Best Credit Cards For Travel Insurance Of August 2024 – Forbes Advisor – Technologist

The Platinum Card® from American Express (terms apply, see rates & fees): It’s no surprise that this benefits-laden, ultra-premium card includes travel insurance. What is surprising is that the card’s insurance offering is middle of the road. The Platinum Card’s car rental coverage is secondary, which means that you’re required to make a claim first with your personal auto insurance prior to making a claim with American Express.

For trip delay and trip cancellation/interruption insurance to be valid, your entire round trip must be paid for with the Platinum Card. This requirement can be satisfied by booking two one-way flights. Baggage delay reimbursement and travel accident insurance are also notably absent from the Platinum Card’s benefits.

• Trip cancellation/interruption insurance: Reimburses up to $10,000 in nonrefundable expenses charged to the card per trip, with a maximum of $20,000 per rolling 12 months, provided that the entire cost of the round trip is purchased with the card. Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
• Trip delay reimbursement: Up to $500 of coverage for expenses incurred due to delays of more than six hours, provided that the entire cost of the round trip is charged to the card. There is a maximum of two claims per rolling 12 months. Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
• Baggage insurance plan: Coverage of up to $2,000 per checked baggage to a maximum of $3,000 for checked and carry-on baggage together in the event that the baggage is lost, damaged or stolen while traveling with a common carrier.¹
• Car rental loss and damage insurance: Up to $75,000 of secondary coverage in the event of damage or theft. It also includes accidental death, injury or dismemberment coverage to a maximum of $300,000 per incident that results directly from a car rental accident.²

Who it’s best for: Luxury travelers who are primarily interested in the generous high-end benefits of the card and are comfortable with the card’s travel insurance coverage.

Rewards: Earn 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases.

Welcome offer: Earn 80,000 Membership Rewards Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership.

Annual fee: $695

Other benefits and drawbacks: American Express offers a paid option to upgrade the car rental insurance to primary coverage with additional medical coverage (enrollment required). Once enrolled, every time you charge a rental to your card, you are automatically assessed a flat fee for the additional coverage. The extended policy covers luxury vehicles and trucks that are often not covered by credit card auto insurance.

There’s no question that the $695 annual fee is a showstopper. The card’s appeal lies in the rich portfolio of travel and shopping benefits: airport lounge access, up to $200 in annual airline incidental credit, up to $200 in annual Fine Hotels and Resorts credit, digital entertainment credit, Uber credit, Saks credit—the list goes on. If you’re able to make use of these perks, then the card’s annual fee could make sense and the travel protections are a bonus. But if you’re primarily looking for a card with a strong travel insurance package, then there are other cards with lower annual fees that do a better job. Enrollment is required for select benefits.