Travel Insurance Analysis: NAB Platinum

Information verified correct on September 1st, 2015
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Travel insurance, as in all insurance, becomes vitally important when you unfortunately find yourself in a position to make a claim. Up until that time you will have either grudgingly paid the required premium or politely declined, preferring to take the risk that everything will be alright. As in all insurance however, none of us can read the future, and if you hadn’t been prepared to properly insure yourself against certain risks it could cost you dearly.

When travelling it is very important that you are covered by travel insurance for if you are not you could find yourself stranded in a foreign country without any money either injured or ill and no access to medical treatment. It is therefore most important that you fully understand how much you are covered for in any travel insurance that you do take out, especially if you have purchased the cover based on price alone. The NAB Platinum credit card has travel insurance as part of its features but instead of simply accepting this cover as being sufficient we will examine here exactly what level of cover you actually receive if something should go wrong while you are away from home.

NAB Platinum Travel Insurance Medical Cover

One of the biggest risks to a traveller is falling ill or becoming incapacitated while away and the NAB Platinum travel insurance promises to give you an unlimited cover on all reasonable medical costs as well as a daily hospital cash allowance of $100. This hospital allowance is capped however at $15,000. It also gives you unlimited cover for any dental treatment but when you delve deeper into the small print you will find this cover is restricted to only relieving urgent pain. Both of these medical covers are quite generous when compared to that offered in other travel insurance policies.

A problem does arise however if you are, or have, suffered or are still suffering from a medical condition. If you are, or have, it will invalidate this cover if it can be linked in any way to the illness you are suffering while abroad; just something to keep in mind if you are likely to have a relapse of any medical condition during your travels.

Death of Yourself or a Family Member When Travelling

A highlight of the NAB Platinum travel insurance is to be found in its accidental death cover. If you or any of your immediate family members are involved in a non-transport accident which results in a death, you are covered for $150,000 as being the card holder, your spouse for $75,000 and $50,000 for each of your dependent children. If the accident is a transport accident your death cover, as well as that of your spouse, will be lifted to $500,000 and your dependent children’s cover lowered to $20,000.

NAB Platinum Travel Insurance Income Protection

If you are also covered for loss of  income, if the injury was incurred during an accident whilst you are travelling in another country. If this is the case you will be paid an amount of $1,000 a week up to a maximum of 13 weeks. There is however a waiting period of a month after you were due to return to your normal work. This is an injury cover only.

Delay Coverage

If your travel plans are delayed longer than six hours your NAB Platinum travel insurance cover will compensate you an amount of $250 a person to a maximum of $500. If you are made wait a further 12 hours the benefit will be repeated. If it happens that a planned connecting flight is missed through no fault of your own you will be able to claim $3,250 to cover all your family expenses. You can not claim however if the delay is due to the airline carrier rescheduling.

Personal Loss, Damage or Theft Cover

You and your family will have a total insured amount of $20,000 to cover against loss, damage or theft of your personal items while away, or up to $15,000 a person. Your laptop will be covered for up to $6,000 whilst other items will be limited to $2,000 each. Travel tickets or cash loss is not covered.

NAB Platinum Travel Insurance Excesses

For most claims of a property nature there is an excess of $200 per claim that has to be taken into account. Although this excess does not apply to travel delays, death or rental car type claims.

Rental Car Policy

Whilst in Australia you will be covered for an amount of $1,250 but when driving a rental car overseas the cover is extended to an amount of $5,000. The type of vehicle you can drive is restricted but covers most passenger cars. It does not give you cover while driving a rental campervan.

A point that you don’t want to overlook with your NAB Platinum travel insurance is that the insurance only takes effect when you pay 100 percent of your overseas ticket with your card. You will not be covered if you had paid a cash deposit at your travel agency. The card holder, his or her spouse and all your dependent children are covered for your overseas trip for a maximum time of 0 months from the time you left your home address. You will also find you have limited cover while travelling in Australia as well as in-house burglary while at your hotel.

Interstate Flight Insurance Plan

The interstate flight insurance plan will cover travel delays, accidental loss of, theft to accompanied luggage, funeral expenses as a result of accidental death, cancellation/amendment of interstate flight arrangements and rental vehicle excess cover for a maximum of fourteen (14) consecutive days after your interstate journey commences.

  • Travel delays: For flights delayed up to 4 hours or more, the maximum sum insured is $40 per person to a maximum of $120 for families.
  • 12 hours luggage delay: $200 per person up to a maximum of $600 for families.
  • Luggage: has a maximum insured amount of $750 for each item, set or pair of items, up to a maximum of $2,000 per claim.
  • Funeral Expenses as a result of Accidental Death: $3,000 per person up to a maximum of $9,000 for families.
  • Interstate Flight Cancellation / Amendment Benefit: $3,000 per interstate journey
  • Rental Vehicle Excess cover: $1,250 per interstate journey

 

To be covered by the interstate flight insurance plan you need to be an eligible NAB cardholder and prior to commencement of your interstate journey you need to have paid 100% of your return interstate airfares, inclusive of any charges, fees or taxes with your eligible NAB credit card. Purchases using your credit card facility need to be directly charged by the merchant.

