Travel Insurance, Explained

Are You Traveling in the U.S. or Internationally?

Traveling within the U.S. typically costs less than traveling abroad. This means your out-of-pocket losses are usually lower if you must cancel your trip at the last minute. In that case, you may want to skip the cost of purchasing travel insurance.

If you're traveling out of the country, your trip may cost more. This makes insurance more important. Also, your health insurance might not cover you outside the U.S. Even if they do cover customary and reasonable hospital costs while you're abroad, most don't cover medical evacuations1 back to the U.S. You may want to find travel insurance that will cover whatever your health insurance won't.

Do Debit and Credit Cards Provide Some Coverage?

Some credit cards, including the Synovus Travel Rewards Visa Credit Card, include travel insurance benefits. For example, your credit card company might cover your non-refundable expenses if you have to cancel your trip. You just need to make sure you pay for those expenses with that credit card to access that coverage.

Credit cards may also cover you for:

• Medical evacuation.
• Medical bills not covered by your insurance.
• Lost luggage.
• Damage to a rental car.

Not all credit cards offer these perks. that's why it's key to read the card's terms and conditions to see what is — and isn't — included. You can also call the customer service department to ask about travel coverage. 

Some debit cards, like the Synovus Visa Business Debit Card, provide travel and emergency assistance services offer benefits such as assistance with visas or immunizations, or even emergency transportation.

How to Buy Travel Insurance

If you've decided that you need travel insurance beyond what your health insurance and credit cards might cover, you'll need to decide on a policy. To start, make a list of the features you would like included. For example, do you just want the ability to cancel your trip due to illness or death in the family? Or do you want the ability to cancel for any reason? Do you need medical coverage while abroad? Or do you just want coverage in the event that you require a medical evacuation?

There are various types of travel insurance, so it's important to understand how they work. 2 There are also different travel insurance companies with an ability to get quotes from them.

You may not need to buy travel insurance if you're already covered for most situations through your credit card's travel benefits. If you purchase separate travel insurance, be sure to read the fine print. This ensures you get the coverage you need and don't pay for a plan that doesn't include everything you thought it would.