Before you spend money on travel insurance, take a closer look at what’s already in your wallet. Chances are, you’re sitting on benefits you didn’t even know existed – and they could save you a significant amount of money on your next trip.

Travel Insurance with Bank Accounts

Many people assume travel insurance is something you buy separately before every trip. But a growing number of bank accounts and cards come bundled with travel-related protections as part of their standard package. The catch? Most people never read the fine print, so they end up paying double for coverage they already have.

ING Bank is an example of a bank that gives you some extras when you travel with certain accounts. You can get things like no fees when you use your card in countries that help in case of a travel emergency and sometimes even insurance for your trip when you pay with your card. The things you can get depend on what kind of account you have. So, it is an idea to look at your account or call customer services to see what you can get.

Best Perks and Features to Seek

So, what kind of travel perks should you be looking for? Medical coverage is the big one. Getting sick or injured overseas can cost tens of thousands of dollars in countries like the United States, where healthcare expenses can spiral quickly. If your card or account already provides emergency medical coverage, that alone could justify keeping it.

Trip cancellation cover is another hidden gem. If your flight gets cancelled, or you have to cut a holiday short due to illness, having coverage that reimburses non-refundable bookings can save you hundreds. Some accounts also include coverage for lost luggage or travel delays, which might not sound exciting until your bag goes missing in a foreign airport.

Another often-overlooked perk is the ability to withdraw cash overseas without foreign transaction fees. That might not sound like travel insurance, but when you’re navigating an unfamiliar city and need local currency, those fee savings add up fast.

Activating Your Travel Insurance

The key is to turn on the travel insurance coverage the right way. A lot of travel insurance policies that come with your credit card need you to buy your flights or hotel rooms using that card to make the coverage work. If you use a card to pay you might not have any travel insurance coverage at all. And that is something that surprises a lot of travellers.

Read the product disclosure statement before you travel. Yes, it’s a bit of a slog, but understanding what’s covered, what’s excluded, and what conditions apply means you won’t be caught out when you try to make a claim.

If your existing account doesn’t come with travel perks, it might be time to reconsider your banking setup. Comparing accounts that bundle in these benefits is a smart way to stretch your money further – especially if you travel a few times a year.

Your wallet is likely more powerful than you realise. Take the time to discover what’s already in it before you reach for your credit card to buy yet another insurance policy!