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Minimum Age18 years of age
Credit Rating RequirementGood
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$6,000
Annual fee$90 p.a.
Minimum Monthly Repayment2%
Late Payment Fee$5
Over Limit Fee$0
Cash Advance Fee1.75% of the cash advance amount or minimum fee of $1.75, whichever is greater
Overseas Emergency Replacement$100
Overseas ATM Balance check$1
Overseas ATM Withdrawal Fee$5
Foreign Currency Conversion Fee (VISA)3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • 0% p.a. on balance transfers for the first 15 months.
  • One of the best offers on the market. This card is one to seriously consider if you are looking to transfer the balance of a card at a low interest rate.
  • This card gives you a complimentary membership to the VIP Lost Card Cover Program.
Cons
  • There is an interest free period of only 44 days compared to other cards 55 days interest free period
  • There is a high annual fee of $90.
  • There is no rewards program and this means that you are paying excessive fees without receiving any rewards.
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152 Responses to Travel Insurance Analysis: NAB Platinum

  1. Default Gravatar
    Eva | August 15, 2015

    Would I be eligible for NAB Platinum travel insurance if I pay $1200 for flights with paypal linked to my credit card?

    • Staff
      Sally | August 17, 2015

      Hi Eva,

      Thank you for your question.

      The terms and conditions don’t list any limitations regarding using PayPal linked your credit card to pay for your travel costs.

      However, to confirm what you’re covered under, I would suggest that you read the NAB Platinum Insurance Policy Information Booklet for further information on the Travel Insurance cover.

      Otherwise, you may wish to get in contact with NAB directly to confirm what you’re covered under.

      I hope this has answered your question.

      Thanks,

      Sally

  2. Default Gravatar
    Joanne | August 12, 2015

    i have purchased bali air flight tickets which now entitles me to have travel insurance but now there is the volcanic ash problem. if my flights are delayed either way due to this problem is my accommodation also covered?

    • Staff
      Sally | August 12, 2015

      Hi Joanne,

      Thank you for your question.

      According to the NAB Complimentary Insurance policy document, you will be covered up to a certain amount if your scheduled transport is delayed for reasons beyond your control.

      These details can be found on the NAB Card Insurance policy information booklet I have emailed to you.

      You can compare your other travel insurance options in the instance of another ash cloud-caused travel delay here.

      I hope this has helped.

      Thanks,

      Sally

  3. Default Gravatar
    Frane | July 13, 2015

    6 months ago I purchased tickets to Europe for me and my wife with the NAB platinum Visa card. Unexpectedly I have to go for surgery and have to cancel the trip. Am I entitled for reimbursement for cancellation of tickets?

    • Staff
      Jonathan | July 15, 2015

      Hi Frane,

      As per NAB Card Insurance Policy:
      Cover for ‘Journey cancellation’ commences from the time your plan is activated. The plan is activated if, prior to the commencement of your overseas journey, you have paid a minimum of $500 in prepaid overseas transport costs (including travel by air, rail, road or watercraft); and or accommodation costs; and or organised land tour costs all of which are inclusive of any charges, fees and or taxes (excluding foreign currency and traveller’s cheques) with your NAB Card.
      For more information, you can check this page. If you have met these eligibility requirements, you should be covered by the journey cancellation insurance. If you’re unsure, you may wish to get in contact with NAB directly to confirm what you’re covered under.

      I hope this has answered your question.

      Thanks,

      Jonathan

  4. Default Gravatar
    Viv | June 21, 2015

    Which pre-existing health conditions does NAB Platinum underwritten by QBE cover?

    • Staff
      sally.mcmullen@hiveempire.com | June 22, 2015

      Hi Viv,

      Thanks for your question.

      As outline in the insurance policy booklet, the NAB Platinum Overseas Travel Insurance does not cover pre-existing medical conditions.

      You may wish to visit our Travel Insurance for Pre-Existing Conditions page to compare some of your options.

      Thanks,

      Sally

  5. Default Gravatar
    Ion | June 17, 2015

    In your response to a number of the queries, you make the point that at least $500 of transport costs must be paid using a credit card. In the body of your text however(see statement about rental cars) you suggest that 100% of travel costs must have been paid using the credit card. This is very confusing.
    What exactly is the current policy?

    • Staff
      sally.mcmullen@hiveempire.com | June 18, 2015

      Hi Ion,

      Thanks for your question and we’re sorry for the confusion.

      The NAB Travel Insurance requires cardholders to have paid for at least $500 of their travel costs (including 100% of their overseas ticket) using the NAB Platinum card.

      Therefore, if the cardholder’s tickets were $500 or more, then they would not need to pay for any more of their prepaid travel costs using the NAB Platinum card to apply. On the other hand, if the tickets were less than $500, than the cardholder would need to pay for some other prepaid travel costs (such as accommodation, car rental etc) using their NAB Platinum card in order to reach the $500 minimum.

      I hope this has answered your question.

