What insurance options does NAB offer Australian travellers?
Finding the right travel insurance is not only about comparing different levels of cover offered, but it is also about feeling confident in the insurance provider that you take the cover out with. As a recognised Australian financial institution, NAB provides customers with a range of banking and financial protection solutions which now extends to include travel insurance. This review will explore the different travel cover options available from NAB.
Who is NAB Travel Insurance?
NAB stands for National Australia Bank. The organisation offers financial services in Australia, New Zealand, the United Kingdom, Japan, Singapore, Indonesia, Vietnam and the United States. It has more than 1,800 offices and service centres spread across the globe.
The National Australia Bank Group offers retail banking services and products via various brands and channels, such as NAB, NAB Broker Lending and UBank. It also provides commercial banking services and products to businesses and institutions within Australia and Asia.
And, there is, of course, travel insurance offered through NAB in Australia. NAB offers five types of travel insurance. These are:
- Comprehensive Plan (International). This is the highest level of single-trip cover you can get for an international trip, and it offers a wide range of medical and travel benefits.
- Essentials Plan (International). This single-trip international cover is a scaled-back version of the Comprehensive Plan.
- Non-Medical Plan (International). This is an international policy that covers many of the same things as the Essentials Plan, but without medical cover. This is mainly for people whose pre-existing conditions exclude them from medical benefits.
- Domestic Plan. This is a single-trip insurance policy for when you are travelling within Australia.
- Multi-trip Plan. This is a 12-month travel insurance policy designed for frequent travellers, providing cover for an unlimited number of trips in any 12-month period. It can be taken out as either domestic or international cover. The maximum period for any single journey is 15 days, 30 days or 45 days.
The NAB travel insurance options cover a wide range of situations, such as lost luggage, accidental death, permanent disability and travel cancellation. You do not have to wait to get approved, as the insurance is approved on the spot.
Both the Comprehensive Plan and Essentials Plan include emergency medical and hospital expenses and offer around-the-clock emergency assistance.
NAB Travel Insurance Policies
There are five different NAB Travel Insurance policies to choose from.
This is comprehensive travel insurance for when you are travelling within Australia. It offers the following benefits:
- Cancellation. Provides cover for cancellation if you have paid for your travel in advance and the arrangement gets cancelled for unforeseen reasons, like natural disaster, sickness, accident or strikes.
- Luggage and personal effects. If your luggage is stolen or accidentally damaged, you can get cover to replace it or for its repair. It offers cover not only for your luggage, but also personal effects, cameras, personal computers and spectacles.
- Travel delay expense. Provides cover for meals and accommodation if your trip gets delayed beyond the initial six hours of delay.
- Accidental death. In the event you die because of an injury you sustained during your trip, your family would be entitled to death benefits.
Comprehensive Plan (International)
If you are travelling overseas, you can take advantage of this travel insurance from NAB. It offers the following benefits.
- Cancellation. Provides unlimited cover for cancellation due to unforeseen events like accident, sickness or natural disaster.
- Luggage and personal effects. In the event that your luggage is stolen or is accidentally damaged, the insurance will cover replacement or repair. You also can receive cover for other belongings like your laptop, sunglasses and jewellery.
- Travel delay expense. If your trip is delayed by at least six hours, cover will be provided for necessary expenses like additional accommodation and meals.
- Overseas medical & hospital expenses. If you fall sick or are injured while travelling overseas, cover will be provided for medical treatment.
- Overseas emergency assistance. Unlimited cover for emergency medical assistance, including medical evacuation or transportation back to Australia.
- Accidental death. If you pass away due to an injury you received during your overseas trip, your loved ones will be provided with a lump-sum benefit.
- Loss of income. If you are unable to work due to an injury you sustained during the trip, you will be provided with a weekly benefit for loss of income.
- Travel documents, credit cards and traveller's cheques. In the event your travel documents, traveller's cheques or credit cards are stolen or are lost, the insurance will cover the cost for replacing those.
Non-Medical Plan (International)
This is very similar to the Comprehensive Plan but it excludes hospital/medical-related benefits like overseas medical & hospital expenses and overseas emergency assistance. There are also some other minor differences like slight variations in some benefit limits.
Essentials Plan (International)
This scaled-back version of the Comprehensive Plan offers the following benefits:
- Cancellation. Provides a limited amount of cover if you have to cancel your trip due to an unforeseen event.
- Luggage and personal effects. This will pay a limited amount to replace or repair your belongings if they are lost or stolen.
- Travel delay expense. This will help pay for accommodation and meals if your trip is delayed by at least six hours.
- Overseas medical & hospital expenses. This will cover you for medical treatment if you become sick or injured overseas.
- Overseas emergency assistance. This covers you for non-treatment expenses related to sickness or injury, such as medical evacuation or transportation back to Australia.
If you are a frequent traveller within Australia or overseas, this may be a more suitable cover option. This NAB travel insurance policy provides unlimited cover for 12 months and covers both leisure and business trips. It offers the following benefits:
- Cancellation. You can take advantage of unlimited cover if your trip gets cancelled or you lose your deposit due to matters out of your control, including natural disaster or accident.
