Credit Card Insurance Benefits

Gold and Platinum credit cards have become very popular here in Australia, and many of them include a range of great insurance benefits.

Despite the insurance benefits offered with these cards, many people are still not aware of exactly what their credit cards offer and how they can best benefit from them.

In this guide we will look at some of the more common insurance benefits offered with credit cards and exactly what they cover.

International Travel Insurance

Travel insurance is one of the benefits most commonly offered with premium credit cards.

The specific coverage offered by each different card issuer can vary, but typically an international travel insurance benefit will cover the following:

  • Hospital stay and related medical expenses
  • Theft, damage or loss of personal possessions
  • Emergency cancellation of travel plans
  • Accidental or unforseen death cover
  • Funeral costs
  • Loss of income

The levels of cover offered under each benefit can differ, and it is important to check the specific levels to ensure they are adequate for your needs. If the included cover is not adequate, you may need to consider taking out additional cover.

Interstate Flight Inconvenience Insurance

Whilst international insurance will not cover you for domestic travel within Australia, interstate flight inconvenience insurance does provide some benefits for those flying locally.

Typically this insurance will cover losses relating to flight delays and missed connections, as well as loss or damage to personal or business items.

Most insurance policies of this type will have dollar limits imposed, so it is recommended that you check these limitations with your card issuer to ensure you are adequately covered.

Purchase Cover Insurance

Purchase cover is a useful form of insurance that will protect items purchased with your credit card from theft or accidental damage.

If an item purchased on your credit card is stolen or damaged within a certain timeframe from the purchase date, the insurance will cover the replacement cost. The coverage period for this insurance is typically 90 days.

Extended Warranty Insurance

When purchasing electrical appliances and equipment you will often be offered an extended warranty by the store. They will of course charge you for this extended cover.

Extended warranty insurance will extend the factory warranty on all new domestic appliances for no additional cost. The time period for the extension can vary between the different card issuers, but generally the extension will cover up to twelve months.

Concierge Service

Although not an insurance benefit, the concierge service is a unique offering that comes with most Platinum credit cards. This feature allows you to utilise the services of a personal concierge who can assist with anything from flight and hotel bookings through to arranging flower deliveries.

Are The Benefits Worthwhile?

Premium credit cards with added insurance benefits usually come with higher annual fees or interest rates. Whether or not they provide good value for money really depends on how you expect to use your card.

If you are a frequent traveller or high spender then you could certainly benefit from many of the features included with a premium card. If on the other hand you rarely travel and don’t use the card for large purchases, then a premium card may not be worth the extra cost.

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