Travel Insurance Analysis: NAB Platinum
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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 six 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.
Read the NAB Qantas Rewards Premium Card terms and conditions.
| 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. | $12,000 | |
| Max Credit Limit | $50,000 |
| Annual Fee | $250 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $5 | |
| Over Limit Fee | $0 | |
| Overseas Cash Advance Fee | $1.50 | |
| Overseas Emergency Replacement | $0 | |
| Overseas ATM Withdrawal | $4 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- This card lets you earn an unlimited number of Frequent Flyer points.
- The NAB Qantas Platinum Credit Card is a dual card account. Chose between using your American Express or Visa card depending on how many points you can accrue in each situation.
- Card holders are allowed one extra card pack featuring both the Visa and American Express at no extra cost.
Cons
- This card only has an interest free period of up to 44 days which is short when compared with other banks that offer up to 55.
- For a platinum card the rate of accrual is low. You will only earn 1.50 points per $1 spent on eligible purchases with the American Express and 0.50 points per $1 spent on eligible purchases with the Visa card.
Read the NAB Qantas Rewards Premium Card terms and conditions.
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27 Responses to Travel Insurance Analysis: NAB Platinum
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Do you provide cover for pre-existing medical complaints?
Hi Sara. Thanks for your question. This coverage does not provide any benefits for pre-existing medical conditions. This cover is not included with most policies, however, you may be able to apply to have a pre-existing medical condition covered under the policy. You will need to talk to your card provider and insurance provider for further information about this. Cheers.
Is the cardholder’s family covered for medical under this insurance or just the cardholder?
Hi Ry. Under the complimentary credit card international travel insurance policy, your spouse and your dependent children that are travelling with you are covered under the agreement provided that, ‘prior to the commencement of your journey, you have paid 100% of your return overseas transport costs (airfares and/or cruise costs) including charges, fees and/or taxes with your NAB platinum card account.’ I have sent the policy document to your email if you would like further information. Thanks for the question. Jacob.
I’m hiring a car in WA. Am I covered for vehicle insurance on my platinum card if I’m involved in an accident? What’s the total of coverage? Are there any special conditions? Please advise asap.
Hi Allan.
Section 4 of the travel insurance policy says,
‘Description of cover
We will reimburse you for any excess or deductible, which you become legally liable to pay in respect of loss or damage to a rental vehicle during the rental period, not exceeding $5,000 per journey.
Conditions
1 The rental vehicle must be rented from a licensed rental agency.
2 The hiring arrangement must incorporate comprehensive motor insurance against loss or damage to the rental vehicle.
3 You must comply with all requirements of the rental agency under the hiring agreement and of the insurer under such insurance.’
I’ve sent a link to the policy to your email.
Hi, I am renting a car to drive in USA and Canada. Is it true that under the NAB/ Chubb Visa platinum complimentary policy that if I injure myself or someone else that personal liability does not cover this. So the policy seems deficient in this respect.
Also I am told $500 is all that needs to be spent on Visa to activate the policy.
Regards Rob
Hi Rob. Thanks for your question.
1) This is an interesting question. The terms and conditions state that you’re not covered for personal liability as a result of your negligence – this is left open to the bank to interpret:
“We will pay:
All damages and compensation, including legal expenses incurred with our written consent but not exceeding the sum insured you are legally liable to pay as a result of your negligence during the journey causing:
1 Bodily injury including death or illness.
2 Loss of or damage to property.
It is a condition of payment under this section that you not admit fault or liability to any other person without our prior written consent.”
So the wording of the policy document seems to imply that you’re covered for personal liability unless your actions have been deemed to be negligent. This makes sense considering the policy also covers rental vehicle excess cover: “We will reimburse you up to $1,250 per journey for any excess or deductible, which you become legally liable to pay in respect of loss or damage to a rental vehicle during the rental period.”
To activate the cover: ‘prior to the commencement of your journey, you have paid 100% of your return overseas transport costs (airfares and/or cruise costs) including charges, fees and/or taxes with your NAB platinum card account’. So there is no mention of $500.
Hope this has helped. I’m going to send the policy document to your email so you can review it further. Please let me know if you have any further questions about this. Jacob.
I have a velocity NAB Platinum Visa card……I am planning a 6 month trip to Europe. Does the above card have any automatic travel insurance with it or do I have to apply for a special travel insurance credit card ?
Thanks
Michael
Hi Michael. Thanks for your question. Yes, complimentary international travel insurance is included with this credit card. It covers you for up to six months when you, ‘purchase a minimum of $500 of your prepaid transportation, accommodation, and/or land tour costs’ on your credit card. I have sent the policy document to you email for further consideration. Jacob.
Hi. Wondering if i am still covered it i booked our flight through frequent flyers and paid 100% of the taxes and fees through the platinum one card?
thanks
Hi Nevine. Thanks for your question. The insurance policy document does not describe cover activation through the use of your frequent flyer points. It says that the cost has to be charged to your card. I’ve sent a link to the policy to your email. Jacob.