- Luggage and personal effects. Overseas travel could result in your luggage being stolen or damaged. The insurance will cover the cost of replacement or repair besides covering other personal effects, such as cameras and spectacles.
- Travel delay expense. If your flight is delayed beyond the initial six hours, the insurance will cover accommodation and meals expenses.
- Overseas medical & hospital expenses. You can take advantage of overseas medical treatment if you are injured or become ill abroad.
- Overseas emergency assistance. You can receive unlimited cover for emergency medical assistance, like hospital guarantee, medical evacuation and funeral arrangements.
- Accidental death. If you pass away accidently during the trip due to an injury, your loved ones will receive a lump-sum death benefit.
- Loss of Income: If you are unable to work due to an injury you received overseas, you will be entitled to a weekly benefit for loss of income following your return to Australia.
- Travel documents, credit cards and traveller's cheques. If your travel documents, credit cards or traveller's cheques are stolen or lost during the trip, the insurance will cover the cost of replacing them.
What Does NAB Travel Insurance Cover?
You already have a bird’s eye view on what the different NAB travel insurance policies cover. Now, it is time to look at the cover in a little more detail.
All NAB travel insurance policies have unlimited cancellation cover that will take care of any pre-paid travel or accommodation that you have to cancel due to an unforeseen event. This even includes getting reimbursed for the value of frequent flyer points you used and can’t get back. This cover is also valid if you cancel or shorten your trip under similar circumstances.
However, there are a couple of sub-limits you should be aware of:
- Travel agent’s fees. You’re capped at $1,500 total to cover any fees you paid to a travel agent. People on a duo or family policy will get up to $3,000.
- Cancellation due to death in the family. If you have to cancel because a relative dies, you’ll only receive up to $2,000 cancellation cover on a single’s policy and up to $4,000 on a duo or family policy. You will also have to demonstrate that you didn’t know that the person was hospitalised or dead before buying the policy.
Overseas emergency assistance
This cover is offered for international trips and you will be assisted by Allianz Global Assistance, who can be contacted 24 hours a day and seven days a week.
If you get injured or sick while you are overseas, Allianz Global Assistance will arrange access to a medical adviser, convey messages to your employer or family, provide written guarantees of payment for emergency hospitalisation overseas and arrange for your medical evacuation if the need arises.
Allianz Global Assistance would also ensure that your dependants return to Australia safely in case they are left overseas without any supervision due to your hospitalisation.
The maximum amount payable under this benefit is unlimited for all combined claims.
Overseas emergency medical hospital expenses
The travel insurance will reimburse medical or hospital expenses that you incurred while you were sick or injured during your overseas trip. All policies also cover emergency dental treatment up to $1,000 per person.
Hospital cash allowance
You will be entitled to $50 per day during your overseas hospitalisation if the duration is more than 48 hours. Other insurance cover offered by NAB travel insurance includes:
- Accidental death. Your dependant accompanying you at the time of the trip would receive $5,000 as a death benefit.
- Permanent disability. If you sustained an injury during the trip and become permanently disabled within 12 months of the injury, your dependant would receive $5,000.
- Loss of income. If you are injured during your trip and are unable to work for 30 consecutive days after your return, you will receive $400 per week for 26 weeks.
- Theft of cash. If your cash is stolen, you will receive up to $250.
- Luggage and personal effects. You will receive the cost for replacement or repair if your luggage and personal effects are damaged or stolen during your journey. There is a limit for the payment, such as up to $3,000 for cameras and personal computers and $750 for unspecified items.
- Luggage and personal effects delay expenses. You will be compensated as long as you receive confirmation in writing from the carrier the cause and reason for the delay.
- Travel delay expense. If your travel is delayed, you will be reimbursed for up to $200 for the initial 6 hours and thereafter $200 for every 24 hours.
- Alternate transport expenses. If your arranged transport is cancelled or rearranged, the insurance will pay for any alternative transport expenses you incur.
- Personal liability. Legal liability provided for injury to a third party or damage to a third parties property.
- Rental vehicle excess cover. Provides cover for excess charged car rental company following damage to your rental vehicle.
How do I make a claim?
Making NAB Travel Insurance claim is a fairly straightforward process. All you have to do is alert Allianz Global Assistance about your claim as soon as possible and lodge your claim online at www.travelclaims.com.au.
Here are a few things to keep in mind to ensure a seamless claims process:
- Be thorough. Make sure the form is filled out completely to avoid back-and-forth.
- Get it documented. If something is stolen, get a police report or NAB can deny your claim. Likewise, if a provider such as an airline loses or damages your items, file a lost or damaged items report with the provider.
- Save everything. Save all documentation including receipts, police reports, medical reports and lost/damaged items reports in case NAB requires proof to support your claim.
- Contact support. Contact Allianz Global Assistance as soon as possible for medical-related claims. Their support team can help organise your care.