How Good is Your Credit Card's Travel Insurance?

Travel insurance is one of the most important elements of a trip.

When investing a lot of money in a vacation, you want to make sure you are protected if something goes wrong. Many major credit cards tout their travel insurance offerings in order to entice travelers, offering a number of different benefits to cardholders. 

A new survey by WalletHub compared 92 different credit cards to find the best ones for travel insurance, and travelers will be happy to note that most cards have your back while you are on the road. 

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According to survey results, 93 percent of credit cards provide some form of travel accident insurance coverage at an average of $416,000 in coverage. 

Thirty-six percent of the cards surveyed offer lost luggage insurance and cover an average of $2,600 for losses. Twenty-five percent cover delayed luggage while 9 percent cover both. Thirty-two percent of credit cards offer trip cancellation insurance and, on average, those cards provide $3,200 of coverage.

Far fewer cards offer trip delay insurance: Only 6 percent offer it with an average of $500 in coverage.

The best overall card for travel insurance was the Chase Sapphire Preferred, which also ranks as one of the best credit cards for travelers overall. It comes with a slew of other benefits, including Global Entry, TSA PreCheck, airport lounge access, auto rental coverage and, of course, travel points and rewards. 

In terms of insurance, the Chase Sapphire Preferred offers $500,000 in accident coverage. Lost luggage is covered at $3,000. It offers $500 per trip for assistance with delayed luggage. There is $10,000 per trip in cancellation coverage while trip delays receive up to $500 per ticket.

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Other cards that received high marks for travel accidents were the Chase Sapphire Reserve and the Chase JP Morgan Reserve cards. Each offers $1 million in accidental death or dismemberment coverage and up to $10,000 per trip in trip cancellation or trip interruption insurance. 

When it comes to lost luggage, the Chase Sapphire Preferred led the way, but Chase JP Morgan Reserve and Citi Prestige were other worthy contenders. All three offer $3,000 in lost luggage insurance and $500 for delayed luggage per trip.

No matter what, travelers should know that they have to purchase the trip with the card in order to qualify for the coverage. Once you do that, these benefits are yours for the traveling.