I have just paid for a 7 day pacific cruise with P&O. I paid for the total amount with my NAB Platinum VISA card using my flexitime account.The trip starts on 15/6/13. Are my wife and I covered by NAB travel insurance and are there any costs involved.
Thanks and regards.
Anthony.
Hi Anthony. Thanks for your question. Yes, you’re covered under the insurance policy agreement. You don’t have to pay anything extra, but you should familiarise yourself with the terms and conditions, which are set out under the policy agreement. I’ve sent it to your email. Jacob.
I have a NAB Visa Platinum Card which I have used to pay for a trip to Vietnam for myself and my husband.
Are we covered for travel insurance and if so, can I get a copy of what we are covered for.
Thank you
Hi Ann. Thanks for your question. There are some conditions you will need to meet to be covered by this policy. Please check your email. I have sent further details there. Jacob.
Hi
I am travelling to the USA for 5 weeks, I have paid all my transportation and Accommodation costs by NAB Platinum Card
My only concern is, if hospitalised in the USA, are all of the medical and hospital bills, say of $100,000.00, for example,(not out of the question in the USA) paid under this cover, or are I better off taking out another “Paid for” travel insurance policy, I don’t want to be caught out with small print and cop having to having to pay out the “hundred grand”
Thank you
Glen
Hi Glen. Thanks for your question. The following benefits will apply when you activate the cover provided with this credit card (taken from the insurance policy document. I’ve sent it to your email).
a) 4 $100 for each continuous 24 hour period you are confined in a hospital as a bed care patient overseas, as a result of you suffering an accidental injury or illness during the period of journey up to a maximum of $15,000 per person. Claims must be supported by written confirmation from the hospital of the length of your stay.
b) You’re covered for the ‘reasonable cost’ medical, surgical, hospital, ambulance, and nursing home expenses and the cost of other treatment, given or prescribed by a legally qualified medical practitioner and necessarily incurred outside Australia, as a result of you suffering an accidental injury or illness during the period of journey provided they are not otherwise recoverable from any other source.’
You will have to check with either the provider or insurance underwriter as to what is considered a reasonable cost, it may be that this is judged on a case by case basis.
Hi Jacob
Thanks for your quick reply to my enquiry
I think that I will contact NAB and find out what they call reasonable cover
Thank you
Glen
I have fully paid for an Orion Kimberley cruise with my NAB Platinum card. Orion requires that we provide a policy number for insurance, and strongly advises cover for medical evacuation. Does this Chubb related travel insurance cover these issues? Also, how does one notify and perhaps deal with pre-existing illness?
Hi Marion. Thanks for your question. I’ve sent the policy document to you email for your consideration. According to the document, ‘Prior to the commencement of your overseas journey, you have paid a minimum of $500 in pre paid 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 account.’
‘NAB cardholders under 90 years of age are eligible for cover under the Overseas Travel Insurance Plan. Limits to cover and sum insureds apply to NAB cardholders who are aged between 76 years and under 90 years of age.’
Page 12 says, ‘We will not pay for claims caused directly or indirectly out of: 1 Any pre-existing medical condition of yours, a relative or travel companion that may give rise to a claim.’ And page 31 – point C provides information about medical evacuation: ‘Emergency evacuation to your usual place of residence if necessary and advisable on medical grounds.’
Please contact the insurance provider to get your policy number.
Jacob.
is the cardholders spouse covered the same as the cardholders
Hi Richard. Partners and dependent children are covered under this policy; however, the limits of the cover as not the same as the primary cardholder – Please refer to the Overseas Travel Insurance Plan, which I have sent to your email. Jacob.
I have paid $8000 using my platinum credit card but the trip actually cost $20.000. Is the $8000 enough to cover your travel insurance. We are travelling to Singapore/Helsinki/Baltic states and then Russia followed by NewYork and then Hawaii for a period all up of 38 days.
Hi Helene. Thanks for your question. Your plan is activated if you spend over $500 on prepaid travel costs on your card, so $2,000 is more than enough. The cover is for a period of six months. Jacob.
On 18/02/2013 I purchased return flights for my wife Jennnifer through MTA Travel Robina on my NAB Premium One Mastercard, Credit Limit $16,000, in the sum of $2,149.00. Dep BNE for Rome 16/06/2013, returning BNE 14/07/2013. How do we secure the travel insurance. Also, we need to cancel our son as a 2nd card holder and reinstate Jennifer as 2nd card holder. Please advise
Hi Dan. If you’ve spent at least $500 on pre-paid travel expenses on your card the cover is automatic. I’ve sent the insurance booklet to your email for further information. If you would like to change your additional cardholders, pelase contact NAB directly. Jacob.