The survey conducted by CompareCards.com shows that 47% of Americans fail to take advantage of free travel insurance offered by their credit cards. Many credit cards offer free travel insurance simply for purchasing your trips on their cards.
The 53% of travelers who do take advantage of these free travel insurance options are often richly rewarded.
Key survey findings were:
Travelers may already be insured for some of these travel issues through a credit card they carry in their wallet. Yet, nearly half of Americans (47%) fail to take advantage of valuable benefits that come with their credit cards.
The average size of claims totaled just over $1,500.
76% of those who filed a claim were fully compensated.
Only 53% of credit card holders report taking advantage of valuable credit card protection benefits that include:
- Purchase protection
- Rental car collision coverage
- Price Protection
- Trip cancellation insurance
- Extended warranty
- Cell phone damage
- Lost/delayed baggage
Purchase protection is the most commonly tapped benefit. Americans who do rely on credit cards to insure purchases against damage or theft utilize purchase protection most often at 46%, followed by car rental collision coverage at 37%. Another 35% use cards to get reimbursed if they find a lower price elsewhere on a purchase they recently made.
Credit card claims yield a big return. The average size of the credit card benefits claim totaled an impressive $1,530. A majority, or 76%, of customers who filed claims reported being fully compensated for their claim.
Before you book your next cruise, check your credit cards so you don’t miss out on free travel insurance.
The survey was conducted by CompareCards.com.