Travel Insurance Analysis: Commonwealth Bank Platinum
Credit cards have become more than just an easy and safe way to avoid carrying around cash. Not only can you now also shop securely online and pay for just about anything anywhere in the world, you can also be rewarded and protected when you use your card.
One of the benefits you can enjoy on a Commonwealth Bank Platinum credit card is comprehensive travel insurance for you and your family. With travel becoming more and more accessible to people, the demand for travel insurance is also increasing.
Though one does not wish for any happenstance to occur during a trip, it is still wise to prepare for and be protected from those kinds of situations. Delayed flights, cancelled accommodations, and even lost luggage could make any well-planned trip a nightmare. Not only that, the extra money you may have to shell out for non-refunds of cancelled bookings can add to the stress.
Travel insurance is designed to reduce this stress and make trips more enjoyable. While you can buy travel insurance coverage, the complimentary insurance offered by credit card companies such as CommBank gives you a way to save money on the cost of coverage when you go overseas.
The eligibility conditions for your trip will depend on your situation and the card that you choose. For example, if you have an eligible CommBank Platinum credit card, you will automatically get a base level of cover for your trip for up to 6 months. You can also activate your coverage via NetBank to get comprehensive insurance and upgrade your policy for even more options.
But as travel insurance policies vary, it's important to consider a range of factors before choosing between complimentary credit card insurance and a paid option. So let us examine the advantages and disadvantages of credit card travel insurance.
Travel Insurance – Is it for you?
Travel insurance is just one more thing to organise and think about when you're going away. But you can save some time and money if you have an eligible Commonwealth Bank Platinum credit card. If you don't have a CommBank Platinum credit card at the moment, you can weigh up the pros and cons below to decide if a card with complimentary insurance is worth it for you.
- It's complimentary. As stated earlier, most travel insurance linked to credit cards has no additional charge. With CommBank's complimentary travel insurance, a base level of cover is automatically provided.
- It is comprehensive once it is activated. By activating your CommBank complimentary travel insurance, you can get a greater level of coverage for your trip. You'll also have options for upgrading your policy for key types of travel, such as cruises.
- It can cover a spouse or dependent children. CommBank Platinum complimentary travel insurance will cover the eligible cardholders and their spouse or dependents travelling with them, providing they also meet the eligibility requirements for cover.
- Taxis not included. While this credit card travel insurance policy cover most major ways of travel, it does not include taxi rides for some of the coverage options.
- There are excess costs. If you need to make a claim under this travel insurance policy, you will still have to paid the specified excess costs related to each type of claim you make. Refer to the Commonwealth Bank Credit Card Insurances Product Disclosure Statement on the CommBank website for specific claim excess costs and requirements.
- Credit card fees and charges. You'll still have to pay the annual fees and any interest charges applicable your CommBank Platinum credit card.
Commonwealth Bank Platinum card features
While free travel insurance is a valuable benefit when you plan to go overseas, it shouldn't be the only reason you choose the Commonwealth Bank Platinum credit card. Some of the other features you can get on this type of card include:
- Interest free days. If you pay your balance in full by the statement due date, you can get access to an interest free period up to a certain number of days for each statement period.
- Extended warranty insurance. This coverage provides an extended warranty in addition to the Australian manufacturers' warranty for eligible items purchased with your card.
- Purchase protection insurance. This coverage offers up to 90 days protection against theft, loss or damage of eligible items purchased with your card.
- Interest rates. All credit cards will apply interest rates to balances carried on the account. Make sure you check these rates for any CommBank Platinum credit card or other option you're considering.
- Annual fees. Platinum credit cards usually charge an annual fee. If you choose a CommBank Platinum credit card, make sure the benefits you get outweigh this cost so that you know you are getting value from the card.
- Other fees. Commonwealth Bank Platinum credit cards may have other fees for certain types of transactions, such as ATM withdrawals or overseas purchases. Refer to your credit card Product Disclosure Statement or check the CommBank website for further information.
Commonwealth Bank Platinum complimentary travel insurance is issued by Allianz Australia Insurance Limited and offers both basic and comprehensive coverage for overseas travel. For more information on this insurance, you can refer to the Commonwealth Bank Credit Card Insurances Product Disclosure Statement, available on the CommBank website.
If you're considering getting a CommBank Platinum credit card to make use of the complimentary insurance options available, make sure you also look at the other features and factor in any costs associated with the card. It's also important to compare a range of other platinum credit cards so that you can find an option that suits your individual needs.
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