Many premium credit cards provide complimentary international travel insurance, overseas transit accident cover and rental vehicle excess cover through Allianz. This coverage may also extend to cruise vacations.
To obtain cover, it is necessary to book your trip through a card and activate your policy online. Make sure that the policy information booklet provides details regarding eligibility criteria, terms and conditions, exclusions and limits.
Benefits
Some credit cards provide complimentary travel insurance that protects against overseas, domestic and international transit accidents, rental car excess cover and trip cancellation insurance as well as possible lost luggage coverage. Coverage will differ between cards; therefore it’s essential that you read their PDS carefully in order to decide whether it suits you or not.
Travel insurance coverage is often included on premium cards such as platinum, rewards and frequent flyer credit cards to encourage spending with them despite typically having higher annual fees and interest charges than other cards.
If your family or friends are travelling to Australia, using a credit card with travel insurance could provide valuable coverage. However, standalone travel insurance may be worth purchasing if unexpected events or medical conditions could put the trip at risk; additionally, these events might make claiming easier and may provide higher coverage limits than any complementary credit card policy would allow.
Excess
Credit card travel insurance policies usually require you to pay an excess payment when filing a claim; this amount could be significantly higher than what would be due for standalone policies with lower excesses. By comparing with Savvy, you can find the ideal travel insurance excess for you and your needs.
Cover for overseas and domestic trips booked using your card can vary significantly; typically this only extends to overseas or domestic travel that you book using your card, such as overseas trip cancellation and medical repatriation insurance, rental vehicle excess coverage and interstate flight inconvenience coverage (up to 14 days). ANZ Platinum cards provide comprehensive free travel insurance, which includes cancellation coverage as well as trip medical and repatriation coverage as well as rental vehicle excess protection – for instance the ANZ Platinum cards provide comprehensive cover such as trip cancellation coverage as well as rental vehicle excess cover – interstate flight inconvenience (up to 14 days) coverage! ANZ Platinum cards offer extensive free travel insurance covers such as cancellation coverage for overseas trip cancellation, medical repatriation coverage as well as rental vehicle excess cover as interstate flight inconvenience (up to 14 days) amongst other factors! ANZ Platinum cards provide extensive free travel protection such as overseas trip cancellation coverage such as cancellation coverage as well as rental vehicle excess cover (limited to 14 days).
Credit card travel insurance policies that offer comprehensive coverage often include coverage for permanent disability and accidental death with higher benefit limits than traditional standalone policies, although these cards tend to come with an annual fee and some only provide basic protection; so it is wise to read their Product Disclosure Statement (PDS) prior to making your decision.
Pre-existing conditions
Credit card travel insurance is often offered as an added perk on platinum, reward, frequent flyer and travel cards; however, coverage levels and terms and conditions will differ depending on which card is chosen.
Some cards only cover overseas trips of 30 days or less, while others require that you prepay $500 of your travel costs with their card to activate their policy. Some exclude coverage for certain medical conditions like cancer or heart disease and you can find more information in their PDS document.
Some policies restrict coverage to trips beginning and ending within Australia. Others charge an increased excess fee when making claims; to avoid overpaying, read your policy’s PDS carefully to prevent overspending. Some cards provide lists of excluded items before purchasing an insurance policy; it is also important to keep in mind that most credit card travel policies don’t provide domestic travel protection.
Requirements
Credit card travel insurance Australia protects you against unexpected events while traveling overseas, but activation requires some consideration. You may have to use only this card or meet a minimum spend threshold before your policy activates – otherwise duration or activities could be excluded from coverage altogether.
Some credit cards offer complimentary international travel insurance, domestic flight inconvenience insurance and rental vehicle excess coverage in Australia. Others only cover pre-paid costs like accommodation or flights – not incidentals expenses like meals. Furthermore, certain insurers exclude coverage for pre-existing medical conditions.
Although credit cards that provide complimentary travel insurance may not replace standalone policies entirely, they can provide extra value to frequent travellers. Before making your decision, read through and understand all terms and conditions of cover before considering whether it’s worth paying more for a card with this feature or finding one that better meets your needs.
