Chase Sapphire Preferred Travel Insurance and How Does It Work?

Chase Sapphire Preferred Travel Insurance

Chase Sapphire Preferred Travel Insurance offers comprehensive coverage of up to $10,000 per trip for both cardholders and eligible family members, providing peace of mind for your travel plans. Additionally, it includes a provision of up to $500 to cover expenses in the event of delays lasting at least 12 hours, necessitating an overnight stay.

The Chase Sapphire Reserve® and the Chase Sapphire Preferred® Card stand out as two highly sought-after credit card offerings from Chase. These cards boast an array of advantages, spanning travel, dining, lounge access, and purchase protection.

Among these benefits, one particularly valuable feature is the travel insurance provided with Chase Sapphire cards. While you may not frequently require its utilization, this specific perk can serve as a valuable resource if your travel plans encounter unexpected challenges.

How Does Chase Sapphire Travel Insurance Work?

Chase Sapphire's travel insurance offers a range of safeguards to protect your trips from unforeseen disruptions. This coverage includes protection against trip cancellations or interruptions, reimbursement for expenses arising from trip delays or issues with lost/delayed baggage, as well as the provision of supplementary medical insurance and evacuation coverage in the event of accidents or emergencies.

To avail yourself of Chase Sapphire travel insurance, two conditions must be met: firstly, you should be a holder of a Chase Sapphire card, and secondly, you should have utilized the card to cover some or all of the expenses associated with your intended travel. According to Chase's definition, the cardholder is the individual whose name is embossed on an eligible card issued in the United States.

Notably, certain cases might extend coverage to spouses, children, and immediate family members*, even if they are not accompanied by the cardholder during the journey. However, it's important to note that the specifics of this provision can vary based on the particular card and insurance benefit in question.

Importantly, the scope of travel insurance benefits is not uniform across all Sapphire cards. The assortment of travel insurance perks associated with the Chase Sapphire Reserve card could diverge from those presented by the Chase Sapphire Preferred card. It's advisable to familiarize yourself with the particular benefits and provisions related to your specific card to make the most informed decisions regarding your travel plans.

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Chase Sapphire Preferred Travel Cancellation Insurance

The Chase Sapphire Preferred® Card provides valuable peace of mind for travelers with its comprehensive travel cancellation insurance coverage. Cardholders can enjoy up to $5,000 per trip and $10,000 per 12-month period in coverage. What makes this benefit even more versatile is that it extends to both the cardholder and their immediate family members, even if they aren't traveling together. In cases where multiple individuals insured under the same card experience a trip disruption, the benefit limit increases to $10,000 per trip and $20,000 per 12-month period. This robust trip cancellation coverage ensures that unexpected events, such as illness, accidents, or unforeseen circumstances, won't leave you out of pocket when your travel plans need to change.

Chase Sapphire Preferred Benefits Travel Insurance

Below is a comprehensive breakdown of the travel insurance benefits offered by the Chase Sapphire Preferred® Card, along with detailed explanations of each benefit:

Trip Cancellation Protection:

• Benefit Value: $5,000 per trip or $10,000 per 12-month period; $10,000 per trip or $20,000 per 12-month period for group travel.
• Explanation: If unexpected circumstances prevent you from embarking on your planned trip, this benefit can help reimburse your nonrefundable expenses. The primary cardholder is eligible for coverage when paying for the trip using the Chase Sapphire Preferred® Card or Chase Ultimate RewardsⓇ points. Coverage extends to group travel as well.

Trip Interruption Coverage:

• Benefit Value: Same as trip cancellation protection.
• Explanation: Should an unforeseen event disrupt your ongoing trip, this coverage offers reimbursement for prepaid nonrefundable expenses. Similar to trip cancellation, the cardholder and group travelers are eligible.

Trip Delay Coverage:

• Benefit Value: Up to $500 for delays of at least 12 hours requiring an overnight stay.
• Explanation: When a trip is delayed for a significant period, this benefit covers reasonable expenses like lodging, meals, toiletries, and medications.

Baggage Delay Coverage:

• Benefit Value: Up to $100 per day, up to a maximum of $500.
• Explanation: If your baggage is delayed for more than six hours by a common carrier, this coverage can reimburse essential items purchased during the delay.

Lost Luggage Coverage:

• Benefit Value: Up to $3,000, with limits on jewelry and electronics.
• Explanation: In cases of lost, damaged, or destroyed luggage, this coverage provides reimbursement for the affected items, excluding specific items like contact lenses, jewelry, and electronics.

Auto Rental Collision Damage Waiver:

• Benefit Value: Up to the actual cash value of the rented vehicle.
• Explanation: When paying for a car rental with the Chase Sapphire Preferred® Card, this coverage can provide reimbursement for damages due to collision or theft, acting as primary insurance without needing to file a claim with other sources.

Travel Accident Coverage:

• Benefit Value: $500,000 for common carrier travel accident; $100,000 for 24-hour travel accident.
• Explanation: In the unfortunate event of accidental death, dismemberment, or other specified losses during travel, this benefit offers coverage based on whether the incident occurs during common carrier travel or within a 24-hour period.

