This week our members discuss paid insurance policies versus credit card-based travel insurance for international travel. One member is concerned about the fine print and asks our members views about whether ‘free’ international travel insurance attached to credit cards provides viable coverage.
Our members have lived and learned and can provide some key tips in ensuring that credit card based travel insurance provides adequate coverage. Our members warn that it is important to be aware of any pre-conditions which may affect the validity of the insurance. For example, one card requires a return flight into Australia be booked in order for the policy to be activated. Other cards require the policy to be activated before any cancellation insurance protection will be provided. In some instances time frames are placed on when cancellation coverage kicks in. There are also varying conditions in relation to age, pre-existing conditions and the extent of coverage.
Many members seek to make it clear that the foibles associated with the terms and conditions of insurance coverage are not limited to that coverage obtained via credit card policies and that most travel insurance will have a vast array of loopholes and limitations.
One member swears by the Travel Insurance offered by a leading retail bank and thinks it is a steal for the annual credit card fee of $79.00.
The overarching advice provided is to read the fine print and scour the full product disclosure statement before relying on any travel insurance.
Follow the discussion HERE.
