Bank First Travel Insurance
What types of travel insurance does Bank First offer?
Bank First offers domestic and international travel insurance policies. For international travellers there are three options available depending on the level of cover you require. These are International Platinum, International Premium and International Essential. Bank First also offers an Annual Multi-trip plan which provides cover under the Platinum Plan for multiple international trips in a year.
In addition to its main Domestic Plan, Bank First also offers a Cancellation Only Plan designed for domestic travel and which covers cancellation fees up to a nominated limit.
Bank First also offers optional extras for cruises, ski and winter sports, and specified luggage items such as laptops and cameras.
What does Bank First domestic travel insurance cover?
Bank First’s domestic travel insurance policy is designed to cover you for risks including cancellation or rescheduling, emergency expenses, lost or stolen luggage, accidental death and disability, rental vehicle cover and personal legal liability. The Cancellation Only Plan only covers pre-paid travel expenses for destinations within Australia.
Please note that exclusions may apply and domestic travel insurance generally covers fewer risks than international travel insurance. There are also a number of general exclusions such as incidents that occur outside of the insured period and claims that arise due to irresponsible behaviour.
For more details about what is and isn’t covered, check out the Product Disclosure Statement (PDS) on Bank First’s website.
What does Bank First international travel insurance cover?
Bank First says its Platinum, Premium and Essentials international travel insurance policies cover policyholders for medical or dental emergencies, lost, delayed or stolen luggage and cancelling a trip unexpectedly, among other risks. Bank First says its Platinum Plan offers the highest level of cover, the Premium Plan is mid-range and its Essentials Plan is the minimum level of international travel insurance that it offers. The multi-trip policy provides the same level of cover as the Premium Plan over multiple trips within a 12 month period.
Please note that exclusions may apply depending on the plan you choose. There are also general exclusions that are not covered by any of the international policies such as incidents that occur outside of the insured period and claims that arise due to irresponsible behaviour.
For more details about what is and isn’t covered, check out the PDS on Bank First’s website.
Bank First Travel Insurance FAQs
Yes, at the time of writing Bank First’s international travel insurance policies offer unlimited cover for overseas medical and hospital expenses under the Platinum, Premium and Essentials plans.
As always, various conditions and exclusions may apply depending on the circumstances of the claim and factors such as pre-existing medical conditions.
For more information, read Bank First’s PDS.
Bank First says it will cover you up to a certain amount for repairing, replacing or reimbursing travellers for luggage and personal effects that are lost, stolen or damaged on a trip.
Under Bank First’s domestic travel insurance policy, claims may be covered up to the amount of $2,500 at the time of writing. The Cancellation Only Plan does not cover lost, stolen or damaged luggage.
Under Bank First’s international travel insurance policies, claims may be covered up to $15,000 under the Platinum Plan. The Premium Plan may cover lost stolen or damaged luggage up to $7,500 and an Essentials plan may cover up to $3,000, according to Bank First.
Bank First says its travel insurance will cover up to a certain amount for lost deposits and cancellation fees for pre-paid travel arrangements due to unforeseen circumstances outside of the traveller’s control. Additionally, if your plane ticket was purchased using frequent flyer points, Bank First will cover you for the points lost.
Read the Bank First PDS for more information.
You can purchase a Bank First travel insurance policy by first comparing your options with Canstar and then generating a quote online.
You can also apply directly on Bank First’s website, visit a Bank First branch or contact the underwriter CGU directly. If you need help applying, call Bank First or CGU.
Bankwide travel insurance is underwritten by CGU. It says you’ll generally need to have the following information at hand when making a claim:
- Your policy number
- Standard information to identify yourself
- The name of the insured on the policy
- Detailed description of the incident
- The date of loss and where the loss happened
- Any details of other parties involved (if applicable).
Bank First says the quickest and easiest way to make a claim is by contacting CGU directly. Claims can be lodged 24 hours, 7 days a week.
Bank First says it was founded in 1972 by a group of 48 educators who wanted to start their own financial institution – a mutual bank that was owned by its customers. Formerly the Victoria Teachers Mutual Bank, it became Bank First in 2017 and says it has provided financial services to over 200,000 customers since it was founded.
Bank First’s travel insurance is underwritten by CGU, which in owned by Insurance Australia Group (IAG).