Other Assistance Benefits:

• Explanation: The card provides access to useful services such as roadside dispatch for emergency assistance like towing and fuel delivery, and travel and emergency assistance services for referrals and connections to local emergency resources during travel.

These travel insurance benefits offered by the Chase Sapphire Preferred® Card are designed to provide peace of mind and financial protection for various unexpected situations that may arise during your journeys.

Chase Sapphire Preferred Travel Rewards

Earning Rewards: The Chase Sapphire Preferred® Card provides a robust rewards structure, allowing you to accumulate points in various spending categories:

• 5 points per dollar on travel purchased through Chase Ultimate Rewards®.
• 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target, and wholesale clubs).
• 2 points per dollar on all other travel expenses.
• 1 point per dollar on all other purchases.

Chase's definition of travel is broad, covering expenditures with airlines, hotels, car rentals, cruise lines, and more.

Furthermore, new cardholders can take advantage of a compelling welcome bonus, earning 60,000 bonus points by spending $4,000 on purchases within the first 3 months from account opening.

Redeeming Rewards: Chase's Ultimate Rewards offer remarkable flexibility for redemption, with multiple options:

• Ultimate Rewards Travel Portal: Points used for travel bookings through Chase yield a 25% bonus, effectively valuing each point at 1.25 cents.
• Pay Yourself Back: Redeeming points for a statement credit towards eligible purchases receives a 25% bonus, similarly valuing each point at 1.25 cents.
• Transfer to Travel Partners: Points can be transferred to various travel partners at a 1-to-1 rate, offering varied redemption values.
• Statement Credit: Redemption as a statement credit values each point at 1 cent.
• Gift Cards: Redemption value varies based on the store and purchase amount, often around 1 cent per point or less.
• Pay With Points: Using points to pay for purchases at select merchants, like Amazon, values points at around 0.8 cents each.

Rewards Potential: Assessing the potential rewards of the Chase Sapphire Preferred® Card, we consider average household expenditures and calculate potential earnings:

• An estimated $6,044 on travel with $4,458 booked through the Chase Travel Center (5 points per dollar) and $1,586 (2 points per dollar) yields a total travel net gain of 25,462 points.
• Dining expenses of $3,856 accumulate 11,568 points.
• Online grocery spending of $3,346 contributes 10,038 points, and traditional grocery spending of $3,346 earns an additional 3,346 points, totaling 13,384 points.
• Streaming services expenditure of $732 garners 2,196 points.

After accounting for these categories, approximately $18,853 remains for spending, accruing 18,853 Ultimate Rewards points at a rate of 1 point per dollar. The annual earnings of the Chase Sapphire Preferred® Card are estimated at 71,463 Ultimate Rewards points, exclusive of the welcome bonus or any additional rewards from Lyft spending.

Additionally, the card offers a 10% anniversary point bonus, granting bonus points equal to 10% of the previous year's total purchases. For instance, $25,000 in spending translates to an extra 2,500 bonus points.

Ultimately, the redemption value of rewards varies depending on the chosen redemption method, with points being worth more when utilized for travel or transferred to partner programs.

What is Covered With Chase Sapphire Travel Insurance?

Chase Sapphire cardholders can enjoy an array of valuable travel insurance benefits designed to safeguard their journeys:

• Trip Cancellation/Interruption Insurance: This benefit provides reimbursement, up to $10,000 per covered individual and $20,000 per trip, for cancelled or interrupted travel. The condition is that part of the trip must have been charged to the cardholder's Chase Sapphire Preferred® Card or Chase Sapphire Reserve®. The maximum coverage within 12 months is capped at $40,000. Eligible expenses encompass non-refundable prepaid travel costs such as flights, hotels, and car rentals. If you paid with Rewards points, reimbursement is at their monetary or point value. Covered scenarios include injury, illness, severe weather, quarantine, and more. Exclusions consist of financial changes, visa/passport issues, and civil unrest.
• Trip Delay Reimbursement: For delays surpassing six hours (Chase Sapphire Reserve) or 12 hours (Chase Sapphire Preferred), this insurance covers expenses up to $500 per ticket purchase, including meals, lodging, toiletries, and medication. Family members and spouses are covered as well.
• Travel Accident Insurance: Transportation incidents during travel are covered if payment was made with a Chase Sapphire card. The coverage includes the cardholder and immediate family members. For Chase Sapphire Preferred, coverage for common carrier travel accidents is $500,000, while 24-hour travel accident insurance is $100,000. Chase Sapphire Reserve extends up to $1 million for common carrier accidents and $100,000 for 24-hour incidents.
• Travel and Emergency Assistance Services: Cardholders, spouses, and dependents under 22 traveling together access complimentary emergency assistance, including medical and legal referrals and transportation help, although service costs aren't covered.
• Lost Luggage Reimbursement: Up to $3,000 per person per trip is provided for lost checked and carry-on baggage. Jewelry, watches, cameras, and electronics are covered up to $500 per person. Certain items like documents, money, and securities aren't covered.
• Baggage Delay Insurance: For baggage delays exceeding six hours, this benefit reimburses up to $100 daily (maximum five days) for essentials like toiletries and clothing. Exclusions include jewelry, electronics, and money.
• Auto Rental Collision Damage Waiver: Chase Sapphire Reserve offers primary coverage for damages due to theft or collision, up to $75,000, for rentals up to 31 days. Chase Sapphire Preferred offers similar coverage, but the reimbursement is limited to the Actual Cash Value of most rented cars. The primary coverage negates the need to first file a claim with your personal insurance company.

