Travel Insurance - Credit Card Vs Insurance Company

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  jv on 15/05/2024 - 13:31

  +5

  But is this worthwhile and does it provide me with a much greater level of cover than the credit card insurance?

  Depends on the PDS… Read them.

  • 

    Discombobulated on 15/05/2024 - 19:23

    +2

    Most definitely read the PDS, and do it every time you plan to travel. Some policies have so many provisos and exceptions that they are best described as junk. And the details of policies change frequently so that the policies that are not junk today may well be junk next time you look.

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  loulou1 on 15/05/2024 - 13:54

  CBA travel insurance is through cover more, you need to declare existing conditions and then they decide whether or not to cover them under the provided travel insurance and whether or not you need to pay an additional amount to be covered.
  From my understanding if they will cover you, the only real difference after that is the excess amount.

• 

  ryefig on 15/05/2024 - 14:08

  +3

  I have done some research on this topic for myself, but by no means am I am expert.
  My findings were that the cover offered by complimentary credit card insurance, and the cover offered by paid-for travel insurance cover the same thing, except the limit amounts and excesses can vary. Probably customer service would vary as well.

  For example, luggage delay cover on ANZ complimentary insurance (Black card) covers "Up to $500 after a delay of 10 consecutive hours, and an additional $1,000 after a delay of 72 consecutive hours". I found that the type of cover was exactly the same with other providers, but the amounts and the hours of delay varied between providers.
  Most travel insurance covers "unlimited" amount for medical emergencies, whereas changes to the ANZ complimentary cover will mean there is a maximum cover amount of $20mil.

  I think you will be fine with the complimentary insurance on your card - even with the kids, but if you think you have specific needs, then you may need more specialised cover.

  • 

    Shadowsfury on 15/05/2024 - 16:07

    I found the same when I compared a few years back - just have to keep out for PDS changes on the CC insurance policies as they get updated from time to time.

    (I rely on such insurances myself - only had to make one claim - which took a very long time to finalise but I received everything I expected)

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  ginormousgiraffe on 15/05/2024 - 16:48

  Depends on the PDS and the country you're visiting. If you visit a country with expensive healthcare, i.e. USA, it may be worth additional cover

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  Nuclearvodka on 16/05/2024 - 12:42

  +3

  I have worked for both as a Medical Emergency Officer (repatriation and treatment)
  And I can confirm the claims are reviewed by the same companies, the assistance is provided by the same companies.
  Only difference is the limits.

  And TBH I've seen AMEX having better cover than some expensive travel insurance providers.

  There are terms and conditions (for everything obviously) and you need to make sure that the credit card's travel insurance is active before you travel (sometimes all you need to do is pay for the flights with the card) but if you have an AMEX (or any other decent credit card), I wouldn't worry about paying for a stand alone travel insurance policy.