My credit card company offers free travel insurance if I spend $200 on travel costs using my credit card before I leave Australia. Is this travel insurance as good as the others and should I take it?
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Answer by LegalEagle Staff™, Forbes 2871 NSW
- Like all travel insurance providers you should still read the Product Disclosure Statement (PDS) and any other terms and conditions. Whether the travel insurance is suitable for you or not will depend on the wording in these documents.
- You should also be aware of the conditions of the travel insurance. It will not automatically be granted. If you must first spend $200 on travel expenses using your credit card you should read the fine print regarding what proof your bank requires in order to initialise the travel insurance. You might need to provide them with receipts for the products you purchased with that $200 credit. There may be additional criteria such as having a return ticket already booked before you leave and spending a certain amount of money on your credit card while overseas.
- Like any other insurer it is best to contact your credit card provider and get written answers to all of your questions before you rely on the product they are providing.