What is loss of money in travel insurance terms?

It must suck to have your wallet and credit card stolen during your trip abroad. And it would suck more if you find out that your lost money and card were used for a lot of expenses you didn’t make before you even managed to lock that card, an activity that are harder to actually do abroad because of all the roaming charges and other complications. That’s where loss of money in travel insurance coverage comes in handy.

Some travel insurance companies offer plans that protect their clients from these losses, by reimbursing the insured person during these mishaps. the insurer will compensate the policyholder for monetary loss, up to a certain amount, if the loss of money and credit card was a direct result of theft, robbery or burglary in the course of a trip.

For the travel insurance plan to cover for these kinds of losses, the insured person would have to report the theft, robbery or burglary of his card to the police station nearest the place where the loss occurred up to 24 hours after the incident, as well as to the credit card issuer and maybe the travel agency, if any. Crime may or may not pay, depending on the outcome and the efforts of the cops, but urgency definitely does.


How does this coverage differ between insurers

Four travel insurance companies have policies that include loss of money and credit card protection clauses on the fine print, according to GoBear’s research. But don’t go ahead and be less careful about your wallet, because the maximum coverage is only between ₱4,200 and ₱47,000, and even that most generous plan will only shoulder money you actually lost.

Need access to loss of money travel insurance coverage anywhere in the world? Compare travel insurance with GoBear Philippines and find out which plans provide this coverage.