My husband is self-employed, so when he/our family travels outside of Canada, we have to purchase our own travel accident insurance. I was chatting with our neighbours, who are also self-employed and travel a lot, and I asked them what they typically do for travel accident insurance - pay by the trip, pay annually, etc? They said they do not purchase travel accident insurance because they have coverage with their credit card. Don't we? So I checked, and yes, provided that the trip (eg. plane tickets) are paid for with our credit card, we have $100,000 (each traveller) worth of coverage.
My husband, our two kids and I will be travelling to the US (airline tickets charged to our credit card) for about a week and a half. For $5,000,000 worth of coverage with $0 deductible, which is the standard offer with the plan, insurance will cost about $70 give or take a few bucks. It is not a lot of money, but wasted if we already have adequate coverage through our credit card.
Is $100,000 worth of coverage enough? I know if I call and ask our broker, they will tell me that we need the extra coverage, but their opinion (in my opinion) isn't objective. Anyone have any thoughts or advice? Do you think $70 is worth the extra peace of mind or just throwing away money?