Traveling without insurance can be risky, but what many cardholders may not realize is they probably already have some coverage through their credit card.

"Consumers should spend time learning about any insurance options on their cards," says Kelly Passey, an executive vice president at Access Development, a firm based in Salt Lake City that sets up merchant loyalty and reward programs.

"Certain cards will have travel accident, foreign medical emergency coverage, purchase protection and extended warranty built in, but typically those types of services are only available for platinum card holders or with an extra fee for regular card holders," she says.

According to Passey, these services aren't likely to replace a cardholder's regular insurance coverage but may help fill in gaps, such as lost baggage reimbursement.