      Thanks,

      Sally

    • Default Gravatar
      Ion | June 18, 2015

      Hi Sally
      Thanks for your response. The NAB Policy Booklet (dated 1 June 2014) states that for the insurance plan to be activated, the cardholder must, “prior to the commencement of the overseas journey, have paid a minimum of $500 in prepaid transport costs (including travel by air, road, rail, or watercraft), and/or accommodation costs” etc using their NAB Credit Card.
      Nowhere is there any suggestion that 100% of ticket costs must have been paid by Credit Card and I, for one, would never have understood it that way. I am now very concerned that I may have travelled unwittingly without insurance – fortunately I have not had to submit any claim but I have to wonder what the response would have been had I done so.
      I am now leaving to go overseas again flying to Europe and then taking a cruise. Of the upfront travel costs amounting to more than $10K, I paid some $2500 using my credit card on the understanding that this, being more than $500, would qualify me for NAB travel insurance. Now I don’t know. I will contact the insurer QBE direct.

    • Staff
      sally.mcmullen@hiveempire.com | June 19, 2015

      Hi Ion,

      Thanks for your response.

      The NAB Platinum Insurance policy information booklet (which is available on the NAB website) mentions on page 5 that “Your cover under this NAB Platinum Overseas Travel Insurance is deemed to have been activated if: you are a current NAB platinum cardholder and prior to the commencement of your journey, you have paid 100% of your return overseas transport costs (airport and/or cruise costs) including charges, fees and/or taxes with your NAB platinum card account.”

      Perhaps you had been looking at another one of NAB’s insurance policy booklets. However, if you’re using the NAB Platinum Card, then you should be referring to this particular policy booklet. I’ve sent you a direct email with a link to the document.

      If you’re unsure what you’re covered for, you may wish to contact QBE directly.

      Thanks,

      Sally

  6. Default Gravatar
    kym | June 16, 2015

    My 13 and 18yr old children, wife and myself are snow skiing in Japan next Jan for 4 days as part of a 3 week holiday around the world. We have used points for airfares. If we pay the $4000 ski package on our NAB platinum one MasterCard, are we covered for our Skiing activities?

    • Staff
      Jonathan | June 16, 2015

      Hi Kym, thanks for your inquiry!

      To be covered by the NAB Platinum travel insurance policy, prior to the commencement of your overseas journey you need to have either “Paid a minimum of $500 in pre paid overseas transport costs”; and or “organised land tour costs all of which are inclusive of any charges, fees and or taxes (excluding foreign currency and traveller’s cheques) with your NAB Card”. To ensure that your ski package qualifies as an eligible purchase under the mentioned categories it would be best to contact QBE Insurance (Australia) Limited who is the underwriter for this policy.

      I hope this helps,

      Jonathan

  7. Default Gravatar
    Louis | June 9, 2015

    As long as I have paid my various flights with my platinum credit card am I fully insured for the total length of my trip including hotel stays not paid by credit card?

    • Staff
      sally.mcmullen@hiveempire.com | June 9, 2015

      Hi Louis,

      Thanks for your question.

      As detailed in the NAB Platinum Complimentary Travel Insurance policy, to qualify for this complimentary insurance policy a minimum of $500 of your prepaid travel costs must be purchased on your NAB card. So if your flights add up to at least $500, the complimentary travel insurance should’ve been activated.

      You may wish to read over the NAB Platinum Insurance Policy Information Booklet for further information on the Travel Insurance cover.

      I hope this has answered your question.

      Thanks,

      Sally

  8. Default Gravatar
    Bella | June 1, 2015

    We have used frequent flyer points for a large portion of our upcoming RTW trip – only Vancouver-Brisbane, plus taxes on all the other legs of the journey, has been paid for on our Platinum Mastercards. I think I need to take out extra paid-for travel insurance in this case, am I correct?

    • Staff
      Jonathan | June 2, 2015

      Hi Bella, thanks for your inquiry!

      To qualify for this complimentary insurance policy a minimum of $500 of your prepaid travel costs must be purchased on your NAB card. NAB’s overseas travel insurance is available to current NAB platinum cardholders who are under 90 years of age. This policy provides a maximum duration coverage of six (6) consecutive months, commencing from the time that you leave your usual place of residence in Australia to travel overseas.

      Cheers,

      Jonathan

  9. Default Gravatar
    nab | May 7, 2015

    what is required to qualify for free insurance

    • Staff
      Jonathan | May 7, 2015

      Hi Nab, thanks for your inquiry!

      To qualify for this complimentary insurance policy a minimum of $500 of your prepaid travel costs must be purchased on your NAB card. NAB’s overseas travel insurance is available to current NAB platinum cardholders who are under 90 years of age.

      Cheers,

      Jonathan

  10. Default Gravatar
    Alan | April 26, 2015

    With your travel insurance how many days of travel am I insured for ?

    • Staff
      Jonathan | April 29, 2015

      Hi Alan, thanks for your inquiry!

      This policy provides a maximum duration coverage of six (6) consecutive months. The expiry of six (6) consecutive months following the time that you leave your usual place of residence in Australia to travel overseas.

      Cheers,

      Jonathan

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