6 myths about travel insurance

Overseas holidays can be expensive. So when you’re in the middle of booking big-ticket things such as flights and accommodation, it might feel challenging to justify spending money on anything that doesn’t seem absolutely essential, such as travel insurance.

Here are a few commonly held myths around travel insurance that are worth busting.

Myth: Travel insurance is a waste of money

Hopefully you won’t need to make an insurance claim on your holiday – but that doesn’t mean that travel insurance is a waste of money. If you’re injured or become ill you could find yourself with a serious hospital bill that exceeds six figures. A relatively small amount on travel insurance now can save you a lot of money later on.

Myth: You don’t need travel insurance if you’re going to a safe country

Even if the country you’re going to isn’t known for pickpockets, travel insurance can still help you out should your luggage be lost, a flight missed or there’s any damage to your rental car.

Myth: You don’t need travel insurance if you’re healthy

Some travel insurance claims have nothing to do with illness or injury. Travel insurance is just as likely to come to your rescue for a dropped camera or stolen property as it is for a trip to the emergency room.

Myth: Your claim won’t be approved if you have a pre-existing medical condition

This isn’t always the case. The Product Disclosure Statement (PDS) of the travel insurance policy you’re looking at may have a list of pre-existing medical conditions that are automatically covered under your policy.

If in doubt, ask the insurer for more information.

Myth: You don’t need to purchase travel insurance until the day you leave

If you can, it’s worthwhile trying to purchase travel insurance as soon as you start booking your holiday.

It shouldn’t cost you any more to take out travel insurance in the weeks leading up to your trip because you’ll still be entering the same travel dates. But by purchasing it sooner rather than later, you may be covered should something happen in the lead-up to your trip that means you can no longer travel on those dates or have to make other changes.

Myth: You’ll be covered for everything if you book your trip on your credit card

For eligible credit cards​

To receive cover, including Overseas Medical cover^#, before you leave Australia you must:​

1. Spend at least $500 in a single transaction on your prepaid travel costs using your eligible credit card; and​
2. Activate your travel insurance​

​You will also qualify if the $500 worth of prepaid travel costs is redeemed using CommBank Awards points.​ You will need to provide a copy of the letter/statement/email confirming the redemption.​

​For World Debit MastercardTM ​

You need to activate your insurance to receive comprehensive cover.  ​

Overseas Medical cover, which includes overseas emergency medical assistance and hospital expenses and personal liability cover is automatically included.  

But, as with any insurance policy, it’s important to read the policy terms and conditions to check whether you need to do anything to activate insurance cover and to make sure you’re covered for everything you want to be covered for.

If you’re not, see if you can upgrade the cover you’ve already activated, or look at what additional insurance you may want to add to give yourself peace of mind.

CommBank emergency details

• Lock, Block, Limit your CommBank credit card or lock your Travel Money Card for added security
• Cancel and order replacement CommBank cards in NetBank or the CommBank app
• Call us 24/7 on +61 2 9999 3283 to report lost or stolen CommBank cards

For 24 hour travel insurance emergency assistance, call Cover-More in Australia direct and toll free on +61 2 8907 5641. You can also call from:

• Canada on 1844 345 1662
• New Zealand on 0800 632 031
• UK on 0808 234 3737
• USA on 1844 345 1662

Charges apply if calling from a pay phone or a mobile phone.