These comprehensive travel insurance benefits cater to diverse needs and circumstances, making them a valuable asset for Chase Sapphire cardholders.

What is Chase Sapphire Reserve Card?

The Chase Sapphire Reserve card is a premium travel rewards credit card that stands out for its exceptional benefits. Encased in a sleek metal design, the Chase Sapphire Reserve® card offers a distinctive range of advantages, elevating the concept of rewards. The card's rewards are centered around Chase Ultimate Rewards® points, renowned for their flexibility. These points can be exchanged for statement credits, gift cards, or merchandise.

Taking the rewards experience up a notch, using the Ultimate Rewards portal for travel bookings grants a remarkable 50% increase in value. Moreover, the option to transfer points to esteemed airline and hotel partners offers the potential for even higher value redemptions.

The Sapphire Reserve isn't just about rewards; it's about indulging in a wealth of privileges. Among them is the sought-after Priority Pass Select Lounge Access, along with reimbursement for Global Entry or TSA PreCheck application fees.

Furthermore, the card extends its benefits to properties affiliated with the Visa Luxury Hotel & Resort Collection. Noteworthy is the substantial $300 annual statement credit tailored for eligible travel expenses. This credit is easily accessible for virtually anyone engaged in any form of travel.

In addition to the potential 50% boost in redemption value, there's a strategic approach to optimizing rewards with this card. Pairing it intelligently with a complementary Ultimate Rewards-earning card, like the Chase Freedom Flexâ„ * or Chase Freedom Unlimited®, allows you to consolidate all accumulated points.

This amalgamation of points can then be redeemed at the elevated value provided by the Sapphire Reserve. Additionally, the flexibility extends to transferring points between your account, a family member's, or even your small business account, further enhancing the potential for rewarding outcomes.

How to Use Chase Sapphire Preferred Travel Insurance?

To initiate a claim with Chase Sapphire Travel Insurance, you are required to contact the Benefit Administrator. Depending on the type of insurance claim, specific documentation and timeframes are involved:

Trip Cancellation/Trip Interruption Claims:

• Notify within 20 days of cancellation/interruption.
• Complete and send the required forms/documentation within 90 days (or up to one year after the 90-day window).

Trip Delay Reimbursement Claims:

• Report the delay within 60 days.
• Provide completed forms/documentation within 100 days.

Lost Luggage Claims:

• Start by filling out airline documentation (retain a copy).
• Inform the Benefits Administrator within 20 days of baggage loss.
• Receive and submit the claim form along with documentation within 90 days (or up to one year after the 90-day period).

Baggage Delay Claims:

• Begin by completing relevant airline paperwork (keep a copy).
• Contact the Benefits Administrator within 20 days of baggage delay.
• Send in required forms/documentation within 90 days (or up to one year after the 90-day window).

Auto Rental Collision Damage Waiver Claims:

• Obtain necessary documentation from the car rental company and authorities if needed.
• Contact the Benefits Administrator within 100 days of the incident.
• Documentation submission deadlines vary by state but generally range from 120 to 365 days post-incident.

Emergency Evacuation and Transportation Claims:

• Immediately notify the Benefits Administrator after the incident.
• Submit the claim and essential documentation within 180 days of the occurrence.

Emergency Medical and Dental Benefits Claims:

• Contact the Benefit Administrator within 90 days of receiving medical care during your trip.
• Submit the claim and relevant documentation within 180 days of the incident.

Chase Sapphire Reserve cardholders can call 1-888-675-1461 (or collect at 1-804-281-5772) within the U.S. to file claims. For Chase Sapphire Preferred cardholders, the numbers are 1-888-320-9961 (or collect at 1-804-673-1691) within the U.S.

How to Sign Up for Chase Sapphire Preferred Travel Insurance? 

To access the travel insurance provided by Chase Sapphire Preferred, follow these steps:

• Apply for the Chase Sapphire Preferred credit card and receive approval.
• Upon card issuance, you are automatically enrolled in the travel insurance program.
• To activate the coverage, make sure to pay for your travel expenses using your Chase Sapphire Preferred credit card.

The Chase Sapphire Preferred card presents a comprehensive array of travel insurance benefits, encompassing trip cancellation/interruption insurance, baggage delay insurance, lost luggage reimbursement, and travel accident insurance.

Should you need to initiate a claim, you have two options: online submission or via phone. Notably, the primary cardholder is responsible for filing the Chase Sapphire Preferred travel insurance claim. In the majority of instances, it's crucial to submit the written claim within 20 days after the incident. In cases where immediate filing isn't possible due to physical limitations, the claim should be submitted "as soon as reasonably possible."