Travelling overseas from New Zealand soon? Sounds like you’ll need to organise some travel insurance. Although it's not mandatory to have, it can be a lifesaver if you end up in some sticky situations abroad.
While there are a plethora of policy providers out there, you may not be aware that you could qualify for complimentary travel insurance through your credit card provider, especially if you bank with Bank of New Zealand or BNZ as it is more recognised.
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Complimentary travel insurance is offered as an included benefit to using a BNZ credit card.¹ Travel insurance is insurance coverage that covers you for a variety of unforeseen medical and travel issues when travelling either domestically or abroad. A caveat to travel insurance offered with a credit card is that you may not be automatically covered and must meet certain eligibility requirements to access the policy benefits.
There are two BNZ credit cards that offer complimentary travel insurance including with different coverage time and trip type. The table below these below.²
| Card type | Trip Coverage time | Coverage type |
|---|---|---|
| BNZ Advantage Visa Platinum credit card | Single trips up to 90 days | Personal trips only |
| BNZ Advantage Visa Business credit card | Single trips up to 35 days | Business trips only |
This article will only focus on the benefits of the complimentary travel insurance that comes with the BNZ Advantage Visa Platinum credit card.
BNZ does not administer their travel insurance. Instead it is provided by AIG Insurance New Zealand Limited in agreement with BNZ.¹
Some of the main benefits of complimentary credit card insurance with BNZ include³:
You’ll also have access to AIG 24/7 travel assistance that can be contacted from anywhere from the world.
Here is a breakdown of what is covered by BNZ credit card travel insurance.¹
| Coverage type | Excess required | Maximum payouts for under 75 | Maximum payouts for over 75 |
|---|---|---|---|
| Travel cancellation (before and after journey starting) | $200 | Unlimited | $5,000 per person |
| Overseas medical expenses | $200 | Unlimited | Not covered |
| Unexpected travel expenses | $200 | Unlimited | $5,000 per person |
| Travel delays | No | $750 per person or $1000 per family | $750 per person or $1000 per family |
| Luggage, personal expenses and travel documents | $200 | $10,000 per person or $20,000 per family | $10,000 per person or $20,000 per family |
| Overseas vehicle hire | $200 | $5,000 per trip | $5,000 per trip |
| Loss of income (from injury) | $200 | $1,000 for up to 3 months | Not covered |
| Accidental death | No | $100,000 for cardholder and $50,000 for accompanying spouse | $100,000 for cardholder and $50,000 for accompanying spouse |
| Missed connection | No | $2,000 per person | $2,000 per person |
| Personal liability | $200 | $2,500,000 per person | $2,500,000 per person |
| Epidemic or pandemic medical or cancellation | $200 | $350,000 for medical expenses $100,000 for cancellations | Not covered |
As seen on 30 March 2024
Some coverage items in the above table have further sub policy items that fall within the ones listed. To check what else is covered and the payout limits, you should consult the policy document here. Those over the age of 75 are recommended to purchase additional insurance from BNZ to access coverage for policy items listed above not covered under the complimentary insurance.¹
Claims that arise from events that are not covered include but are not limited to¹:
Check the policy for all exclusions before you decide to travel.
To access BNZ credit card insurance, you need to meet the following eligibility requirements¹:
BNZ complimentary travel insurance with your Platinum Visa Card can only be used for personal trips and will not cover business trips abroad. The eligible cardholders' spouse or children are also covered when all criteria are met.
As mentioned, just having an eligible BNZ credit card does not mean you have automatic access to the complimentary travel insurance. Before travelling, BNZ recommends checking what you are covered for and requesting an email confirmation of the policy to take with you.¹
To submit a claim, you can do this in three ways including⁴:
If you go through the claims portal, you’ll need to input the last 6 digits of your BNZ credit card and complete the form with your details.⁵ You should also provide where required for the claim⁴:
Having all these documents ready ahead of time, and in good conditions can help make the claims process go through more seamlessly. The claims portal is available 24 hours a day to lodge and update any details related to a travel claim.
If you're eligible to be covered by BNZ credit card insurance, you can be covered for some expenses if you catch COVID-19 either before or during your trip. This includes cancellation costs of up to $100,000 before or during and $350,000 for medical expenses. This extends to your accompanying spouse or children.⁶
BNZ complimentary travel insurance does not cover individuals who travel to certain destinations including¹:
Claims will also not be covered if the payouts can connect BNZ or AIG to a country or individual that have international sanctions imposed on them. For extended trips, extra cover for items or if you want to participate in certain sporting activities, you can upgrade your policy by contacting BNZ.¹
If you need to contact BNZ for help with your credit card or to talk about the complimentary travel insurance, you can call the BNZ travel team on 0800 269 872.
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Sources:
Sources checked on: 30 March 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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