travel insurance options - annual policy v credit card cover

[suey]

Hello, I am weighing up all my options for travel insurance for myself and two staff in the office...

I do around 10 overseas trips a year, my colleagues 4-5, all trips less than three weeks.

I thought I was doing the good thing saving us money by getting a gold credit card which included travel insurance, rather than buying an annual policy as I have done the last couple of years.

Only prob is when I was reading the fine print, I have discovered that the policy doesn't include cover for any business owned items, and given that almost all of my travel is for work, that kind of defeats the purpose of the insurance.

I have read about the amex card which gives cover for the card holder and spouses and children, so thought that I could get supplementary cards for my two staff, so that they would be covered under the same policy, saving us all buying a separate policy...

But of course, if I was going to get an amex, I would like it to have decent QFF points earn as well

Plus, would like an insurance that gives rental car excess cover, so that we don't have to buy separate cover (I usually get the cover that gives nil excess).

Are there any other options I should think about?

any advice greatly appreciated

 

[browski]

Forget about what items are covered in a policy until after you research which companies are both timely and honorable with regards to claims.

You'll find plenty of reviews online.

My tip would be to purchase insurance from a company where selling insurance is their primary business.

 

[cove]

Our broker has put us thru Chubb as the policy covers what you need.
There are several others in the Australian market.QBE give a good immediate discount for shareholders.

 

[suey]

OK well I am a little more confused now... I am sure I read somewhere on here - but I can't find it now, about Amex Platinum card which for an annual fee of around $1000 gives travel insurance for the primary card holder plus for those on supp cards...

However just spoke to Amex and they told me their fee is $1200 per year per card :shock:, although they very generously offer you complementary rewards membership, as they would want to!

So does anyone know if there is an amex or other credit card that offers good travel insurance for multiple people under the same annual fee?

Seems like it might be best to just get cheap annual policies from TID, they seem to be almost half the price of the qantas QBE policy I have purchased in the past...

 

[cove]

We cover all of our trips for 6 for $1,374 thru Chubb as their policy is what I would call comprehensive for domestic and worldwide travel. You need to be certain that there is a written unambiguous policy and that is why we use a broker for this.
When it comes to business get set with full on business coverage and for what you describe yours should cost less than ours.

 

[straitman]

OK well I am a little more confused now... I am sure I read somewhere on here - but I can't find it now, about Amex Platinum card which for an annual fee of around $1000 gives travel insurance for the primary card holder plus for those on supp cards...

However just spoke to Amex and they told me their fee is $1200 per year per card :shock:, although they very generously offer you complementary rewards membership, as they would want to!

So does anyone know if there is an amex or other credit card that offers good travel insurance for multiple people under the same annual fee?

Seems like it might be best to just get cheap annual policies from TID, they seem to be almost half the price of the qantas QBE policy I have purchased in the past...

The Amex Platinum Charge Card is what you are possibly referring to. There is a detailed thread on this forum so have a look at the link and see if that helps. The TI associated with this particular card is very good IMHO.

 

[cove]

The problem we avoid is when you do a points redemption I don't think your Amex has you covered. Only the paid thru your Amex trips are covered so that would be tricky for our business partners.

 

[markis10]

TID does not cover you for airline/travel provider insolvency, that is a big issue IMHO, as always read the fine print. Given the annual policies are around $1 a day, are tax deductible and cover FF point flights, its pretty hard to say no to piece of mind. IMHO the CC schemes dont provide the same level of cover.

 

[straitman]

The problem we avoid is when you do a points redemption I don't think your Amex has you covered. Only the paid thru your Amex trips are covered so that would be tricky for our business partners.

In the case of the Platinum Charge Card I believe that you are covered as there is no requirement to use the card for TI to be valid.

 

[straitman]

IMHO the CC schemes don't provide the same level of cover.

At the risk of sounding like a broken record I thing the Amex Platinum Card does provide excellent cover however I agree that in general CC schemes don't provide the same level of cover. ie that is the only card I trust as being adequate.

 

[serfty]

The credit card insurances are generally useless to me as they may only cover journeys booked/originating from Australia.

Since most of the bookings I would need TI for are not booked as originating in Australia, I take out a separate annual travel insurance policy.

 

[cove]

Quite a lot of business travellers would be like SERFTY and should have a separate travel insurance policy. Hoping that you are covered does not work in real life.
Free trips ,overseas bookings,payments by others could all be a problem.
Read the fine print.....
You can be covered but be sure.

 

[moa999]

The credit card insurances are generally useless to me as they may only cover journeys booked/originating from Australia.

Since most of the bookings I would need TI for are not booked as originating in Australia, I take out a separate annual travel insurance policy.

serfty,
In your mind does that include the Amex Plat insurance?

For users of xONEx's I had always been of the opinion that whilst the tickets may have been booked from various places the 'trip' that most people on this forum are using it for is originating in Australia and is an overseas trip.

 

[equus]

serfty,
In your mind does that include the Amex Plat insurance?

I will join straitman in the broken record catgegory regarding the Amex Plat (Charge card, not credit card) insurance fan club.

It really is comprehensive, and all the common ommissions (insolvency of travel provider, not buying ticket using the card, someone else paying, using points, long trips) seem to be covered.

The key condition:
"Activation of Travel Insurance Cover : By being an American Express Platinum Charge Card Member"
A key definiton:
"International Trip means a trip anywhere outside Australia"

Trips of up to 180 days are covered - which is excellent for trip length, but cover only applies for 183 days total in a year - so this might be a killer for those that are away more than they are at home.


Of course, as with all things (and especially insurance) you need to read the terms and conditions carefully, and consider how they apply to you - as not all conditions will suit.


Some of the drawbacks (or potential gotchas) with this one, that I am mindful of:

If you need to claim for travel delay (accommodation, meals etc), or lost baggage, then only things actually charged to the Amex Plat card will be covered - which could be inconvenient if Amex is not accepted.

Travel cancellation cover doesn't cover anything you have paid for on behalf of someone else who doesn't hold a card (so make sure they are a supplementary card holder)

The car rental insurance requires all of the rental charges to be made on the Plat Charge card (unlike the travel insurance per se), and the car must be worth less than AUD$65K retail new (not limiting to that amount, if the car costs more than that, you are not covered).
​

As with almost all "included" insurance covers, it will only pay if any other insurance you have has already been utilised.
​

I can easily accept these limitations, and consider the policy to be as good as (or in many cases superior to) purchased policies. The proviso is that I am not trying to cover employees, am not travelling to hazardous work sites (mines are excluded), and we are both card holders.

 

[TanyaGordon]

I've had a pretty good experience with Cover More Corporate Travel Insurance.
Around $700 pa for a mix of international and domestic travel for myself and 4 employees.
I like that you pay your premium based on an estimate at the start of the year, then provide actual travel days at the end of the year. I just got a refund on the last years premium as we didn't travel as much as normal this year.

I feel safer with this insurance than I would with a credit card cover.

 

[markis10]

I will happily pay around 60c a day after tax for annual insurance just so I do not have to deal with Amex. Not dealing with Amex - priceless LOL

 

[Foreigner]

I have travel policy with Ace, through broker, for directors and employees and accompanying spouses and dependent children. Covers journey over 50km. Max any one journey is 180 days. Covers private travel as well.
Had one claim in past 12 months and that was paid promptly with adequate supporting documents. Best of all...premiums do not change with claims experience unlike certain other covers.