What insurance options does NAB offer Australian travellers?
Finding the right travel insurance is not only comparing the different levels of cover provided but also 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 Underwrites NAB Travel Insurance?
NAB Travel Insurance is issued by Allianz Australia Insurance Limited (Allianz). Allianz has appointed AGA Assistance Australia Pty Ltd trading as Allianz Global Assistance to arrange and manage this insurance and administer all emergency assistance services and benefits of this insurance.
Who is NAB Travel Insurance?
NAB stands for National Australia Bank. The organisation offers financial services in Australia, New Zealand, the United Kingdom, Asia 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 three types of travel insurance. These are:
- International Cover: This insurance is for a single international trips and offers a wide range of medical and travel benefits
- Domestic Cover: This is a single trip insurance policy for when you are travelling within Australia for a period of up to 35 days
- Annual Cover: This is a 12-month travel insurance specifically for frequent travellers, providing cover for an unlimited number of trips in any 12-month period. It can be taken out as both domestic and international cover. Maximum period for any one Journey is 37 days for leisure travel or 90 days for business travel.
The NAB travel insurance options cover a whole range of incidences, such as lost luggage, accidental demise, permanent disability and travel cancellation. You do not have to wait to get approved, as the insurance is approved on the spot. The international travel insurance policy covers emergency medical and hospital expenses and offers round-the-clock emergency assistance.
NAB Travel Insurance Policies
There are three different types of 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 Fees and Lost Deposits: Provides cover for cancellation fees and lost deposits if you have paid for your travel in advance and the arrangement gets cancelled for unforeseen reasons, like natural disaster, sickness, accident, strikes or collisions.
- 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 Allowance: Provides cover for meals and accommodation if your trip gets delayed beyond the initial six hours of delay.
- Overseas Emergency Medical and Hospital Expenses: Provides cover for overseas medical treatment if you fall sick or get injured overseas. You also can get dental cover up to $500 and nursing care.
- Overseas Emergency Medical Assistance: Provides unlimited cover for emergency medical assistance, such as hospital guarantee, ambulance or medical evacuation, funeral arrangements and 24-hour emergency medical assistance.
- Accidental Death: In the event you die because of an injury you sustained during your trip, your family would be entitled to death benefits.
- Loss of Income: If you are unable to work due to an injury you sustained during the trip, you will a weekly benefit for loss of income for a certain period of time.
- Travel Documents, Credit Cards and Travellers Cheques: If your travel documents, credit cards and/or travellers cheques are stolen or lost during your trip, you will receive cover for the cost of replacing them.
If you are travelling overseas, you can take advantage of this travel insurance from NAB. It offers the following benefits.
- Cancellation Fees and Lost Deposits: Provides unlimited cover for cancellation fees and lost deposits in the event an advance payment for your travel was made and is cancelled due to unforeseen circumstances, such as 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 personal belongings including like camera, spectacles and other personal effects.
- Travel Delay Allowance: If your trip is delayed beyond the initial six hours, cover will be provided for necessary expenses for accommodation and meals.
- Overseas Emergency Medical and Hospital Expenses: If you fall sick or are injured while travelling overseas, cover will be provided for medical treatment.
- Overseas Emergency Medical Assistance: Unlimited cover for emergency medical assistance, including medical evacuation and funeral arrangements.
- 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 Travellers Cheques: In the event your travel documents, travellers cheques or credit cards are stolen or are lost, the insurance will cover the cost for replacing the same.
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 Fees and Lost Deposits: 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 Allowance: If your flight is delayed beyond the initial six hours, the insurance will cover accommodation and meals expenses.
- Overseas Emergency Medical and Hospital Expenses: You can take advantage of overseas medical treatment if you are injured or become ill abroad.
- Overseas Emergency Medical 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 Travellers Cheques: If your travel documents, credit cards or travellers 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.
Cancellation Fees and Lost Deposits:
NAB will pay cancellation fees and lost deposits for any travel or accommodation you paid for in advance and are unable to recover it. The cover also is valid if you cancel or shorten your trip due to an unexpected situation or matters beyond your control. The insurance will pay you up to $1,500 for single cover and $1,500 per person for duo cover as travel agent’s cancellation fees. If you have family cover, you will receive up to $3,000 in cover. The insurance pays for loss of frequent flyer points that you were entitled to upon purchase of the airline ticket in case you cancel the same flight and are unable to retrieve the lost point from some other source. In the event that a relative is hospitalised or dies after the issue of the policy and you were not aware of the hospitalisation or death at the time of buying the travel insurance, you will receive $2,000 for single cover, $2,000 per person for duo cover and $4,000 for family cover.
Overseas Emergency Medical 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 message 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 $15,000 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. The insurance also covers emergency dental treatment up to $500 per person if you have sudden and acute pain in your natural teeth.
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.
- Hijack and Kidnap: You will receive up to $1,000 for every 24 hours if your airplane is hijacked or you are held captive.
How do I make a claim?
Making NAB Travel Insurance claim is a fairly straightforward process. You will be required to complete the claim form provided by Allianz Global Assistance and return it to the address listed on the form. Make sure the form is filled out completely, otherwise your claim may not be processed. All claims have to be made within 30 days of your return. You will be required to have to provide proof to support your claim when asked. So hold on to the receipts, proof of ownership, police reports and medical reports carefully. If the documents are not in English, you would have to get them duly translated. Medical assistance for hospital or dental claims would be processed by Allianz Global Assistance. You would have to get in touch with the organisation for it. If your personal effects or luggage are stolen or lost, you will be required to report the matter to the police and keep the police report carefully. If your luggage and property are damaged or misplaced due to the airline or hotel, you will need have to report the matter to the relevant authority and obtain a written report. NAB Travel Insurance pays all claims in Australian dollars. The claim will be paid out to you unless you inform NAB Travel Insurance to pay another party. For all the expenses you incurred overseas, the currency exchange rate at that time would be taken into consideration and not what is prevalent when you make the claim. It may be prudent to remember that if some of the things are covered by another insurance that you have, you need to inform NAB Travel Insurance of the same, as you can make a claim just for one insurance policy.