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.
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.
|Minimum Age||18 years of age|
|Available to Temporary Residents||No|
|Credit Rating Requirement||Good|
|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.
|Annual Fee||$90 p.a.|
|Late Payment Fee||$5|
|Over Limit Fee||$0|
|Cash Advance Fee||1.75% 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 Allowed||No|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||1|
|Internet Banking Transfers||Yes|
- 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.
- 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