Moving Abroad
As with any kind of policy within the insurance sector, there are a few limitations to getting credit card travel insurance when you’re heading to a new country. Below are some of the limitations that you might experience when searching for such policies.
Limited coverage
Different credit card providers will offer different levels of coverage in each of their travel insurance plans. Usually, credit card travel insurance has limited coverage compared to standalone travel insurance policies.
You might only have coverage for a specified number of days in certain areas, or your plan might only cover injuries associated with certain activities. It’s important to check what a credit card travel insurance policy covers before you sign up for it. If you already have a plan in place, contact your policy provider for detailed information on what kinds of coverage your policy offers.
Exclusions and claim restrictions
Most credit card travel insurance policies have a list of exclusions that specifies the things that you are not covered for in your plan. For example, some policies don’t offer coverage for travel in certain countries or for certain activities.
Again, make sure you read your policy in detail to know whether you’re eligible to make a claim if and when you run into trouble abroad.
There may also be claim restrictions on your policy, where you can only claim within a specific period after the unforeseen event. Failure to comply with these restrictions may lead to your claim getting denied.