Personal Resource Center

Travel Insurance, Explained

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The cost of travel insurance varies depending on the level of coverage, your age, the length of your trip, and where you're traveling.

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 evacuations3 back to the U.S.


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. Some debit cards, such as 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.


Are There Travel Restrictions At Your Destination (Or Could There Be Soon)?

The COVID-19 pandemic changed many travel plans. And travel guidelines, restrictions, and recommendations continue to evolve. For example:

  • Some countries don't allow U.S. tourists.
  • Some require a negative COVID-19 test to enter.
  • Some require quarantines and health screenings upon arrival.
  • Some allow exceptions for fully vaccinated travelers.4

Countries can change their rules at any time.

Most standard travel insurance policies cover losses for canceling your trip due to contracting COVID-19. But you may not be covered if you cancel your trip due to COVID-19 fears — unless you have “cancel for any reason" coverage. Some plans cover cancellations if you're unable to access the place where you planned to travel.

In any event, it's important to read the policy's terms and conditions because some travel insurance policies specifically exclude coverage for pandemics or COVID-19.5

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.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Nationwide, “How to Buy Travel Insurance," accessed July 29, 2021. Back
  2. Chris Moon, “Average Cost of Travel Insurance by Policy, Age and Insurer," ValuePenguin, updated September 27, 2020, accessed July 29, 2021. Back
  3. U.S. Department of State, “Your Health Abroad," updated September 13, 2018, accessed July 29, 2021. Back
  4. Forrest Brown and Brekke Fletcher, “Find Out Which Countries Are Welcoming US Tourists Back," CNN, updated July 19, 2021, accessed July 30, 2021. Back
  5. New York State Department of Financial Services, “Coronavirus(COVID-19) and Travel Insurance FAQs," accessed July 30, 2021. Back