Can you have multiple travel insurance policies?
Yes. If your credit card's travel insurance doesn't go far enoughyou can take out a second policy.
Key takeaways
- You can have two travel insurance policies and be covered by them both.
- Howeveryou cannot receive double the payout – each insurer will only pay their share of the claim.
- Both insurers can share the cost of covering the claimbut are not required to pay out 100% of that claim.
Find travel insurance that offers more than your credit card does
Finder survey: Have Australians lied on their travel insurance policy?
| Response | |
|---|---|
| I've never lied on an insurance policy | 96.75% |
| I lied on my current policy | 1.95% |
| I've lied on a past policy | 1.3% |
Source: Finder survey by Pure Profile of 1112 AustraliansDecember 2023
When might you need more than one travel insurance policy?
In many casescredit card travel insurance benefits are lowthe excess is high and you can't get cover for pre-existing conditions. If that describes your card's insurancethere's nothing stopping you from getting an additional standalone policywhich will usually offer better cover and more flexibility. You may want multiple travel insurance policies in the following cases:
- If you buy standalone travel insuranceeven though your credit card also provides free travel insurance.
- If you buy standalone travel insuranceeven though your bank account offers travel insurance as part of your account package.
- If you buy standalone travel insuranceeven though one of your other forms of insurance includes travel cover as an add-on.
- If you have an annual travel insurance policy in place but take out a single trip policy to cover specific losses not covered under the annual policy.
Can I receive cover from both travel insurance policies?
While it's possible to have multiple policiesit's not possible to receive a pay out from 2 policies for the same loss. Australian insurance law stipulates that if you hold 2 insurance policies with identical coverageboth insurers can share the cost of covering the claimbut are not required to pay out 100% of that claim.
The only exception to this is in relation to death or permanent disability coverwhere insurers are required to pay out the benefit amount stated in their policiesregardless of what other insurers have paid.
Disclosing other insurance in the event of a claim
A common exclusion included in travel insurance policies relates to other sources of reimbursement. A typical travel insurance product disclosure statement (PDS) will state that if you are able to receive compensation from any other source for your lossthe insurer will only pay the difference between the benefit amount and the amount you receive from that other source.
This also applies to other insurers. If you have cover under more than 1 policyyou must inform your insurer of this and provide details of the other insurer and the policy. This is because if your insurer pays out your claimthey can then seek a contribution from the other insurer.
Vice versaif you claim from the other insurer and they only provide you with a partial pay outyour insurer will pay you the difference between what you received and your insured benefit amount.
What happens if I don’t disclose both policies?
If you don’t disclose your other forms of cover to your insurerthe penalties could be even more severe. Insurers investigate all claims thoroughly and share this informationso if you claim on 2 policies without declaringit’s likely one or both will find out.
Moreoverany purposely fraudulent statements regarding other policies could mean your cover will be voidedyour policy cancelled and you’ll possibly wind up in court.
Frequently Asked Questions
Sources
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