Several banks have recently canceled their travel insurance with their embossed cards. This is another way to reduce the cost that every bank now needs after free cash withdrawal and payment of the transaction fee. What do customers lose?
In recent days, Sberbank has terminated its insurance coverage for bank cards, while newly issued cards do not include this at all, while the old customers have insisted on 09.05.2014. will be eligible until the last day of the month preceding the date of the first credit card charge. Another major bank has recently canceled card insurance. Katipunan Bank did the same on September 20 last year when it removed the free travel insurance for MasterCard Standard and VISA Classic (non-embossed) cards.
There is no clear link between the cancellation of insurance and the appearance of various bank charges, but this step will certainly save the bank costs. Customers are always notified of the change, but it is important not to let anyone know, as uninsured travel medical treatment can be expensive.
The insurance usually provided with embossed cards is particularly useful for city tours and shorter trips. If you travel to one of the neighboring countries with or without luggage, you may often be satisfied with your credit card insurance.
In any case, it is worth looking at which countries the insurance covers, how much coverage it covers, and for how long. If the card insurance is not enough for us, several insurers offer additional travel insurance, which can even cover higher value luggage or an accident due to extreme sports and is cheaper than having a stand-alone contract.
Otherwise, if we have separate travel insurance and we have separate card insurance, more coverage will be added. If one insurance does not cover the full cost, the insurance of the other may also be taken into consideration.
If you travel frequently to a neighboring or European country for a few days, a card life insurance policy may be useful. But you do not have to ask for this for your credit card for an additional fee. Most credit cards include it for free, so if you have one, it can often be an extra expense to provide insurance with your bank account.