Gold Credit Card Travel Insurence

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Forums › Finance and wealth management › Gold Credit Card Travel Insurence

mckenndk

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#46110 5-Nov-2009 19:10

I am going to Vietnam and I paid for my flights with my Gold Credit Card so I have got the travel Insurence that comes with it.
I have read through the book and have not seen anything that I believe I should be scared of.

Has anyone had any trouble with using gold card insurence?
Is there anything that I have missed in the policy that I should be worried about?

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#270461 5-Nov-2009 20:15

It should be fine. Make sure you check the conditions again - sometimes there are a minimum number of days, and sometimes you must also pay your other expenses (incl. accommodation and food) with the card - or at least a % of your expenses.

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RockResearch

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#270467 5-Nov-2009 20:23

I generally always use it, just check the small print to make sure you are covered.

I have never had to claim though so I can't speak for how responsive they are.

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bazzer

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#270484 5-Nov-2009 21:09

If you've never had to claim I don't see how you can say you always use it. You really just mean, you've never taken out other travel insurance? I'm in the same boat. I don't see it's any different from any other travel insurance.

sarg

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#270488 5-Nov-2009 21:17

I always rely on gold card insurance. Be aware some cards require you when hiring a rental car to take out extra collision insurance in the rental before covering any crash excess. Made my first claim this week for dentist visit and prescription from trip in Australia two weeks ago. Company has accepted claim with $100 excess. I'm happy with service provided.

that would be an ecumenical matter

jerryvarghese

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#270489 5-Nov-2009 21:17

i had to recently claim. at it took about 50 phone calls over 2and a half month before the payment for the claim came through.

mckenndk

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#270493 5-Nov-2009 21:23

I don't have any pre-existing conditions and am not planning on getting a rental car while I am over there so won't have an issue there.

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Bung

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#270494 5-Nov-2009 21:36

sarg: I always rely on gold card insurance. Be aware some cards require you when hiring a rental car to take out extra collision insurance in the rental before covering any crash excess.

It's a type of catch 22, by the time you have taken all the available insurance options required to qualify for Gold Card coverage there's no liability left for them to cover (at least with the big rental cos).

NonprayingMantis

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#270601 6-Nov-2009 11:03

Bung:
sarg: I always rely on gold card insurance. Be aware some cards require you when hiring a rental car to take out extra collision insurance in the rental before covering any crash excess.

It's a type of catch 22, by the time you have taken all the available insurance options required to qualify for Gold Card coverage there's no liability left for them to cover (at least with the big rental cos).

but the travel insurance should cover a lot more stuff than just car rental.
Things like lost luggage, sickness cover, etc etc.

I'm also in a similar boat. Booked flights to go to UK next September and they tried to sell me hella expensive travel insurance at the same time. Checked my gold card insurance and it seems to cover the exact same things as the travel agents insurance with a marginally higher excess.

However, having never claimed anything on travel insurance I wouldn't know whether one is more likley to pay out thant the other.

A standalone travel insurance co has less to lose by not paying out - I simply won;t buy insurance from them again.
If my credit card refuses to pay out then they risk losing my entire banking business, credit card, personal accounts, mrotgage, the lot.

rossmnz

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#270608 6-Nov-2009 11:23

Hmm i know for my westpac gold card cover they wont cover any trip more than 31 days.

You also need to have paid a certain dollar value of "pre paid costs" to qualify. to vietnam you should be fine.

Um, some tours etc require you to have a insurance schedule and these type of cover do not usually have one which is the only problem i have found with them.

I dont think you will have any problems. Have a great trip!

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bazzer

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#270609 6-Nov-2009 11:26

Just a point I'll make is that my ASB Visa Platinum Travel Insurance (I'm sure Gold is the same) is underwritten by Southern Cross (i.e. Southern Cross Benefits Limited, trading as Southern Cross Travel Insurance) so I assume the cover is as likely to pay out as scti.co.nz. I haven't directly compared the policy wordings, but it woudn't surprise me if they were not too different.

Edit: P.S. ASB Gold = 90 days, Platinum = 120 days.

Sounddude

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#270622 6-Nov-2009 12:43

I refuse to use the credit card insurance, mainly because they won't give me proof of coverage. They basically told me to "trust us" rather than give me a "You are insured" on paper.

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bobmeister

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#270625 6-Nov-2009 13:24

Also be aware that you need to pay for at least 50% of your trip cost on your credit card for you to get cover.

Read the exclusions carefully.

There is a reason its much cheaper than the main stream policies.

bazzer

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#270637 6-Nov-2009 13:58

Sounddude: I refuse to use the credit card insurance, mainly because they won't give me proof of coverage. They basically told me to "trust us" rather than give me a "You are insured" on paper.

That's pretty silly, imo. It's one thing not to think the cover is any good (like Bob below), but to turn it down based on some kind of paranoia doesn't make sense. It's very clear in the wording that you are covered as long as you fulfil the requirements (i.e. pay for 50% of your airfare with your CC). You don't need "proof" of coverage, because you're always covered, it's part of the benefit of having a Gold Card.

bobmeister: Also be aware that you need to pay for at least 50% of your trip cost on your credit card for you to get cover. Read the exclusions carefully. There is a reason its much cheaper than the main stream policies.

I'm wondering if you can give a particular example, or are you spreading FUD? Is it really "cheaper" than "main stream" policies?

I'm no bank apologist but this is like something for nothing. You already have your Gold (or better) credit card so you may as well use it. Of course you use it to pay for your airfares if you can, to get reward points/interest free period etc. If you can't, as long as you pay from a similarly named bank account and have proof that CC is not accepted or would cost more then you're still covered. How is that something to be "aware" of?

Well, I mean I don't usually search out hard out insurance, I used to just use Southern Cross Travelcare, maybe they're no good either?

Sounddude

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#270643 6-Nov-2009 14:13

bazzer:
Sounddude: I refuse to use the credit card insurance, mainly because they won't give me proof of coverage. They basically told me to "trust us" rather than give me a "You are insured" on paper.

That's pretty silly, imo. It's one thing not to think the cover is any good (like Bob below), but to turn it down based on some kind of paranoia doesn't make sense. It's very clear in the wording that you are covered as long as you fulfil the requirements (i.e. pay for 50% of your airfare with your CC). You don't need "proof" of coverage, because you're always covered, it's part of the benefit of having a Gold Card.

I would hate to be stuck in some asian country having an arugement over the phone about what I paid for on my credit card and what i didn't.

Happy to pay 50% of the Airfare and meet their terms. I just want them to acknoldge that I have met their terms before I hop on that plane.

They wouldn't give me that in writing that i had or hadn't met their requirements, and I didn't want to find out the hard way that i hadn't.

bobmeister

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#270648 6-Nov-2009 14:26

Gold card insurance is probably okay. After all only 10% of people claim, so you're okay if you are in the 90% who don't.

Gold card insurance does have more exclusions than the full comprehensive type, but you only really find out about those at claim tiime.

I could be a bit close to it, as many of the systems used to sell travel insurance (including those mentioned here) are mine, so I do get to hear about some of the bad stories from time to time.

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