If you’re booking trips on a Chase Sapphire Reserve, Amex Platinum, or Capital One Venture X, you’ve probably been told by someone — maybe a friend, maybe a points-and-miles podcast — that you don’t need travel insurance because the card already includes it. That’s partly true and largely misleading. Premium credit card travel benefits are real, but they’re narrower than most cardholders realize, and they almost never include the coverages that actually matter when a trip falls apart catastrophically.

What premium credit cards typically include

The standard premium-card travel benefits package looks something like this:

• Trip cancellation/interruption insurance capped at $10,000 per trip ($20,000/year) on a Chase Sapphire Reserve, less on lower-tier cards.
• Trip delay reimbursement after a 6–12 hour minimum delay, capped at $500 per ticket.
• Lost or delayed baggage coverage at $3,000–3,500.
• Rental car collision damage waiver (primary on Chase Sapphire Reserve, secondary on most others).
• Travel accident insurance — a death-or-dismemberment-only benefit, not health coverage.
• Emergency evacuation/transportation on the highest-tier cards — but typically capped at $100,000 or less.

What premium credit cards typically don’t cover

The gaps matter:

• Primary emergency medical coverage — most cards offer NO health coverage. If you get sick or injured abroad, your U.S. health insurance often won’t cover you out-of-network internationally, and your credit card won’t fill that gap.
• Pre-existing condition coverage — even when limited cancellation coverage is offered, pre-existing conditions are typically excluded.
• Cancel For Any Reason (CFAR) — cards almost never offer this. You can only cancel for named perils.
• Adventure sports — scuba, skiing, mountaineering, ziplining are typically excluded.
• Trip costs paid in points/miles — if you booked award flights or used Hyatt points, the cancellation benefit may not reimburse the cash equivalent.
• Coverage limits high enough for international medical emergencies — a serious injury abroad requiring repatriation can exceed $200,000.

What dedicated travel insurance actually adds

A standard Faye policy adds:

• $250,000 in primary emergency medical coverage — not a death-only benefit but actual hospital and treatment coverage.
• $500,000 in medical evacuation — enough for air ambulance from most international destinations.
• 100% trip cancellation coverage with named perils significantly broader than card benefits.
• 150% trip interruption coverage — actually pays more than your trip cost to get you home.
• Optional CFAR add-on for 75% reimbursement when canceling for any reason.
• Coverage for adventure sports if added.
• Pre-existing condition waiver if purchased within 14 days of initial deposit.

The right way to think about it

Credit card travel benefits are excellent for what they are: free supplemental coverage on routine trip mishaps (delayed flights, lost bags, rental car bumps). They’re inadequate as primary coverage for catastrophic scenarios (medical emergencies abroad, cruise itinerary changes during hurricane season, expensive non-refundable trips). For domestic trips under $2,000 with no medical risk, the card alone may be fine. For international trips, expensive trips, cruises, family trips, or any trip during Florida’s hurricane season, layering a Faye policy on top of your card benefits is the cleaner answer.

Get a Faye quote to see the actual cost on your specific trip.