Credit card travel insurance policies often come as a complimentary benefit, providing great protection at an economical cost.
However, it is essential to carefully evaluate both its benefits and restrictions before determining whether this type of insurance suits you.
Coverage
Credit cards with travel insurance in Australia may provide excellent coverage at an attractive cost, often offering higher levels of coverage than standalone policies.
The ANZ Platinum and Black Credit Cards provide complimentary travel insurance, which covers additional transportation and accommodation costs following an emergency as well as expenses incurred due to medical emergencies that necessitate flying your dependants back home from overseas.
Credit cards typically only provide travel cover when you charge return international airfare and prepaid travel costs to your account prior to leaving Australia, activate online policy activation and begin your trip in Australia. ANZ credit card policy details how these factors work in practice as well as what’s covered and what isn’t.
Eligibility
Most people would assume that all credit cards include travel insurance; however, this isn’t always the case – only certain providers provide this benefit as part of the package.
ANZ offers complimentary overseas travel insurance through Allianz Global Assistance with their Platinum and Black credit cards, providing coverage in case your trip is cancelled, as well as medical/dental emergencies while abroad.
One or more complimentary covers you could be eligible for include rental vehicle excess coverage, luggage and personal item coverage, purchase protection and price guarantee coverage.
To activate overseas travel insurance, it’s necessary to charge all or some of your eligible trip costs to an ANZ credit card and keep it open at the time of travel. Additional conditions, such as minimum spend requirements and age restrictions may also apply depending on which card type is being used; please refer to your policy booklet for full terms, conditions, limits and exclusions.
Requirements
Many credit cards with travel insurance Australia include complimentary cover for cardholders and their spouse/dependants, with certain policies offering coverage under certain terms and conditions and charges for additional cardholders.
To activate most credit card travel insurance policies, the cardholder must make their overseas return trip payment (excluding pre-booked airfares ) using their card and notify their provider that they intend to use their policy. In some instances, spending $500 is needed in eligible travel costs in order to activate cover.
ANZ provides free travel insurance with its credit cards through Allianz Global Assistance, and for more details regarding which cards offer this coverage and the associated terms, conditions, limits, exclusions and amounts payable please refer to the ANZ Credit Card Insurance Product Disclosure Statement and Information Booklet effective 7 February 2024 – available online here; the policy booklet also covers ANZ Travel Rewards and Black credit cards.
Claims process
Claim processes may differ depending on which card is in question and must include proof that their loss falls within its coverage limits.
Credit card travel insurance policies do not typically provide coverage for preexisting conditions or activities specific to individual travelers, unlike standalone policies which can be tailored specifically to their needs.
Some cards, such as the ANZ Platinum and Rewards World MasterCards, provide comprehensive travel insurance when spending $500 or more in pre-travel costs. Cover applies to cardholders, their spouse and up to 10 accompanying children under 24. Activation can be accomplished either through NetBank or the ANZ app – make sure that when activating cover in either, policy documents are instantly available!
Credit card travel insurance can be an ideal solution; however, before choosing one it’s essential that you carefully assess its coverage and excess levels so as to meet your individual needs. Compare features and benefits, as well as claim settlement ratios between cards in order to find one with which you feel most at ease.
