Credit Card Travel Insurance
– are you really covered??
When paying for travel many of us want to pay by credit card not only to get points, but also for the travel insurance which is often attached to the card.
The Private Travel Company advisors tell clients who want to use credit card insurance to check they are covered. Imagine swanning off on your expensive vacation without actually checking your policy, your eligibility and emergency contact details – Scary!
Recently a client read their fine print. They found they needed to send the insurance company a copy of their itinerary for approval prior to travel as they were going to Cuba.
Another client thought she was covered for the 32 days of her holiday but she was only covered for 30 days. Also her dependent daughter was travelling with her but returning at a later date so wasn’t covered.
I decided to investigate travel insurance so contacted my own credit card companies. After making numerous calls to my BNZ Gold Global Plus and my ANZ Platinum Visa Travel Insurance Companies, I discover they are the same company, AIG. It was also unnerving to be given conflicting information from different staff members resulting in requesting to speak to a supervisor. That is why I came to the conclusion that the best way to feel confident you are covered is by sending them your full itinerary and requesting an Insurance Certificate to confirm cover.
Don’t assume you’re covered. It differs depending on the bank, the card type and whether it is gold or platinum.
Should you have any pre-existing medical conditions then make sure you contact the insurance company’s medical advisors to ensure it is known in your policy.
CREDIT CARD TRAVEL INSURANCE FACTS
You must check your eligibility.
The duration of travel insurance varies depending on bank and card type.
Countries on ‘extreme risk list’ are not covered, check www.safetravel.govt.nz it will surprise you.
Family members are only covered if they are your spouse or solely dependent children and must be travelling with the card holder.
Everyone must be travelling together on the whole journey.
Business Partners are not covered.
Excess is around $200, but this also varies depending on the bank and card type.
Cuba not covered by American owned insurance companies unless you have prior approval.
Pre-existing medical conditions need to be checked for coverage.
Below are the results of the coverage I received from my two credit cards.
Your credit card cover will be different because all credit card insurance varies.
Travelling to Australia and within the Pacific BNZ Global Plus Gold ANZ Platinum Visa
Travelling alone I must have prepaid travel
to at least the value of: $250 $250
Family members travelling with me on the whole
journey I must have prepaid travel to at least the
value of: $500 $500
Length of time covered 40 Days 90 Days
Excess $200 $200
Travelling to Europe or America BNZ Global Plus Gold ANZ Platinum Visa
Travelling alone I must have prepaid travel
to at least the value of: $500 $500
Travelling with family members who qualify
and travelling with me on the whole journey
I must have prepaid travel to at least the
value of: $1,000 $1,000
Length of time covered 40 Days 90 Days
Excess $200 $200
If you don’t want to read the fine print of the Travel Insurance Policy ask your travel advisor to organise an insurance quote for you. They know where you are going, who you are going with and for how long. The Private Travel Company recommends QBE Insurance and this can be organised through your advisor.
To all our valued clients please don’t be offended if we ask you to check your policy should you decide to use your credit card insurance. There have been too many people caught out. It is a very simple process to organise full travel insurance. The cost of insurance is minimal when considering the costs involved in travel and your peace of mind.
