In many cases, credit card travel insurance benefits are low, the excess is high and you can't get cover for pre-existing conditions. If that describes your card's insurance, there's nothing stopping you from getting an additional standalone policy, which will usually offer better cover and more flexibility. You may want multiple travel insurance policies in the following cases:
| Response | |
|---|---|
| I've never lied on an insurance policy | 96.75% |
| I lied on my current policy | 1.95% |
| I've lied on a past policy | 1.3% |
While it's possible to have multiple policies, it's not possible to receive a pay out from 2 policies for the same loss. Australian insurance law stipulates that if you hold 2 insurance policies with identical coverage, both insurers can share the cost of covering the claim, but are not required to pay out 100% of that claim.
The only exception to this is in relation to death or permanent disability cover, where insurers are required to pay out the benefit amount stated in their policies, regardless of what other insurers have paid.
A common exclusion included in travel insurance policies relates to other sources of reimbursement. A typical travel insurance product disclosure statement (PDS) will state that if you are able to receive compensation from any other source for your loss, the insurer will only pay the difference between the benefit amount and the amount you receive from that other source.
This also applies to other insurers. If you have cover under more than 1 policy, you must inform your insurer of this and provide details of the other insurer and the policy. This is because if your insurer pays out your claim, they can then seek a contribution from the other insurer.
Vice versa, if you claim from the other insurer and they only provide you with a partial pay out, your insurer will pay you the difference between what you received and your insured benefit amount.
If you don’t disclose your other forms of cover to your insurer, the penalties could be even more severe. Insurers investigate all claims thoroughly and share this information, so if you claim on 2 policies without declaring, it’s likely one or both will find out.
Moreover, any purposely fraudulent statements regarding other policies could mean your cover will be voided, your policy cancelled and you’ll possibly wind up in court.
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The best travel insurance policies are different for each individual traveller.
Ready to get moving? See quotes and compare travel insurance policies for Bali from 16
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