Complimentary Transport Accident Insurance Feature

Credit Card Feature: Complimentary Transport Accident Insurance

Take advantage of a credit card with complimentary transport accident insurance and protect yourself and your family while travelling.

People who travel and spend a lot of cash paying for transport insurance will be pleased to note that they can cut down on the insurance costs they incur by taking advantage of their credit card's complimentary transport insurance policies.

Complimentary transport insurance, also referred to as credit card transport insurance, is a type of insurance cover offered by some credit card companies against accidents that may result in bodily harm or death when they are passengers in licensed buses, trains or flights.

The policy will pay the card holder or their family benefits in case of injury or death, provided the person paid for the transport using the credit card. As the term implies the insurance generally only covers commuters for accidents that actually happen inside a transit vessel or while you are boarding or alighting.
plane in ocean

How does complimentary transport accident insurance work?

In order to benefit from the complimentary travel insurance offered by credit cards, a cardholder must have an eligible card and will generally have to pay for the trip using the credit card.

You should also note that this isn't complete travel insurance - it will only protect you while you're being transported on a licensed plane, bus, train or ferry.

Depending on a commuter's credit card, the complimentary travel insurance will have different types of conditions, policies, exclusions and amounts of cover. ANZ's complimentary transport accident insurance policy for instance pays up to $750,000 for accidents resulting in death and $350,000 for serious injuries.

Other card providers will set different limits and might place other restrictions on the cover given, so to get the perfect deal you'll have to compare the various credit card company policies. It is also important that you note exactly what credit card travel insurance will safeguard you against before you decide to make it your only policy when travelling.

Types of credit cards that benefit from complimentary transport accident insurance

Gold, platinum and black credit cards are typically where you'll find this type of feature offered. These cards are generally more expensive than basic cards, so be sure to get the great value out of them by learning how to compare them below.

As mentioned above the amount of cover can vary wildly between each card provider, even though many of them use the same insurance provider. You'll want to compare the policy documents for each card you're comparing before making a decision.

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  • No balance transfer fee when BT requested upon application.
  • Receive seven complimentary insurance covers when you make an eligible purchase, plus, access to the 24/7 NAB Concierge Service.
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Rates last updated February 23rd, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a 0% BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 28 February 2018.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, complimentary travel insurance.
Westpac Altitude Black - Altitude Qantas Online Offer
20.24% p.a.
$250 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 80,000 bonus Qantas Points when you meet the spend requirement, plus, a discounted first year annual fee. Ends on 28 March 2018.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers and earn 3 bonus Velocity Points per $1 for the first 3 months. Offer ends on 28 February 2018.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
20.74% p.a.
0% p.a. for 18 months
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
Exclusive to finder, receive a long-term, no fee balance transfer and earn up to 1.25 Suncorp Rewards Points per $1 spent.
Westpac 55 Day Platinum Credit Card
19.84% p.a.
0% p.a. for 20 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
Westpac Altitude Black - Online Offer
20.24% p.a.
$250 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 80,000 bonus Altitude Points when you meet the spend requirement, plus, a discounted first year annual fee. Ends on 28 March 2018.
St.George Amplify Signature
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Qantas or Amplify Points when you spend $5,000 within 90 days and receive 2 complimentary airport lounge passes per year.
Virgin Australia Velocity High Flyer Card - 80k Bonus Points offer
20.74% p.a.
0% p.a. for 15 months
$289 p.a.
Take off sooner with up to 80,000 bonus Velocity Points and earn up to 1 Velocity Point per $1 spent. Offer ends on 28 February 2018.
Emirates Citi World Mastercard
20.99% p.a.
0% p.a. for 9 months
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Receive up to 60,000 bonus Skywards Miles, pay half the annual fee for the first year and indulge in curated local and global experiences.
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Take advantage of 100,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
American Express Platinum Business Card
$1,500 p.a.
Enjoy 150,000 bonus points, a platinum business concierge, complimentary Virgin Lounge access, worldwide travel insurance and hotel benefits.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Save with 0% p.a. on purchases for 14 months and 0% p.a. on balance transfers for 6 months. Offer ends on 28 February 2018.
American Express Platinum Card
$1,200 p.a.
Receive an annual $300 Platinum Travel Credit, 80,000 bonus Membership Rewards points and access to more than 1,100 VIP lounges.
American Express Gold Business Card
$169 p.a.
Take advantage of 10,000 bonus points, no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.
Qantas American Express Premium Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$249 p.a.
Enjoy 30,000 bonus Qantas Points, 2 complimentary Qantas Club lounge invitations per year and the protection of complimentary insurance covers.
Bank of Melbourne Amplify Signature
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Amplify or Qantas Points when you spend $5,000 within 90 days and earn up to 1.5 Amplify points per $1 spent.
Bankwest Qantas World Mastercard
20.49% p.a.
2.99% p.a. for 9 months
$270 p.a.
Earn uncapped Qantas Points per $1 spent on eligible purchases, pay 0% foreign transaction fees and receive complimentary travel insurance.

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How to compare credit cards with transport accident insurance

Every consumer's goal should be to stretch their dollars as far as they can go and to milk as much value from them as possible. This applies when you are searching for a credit card which offers transport accident insurance. Here are a few factors that you should put into consideration when comparing credit cards:

  • Cover limit. Different credit cards will have different transport accident insurance cover limits. Check the period the cover will be applicable for and what it covers. This should give you a clue as to which one to pick.
  • Annual fee. Platinum and especially black credit cards can have annual fees that amount to a small fortune - there's no secret about it. However, the perks you receive may outweigh the fee you pay, do some calculations and work out the savings these perks would net you over the course of a year compared to the fees you'll pay.
  • Promotions and rewards. Another important factor to consider when comparing credit cards is if there are any promotions and rewards a company gives their premium customers. These may take the form of promotional balance transfer or purchase rates or rewards programs with bonus points on sign up. You'll need to take into account the potential value these will give you.
  • Interest rates. One way to compare these cards is through the interest rates you'll be paying. If you avoid paying interest you may want to compare cards based on the number of interest free days they offer.

Pros and cons of credit cards with complimentary transport accident insurance

Some credit cards will come with complimentary transport insurance attached to them, but are they worth it? Weighing the advantages and disadvantages of relying on this type of insurance will help you make an informed choice.

Pros

  • Free insurance. Think about it. You are being insured for simply using your credit card. This is more than you can ever bargain for from many insurance companies.
  • Saves you time. Dealing with insurance brokers every time the need to travel arises may not be your cup of tea. Complimentary transport accident insurance will activate automatically.

Cons

  • Complimentary transport accident insurance is not comprehensive. You should be wary of what your complimentary travel accident insurance covers. Failure to do so could mean you're not actually covered.
  • Applies only when you pay for transport using the credit card. Using your credit cards for transport might attract some surcharges that you'll want to avoid. Also remember most credit cards will change a foreign transaction fee if used to pay for anything overseas, so this may over time reduce the value of this perk.

Frequently asked questions about credit cards with transport accident insurance

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