Travel insurance provides reimbursement for a wide variety of costs if travelers have to cancel a trip, but it comes at a price. Travelers looking to save on costs can instead rely on trip cancellation insurance benefits offered by credit cards. However, not all credit card companies offer the service and benefits can be limited.
Exact trip cancellation benefits vary depending on the credit card. However, most programs will reimburse you for nonrefundable flights if you're not able to make your trip. Whether or not you can take advantage of the benefits often depends on the reason for the cancellation. In general, the death of a close family member, severe illness or a sustained injury are qualifying circumstances. Your credit card may put a cap on how much they'll pay out per person, per trip.
