Hi Guys,
I've got platinum CBA & ANZ CC, using cbas travel insurance but should that be enough and okay?
Also is it worth activating travel insurances on both cards?
Cheers
Credit Card Travel Insurances, Good Enough?
Godric on 12/05/2017 - 07:18
Comments
It's an ok product, you just need to pay for the flights with your card.
not anymore
they changed the rules you have to activate depending on what card you have there might be an excess but fractions compared to getting independent travel insurance
they also don't penalise you for going on high risk activities like snowboarding / skiing add that to your itinerary and the cost escalates dramatically the cards insurance has way more cover you could be medivacd off a mountain and still have change in the coverage i think it was something like 5 mil for emergency services and repatriation
travel insurance from one of the many providers lucky to get a few hundred thousand
In CBA, all you need is the CBA app to activate your travel insurance and you can add extras.
i've jus had a ridiculous experience with CBA whose insurance is run through "insert company here"
there contact numbers overseas didn't work and they made mistakes with things.
just be sure you're happy read the PDS and apply it to the place your going and see which one works better for you.
Medical things are where it gets complicated overseas especially if there is a language barrier and my GP was more useful than them.
Most of the time they get things right often the cover amounts are far greater for things like medical emergencies over buying from travel agent
I think i just ended up with someone managing the case in the beginning who wasn't equiped or experienced enough to do the job and failed due to pride possibly
Credit card insurance excess is usually higher than a separate policy.
Mine was $200 so basically only worth it for just in case but if you're the type to lose luggage, break valuables etc you're better off going with a policy with a smaller excess.
Just to double-check your logic; wouldn't paying for insurance with a smaller excess be potentially the same (and in most cases likely cost more) as getting free insurance with a higher excess? E.g. you lose your luggage and pay $200 excess but $0 for the insurance = total spent $200. You pay $100 for the insurance and have a $100 excess = total spent $200. In this case you're better off with the CC insurance because if you don't lose your luggage you paid $0 and with the paid insurance you still paid $100.
Of course it depends entirely on the cost of the policy and the difference in the excess.
OP definitely needs to consider the PDS (ie. what's covered in what circumstances) as for example if I recall correctly, my CC insurance only covers overseas travel and not domestic.
EDIT: As for activating both cards, I don't see the harm. You can always decide which one to claim on depending on which is the better cover for whatever circumstance you need to claim for. But you won't be able to claim on both for the same thing.
Really depends on how much you pay for your policy and how much the excess is on it.
Most cases I find it's cheaper to get a separate policy as I know I'm going to break something…
Without going through your credit card policy, Personally we would treat the automatic credit travel insurances as a absolute backup insurance and we would still take out normal travel insurance, as there are commonly allot of exclusions with the default credit card policies unlike other policies.
However that it just our 2cents.
as there are commonly allot of exclusions with the default credit card policies
Just curious, can you list some examples? I'm relying on my CC travel insurance on my next trip.
as there are commonly allot of exclusions with the default credit card policies
Just curious, can you list some examples? I'm relying on my CC travel insurance on my next trip.
From the policies we have looked at, any preexisting conditions are excluded (no matter how minor), any bike or motor bike travel, most water sports are all excluded as a start and things like ambulance (and air ambulance) cover is also capped quite low- which is not normally enough to get you back home. As a start.
I would disagree with that because we went through it quite extensively first time i toured the mountains in Switzerland.
I've used my CBA card each time i go Snowboarding I've rang them a couple of times it had much better coverage for anything that was deemed extreme sports
i know they changed the policy slightly since last time we went jan last year but it was miles in front and less restrictive than anything we looked at privately
Travel agent told me they didn't cover it that i needed to get a seperate one, so i rang bank again and confirmed. then asked for it to be confirmed, the guy just said it's covered trust me, take my name date and time of call should you need to refer back to this conversation.
luckily didn't need to use it.
Just call them and confirm whats important to you.
I'm quite happy to be corrected haven't looked at the new policy
Skiing is the only one that comes to my mind.
Bankwest CC has $500 threshold that i wasn't aware of.
I only book cheap economy/promo fares from AirAsia and the return flight per person always under $500 which doesn't qualify for Bankwest CC travel insurance hence not covered.
My bank cc (bank SA) has a similar policy regarding minimum $500, however that is not restricted to only flights. It includes prepaid things like accommodation, car hire, Activites.
For the 'enough and okay' on paper - take a look at the cover for different scenarios of your bank/card's one vs one that's not and see if it holds up.
As for the actual experience, I've also used CBAs specifically, and had stolen items claims go through without a hitch (similar to a prior experience with a non-bank-provided travel insurer). The banks' travel insurance is generally provided through a third party anyway, or at least it is for the CBA one as far as I know.