Credit Card Travel Insurance Checklist

Most people consider travel insurance as essential. The Australian government even suggest, “If you cannot afford travel insurance, you cannot afford to travel”. As a result there are many options available. Credit card travel insurance is now widely available. What does that really mean and does it cover all my needs? Below is a checklist.

1. Are you sure you qualify for this insurance? See terms.

2. Have you checked out your spending requirements to qualify for cover? You need to comply.

3. Are your accompanying children, stepchildren, grandchildren, nieces and nephews covered free of charge?

4. Does your policy have a 24 hour 7 days a week Emergency Assistance Number?

5. Can they arrange to payment guarantees direct to hospitals? or do you have to pay first and claim?

6. Can they arrange for medical and non-medical repatriation, if required?

7. Does the credit card travel insurance cover you for any amateur sports that you may wish to participate?

8. Is there any cover if you or a member of your travelling party are redundant from usual full-time permanent employment in Australia and you need to cancel your travel?

9. If your employee cancels the pre-arranged leave of you or a member of your travelling party who are in full-time permanent employment, is there any cover?

10. Are your travel agents cancellation fee covered if you need to cancel your trip?

11. Do you have an existing medical condition? Is it excluded? Can you apply for cover with the travel insurance?

12. Do you have an excess on your policy? If so, how much is the excess?

13. Do you have insolvency cover?

14. Do you have cover for rental vehicle excess?

15. Will your tour company agree to the coverage of the credit card insurance?

16. Is a zero balance required before you can use any emergency services?

17. Do you only get access during bank hours in Australian Eastern Standard Time?

You may not need some of the items on the checklist. For example, if you are not hiring a motor vehicle or not traveling with children: ignore the related items.

For more information contact the Financial Ombudsman Service. The Finance Ombudsman Service provides advice on credit card travel insurance through their FAQ. See http://www.fos.org.au/consumers/frequently-asked-questions/?sstat=305696#id=undefined, under “Travel Insurance”

In summary, check with your credit card supplier that the cover is available, adequate, and activated. Above all, don’t leave home without travel insurance.