Greater Building Society Travel Insurance Policy Review
When you’re planning a holiday, thinking about things that could go wrong on your trip is probably the last thing you want to do. But that doesn’t mean you shouldn’t do it, as overseas sickness and injuries can leave you with huge medical and hospital bills.
This is why travel insurance cover is an essential consideration for every trip. Not only does it provide financial protection when you suffer an overseas medical emergency, it also provides cover for things like lost or stolen luggage and travel documents, flight delays, personal liability, and cancellation fees and lost deposits when you are forced to cancel your trip.
The Greater Building Society is a banking organisation that offers a wide range of financial products and services to its customers. In addition to its suite of home loans, credit cards and savings accounts, it also offers a range of travel insurance policies to offer protection for Australian and International travellers of varying budgets.
Read on to find out more about the insurance policies offered by the company.
Greater Building Society Insurance Company Background
The Greater Building Society can trace its roots back to 1924 and the city of Newcastle in NSW. The Greater was founded in 1945 and now has more than 60 branches in NSW and southeast Queensland.
The Greater offers its financial products and services through its branches, ATM network, mobile lenders, Internet and phone banking. Its product range includes home loans, transaction accounts, savings accounts, international services, financial planning, personal loans, credit cards and insurance.
With the largest branch network of any Australian building society, The Greater has more than 250,000 customers and over $5 billion in assets under management. In 2013, The Greater Building Society won the Building Society of the Year award for Customer Satisfaction from Roy Morgan Research. The company was also named Building Society of the Year by Asia-Pacific Banking & Finance Magazine in 2011 and 2012.
As a building society, The Greater also aims to give back to its members. To do so, a certain portion of its profits is allocated to causes and organisations in local communities. It has partnered with respected insurer Allianz to offer travel insurance policies to members.Back to top
Cover Plans Offered by Greater Building Society Travel Insurance
The first policy from The Greater is designed for travellers who are on a tight budget. It contains cover against only a few critical risks to help keep the cost of premiums down but provide enough protection when something goes wrong while you’re on holiday. Features include:
- unlimited cover for overseas emergency medical assistance
- unlimited cover for overseas emergency medical and hospital expenses
- $500 cover for emergency overseas dental expense
- $5 million of personal liability cover.
This policy is not available for travellers aged 71 years and over.
As the name suggests, this policy from the Greater provides a broad level of cover.
- unlimited cover overseas emergency medical assistance
- unlimited overseas emergency medical and hospital expenses
- additional expenses
- hospital cash allowance
- accidental death
- permanent disability
- loss of income
- unlimited cancellation fees and lost deposits
- lost or stolen luggage and travel documents
- theft of cash
- travel delay expenses
- luggage delay
- rental vehicle excess
- $5 million of personal liability
This plan is available to customers of all ages. However, travellers aged 81 or over will have to pay a $5,000 excess for all claims relating to a medical condition, while a $50,000 benefit limit applies for cancellation fees and lost deposits; overseas emergency medical assistance, medical evacuation or funeral expenses; and overseas emergency medical and hospital expenses.
This plan from The Greater Building Society is especially suited for those who take multiple trips each year, regardless of whether those trips are for business, leisure or both. A Frequent Traveller policy provides comprehensive cover for all the trips you take over a 12-month period, ensuring that you can save money by not having to take out separate policies. All the same cover features that apply to Comprehensive International Insurance apply to this plan, including unlimited medical cover and unlimited protection against cancellation fees and lost deposits. This policy is not available for travellers aged 71 years and over, while the maximum duration for each individual journey is 37 days for leisure travel or 90 days for business trips.
Only providing cover for travel within Australia, this policy does not include any medical cover.
- unlimited cover for cancellation fees and lost deposits
- 5 million of personal liability protection
- additional expenses
- accidental death
- luggage and personal effects
- travel delay expenses
- rental vehicle excess
This plan is available to customers of all ages. However, travellers aged 81 or over will have to pay a $5,000 excess for all claims relating to a medical condition, while a $50,000 benefit limit applies for cancellation fees and lost depositsBack to top
Important Matters Concerning Your Policy
Both you and your insurer have certain rights and responsibilities under your travel insurance policy. Cover is available only to Australian residents who purchase their policy before their trip starts, and whose trip commences and ends in Australia.
In some cases, people may sign up for cover and then change their mind and decide a policy is not right for them. To help in these situations, a 14-day cooling-off period applies. Cancelling your policy within 14 days means you will be refunded any premiums you may have paid.
When applying for any type of insurance, you have a duty of disclosure to make your insurer aware of any information that may influence their decision of whether or not to provide you with cover. This means you will need to be truthful and honest, making sure to furnish your insurer with any relevant information.
If you ever have a complaint related to your insurance policy, you can contact Allianz Global Assistance via phone or mail.Back to top
Greater Building Society Travel Insurance Exclusions
Your Greater Building Society Travel Insurance claim will not be paid if:
- You do not take all reasonable action to protect yourself and your property
- You do not take every reasonable step to minimise your loss
- It is for consequential loss
- Your claim is for a loss you may be able to recover from compensation, for example under a workers’ compensation scheme
- It arises from errors or omissions in your booking arrangements, or your failure to obtain the correct visa
- It is a result of you acting illegally
- It is a result of confiscation, destruction or detention of anything by a government authority
- Your claim is a result of you being in control of a motorcycle without a current Australian motorcycle licence
- Your claim is a result of ignoring travel warnings from the Department of Foreign Affairs and Trade or the mass media
- It is related to an act of war
- It is a result of a pre-existing medical condition
- You booked travel against the advice of a medical adviser
- Your claim is related to pregnancy after 26 weeks of pregnancy
- It is for hospital treatment for drug or alcohol addiction
- Your claim is related to depression, anxiety or stress
- It is a result of suicide or attempted suicide
- It is for a sexually transmitted disease
- You were under the influence of alcohol or drugs
- Your claim arises from your involvement in hunting, racing, hang gliding, rock climbing, underwater diving or other adventure sports
- It involves your travel in an aircraft other than as a passenger on a commercial aircraft
Travel Health Tips
- Visit your doctor before you travel to discuss things like vaccinations, how long you’ll be going away for, the activities you’ll be participating in, allergies, medications and steps you can take to prevent disease.
- If on a long distance flight, perform leg exercises to prevent deep vein thrombosis. Drink plenty of water to stay hydrated.
- Some vaccinations are routine (such as tetanus and polio), others are required when crossing international borders (such as cholera) while others are recommended when travelling overseas to certain destinations (such as typhoid). See your doctor for full details.
- Do your research. Research your destination thoroughly before you travel so that you can avoid any potential health risks.
The Greater Building Society, in partnership with Allianz, can provide the travel insurance cover you need for your next trip. However, remember to make use of finder.com.au’s comparison tools so that you can ensure that you find the right policy.Back to top