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Commonwealth Bank Travel Insurance Review

Learn more about Commonwealth Bank’s travel insurance policies to find out about their coverage and fees and compare them with other insurers today. 

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, updated on June 26th, 2023       

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As one of Australia’s ‘big four’ banks, the Commonwealth Bank of Australia (CBA) offers a range of travel insurance products for international or domestic travellers. The wide range of policies is issued and underwritten by Allianz, one of the world’s largest companies.

If you have your eye on any of CBA's travel insurance policies, be sure to compare them with Savvy to see how they compare to some of the alternatives on the market. You'll have the best chance of getting the ideal travel insurance policy for your holiday if you do a bit of simple homework.

Get a quote right away and learn more about CBA’s travel insurance plans when you compare with Savvy today.

*Please note that Savvy doesn’t represent Commonwealth Bank for its travel insurance products.

More about Commonwealth Bank travel insurance

What travel insurance policies does Commonwealth Bank offer?

Commonwealth Bank offers several travel insurance policies, both standalone and complimentary with their range of credit cards. These include:

  • Comprehensive: for you and up to ten named travel companions, this comprehensive policy covers you for international medical, lost baggage and cancellation. This policy is available for both single and multiple visits, both inside Australia and abroad.
  • Essentials: a basic insurance policy which covers you and up to ten others for international medical and other expenses. This policy, which includes cancellation coverage, is only available for single trips to and from Australia and other countries.
  • Medical-Only: this policy only covers emergency medical costs, excluding pre-existing conditions, and some dental treatment for you and up to ten other named policyholders.
  • Cancellation-Only: available only for single trips abroad, this policy covers you purely for cancellation of your trip due to a covered incident.
  • Inbound Australia: if you’re a non-resident travelling outside of Australia, this inbound travel insurance policy will cover you for overseas medical expenses, hospital incidentals, cancellation and personal liability.
  • Non-Medical: if you want to go without coverage for any medical expenses while you’re overseas, this CBA policy provides you with limited coverage for cancellation, loss or damage to your luggage and additional expenses.
  • Annual Multi-Trip: if you go on several trips each year, CBA offers an annual multi-trip policy for frequent flyers. This provides cover for an unlimited number of trips, so long as they’re 250km away from your house. Your holiday must also include at least one night’s paid accommodation (such as a hotel, bed and breakfast, serviced apartment or Airbnb) if you’re travelling closer than that.
Comprehensive Essentials Medical-Only Cancellation-Only Non-Medical
Overseas medical expenses
Unlimited
Unlimited
Unlimited
N/A
N/A
Hospital incidentals
$5,000
N/A
N/A
N/A
N/A
Cancellation costs
Cover chosen
Cover chosen
N/A
Cover chosen
Cover chosen
Travel delays
$2,000
N/A
N/A
N/A
N/A
Additional expenses (health)
Unlimited
Unlimited
Unlimited
Unlimited
N/A
Luggage delay expenses
$750
N/A
N/A
N/A
$1,100
Personal liability
$2.5 million
$1.5 million
$2.5 million
N/A
$2.5 million
Theft of cash
$250
N/A
N/A
N/A
$250
Rental car excess
$6,000
N/A
N/A
N/A
$6,000

Before you buy your travel insurance, it’s important to compare your options with Savvy to make sure the policy you’re choosing is the one best suited to your trip, no matter whether you’re travelling to Sri Lanka or Sydney.

What optional extras are available through Commonwealth Bank?

CBA makes a few optional extras available to its travel insurance customers, including:

  1. Cruise cover: this add-on is available with CBA’s comprehensive, essential and medical-only policies at an extra cost. This cruise pack covers you if you need medical treatment abroad the ocean liner or need ship-to-shore evacuation. You’re also covered for emergency dental work, loss of damaged formal wear and cabin confinement.
  2. Snow sports cover: heading over to Switzerland or Falls Creek to carve up the slopes? CBA offers snow sports cover for those wanting to take part in some recreational skiing, snowboarding and tobogganing. This optional extra is available on CBA’s comprehensive, essential, medical-only and inbound policies and doesn’t cover you for racing.
  3. Adventure activities cover: CBA’s optional adventure activities plan covers you for bungy jumping, scuba diving, white water rafting, horse riding and jet boating while on your holiday.
  4. Motorcycle/moped riding cover: planning to explore your domestic or international destination on two wheels? CBA offers this add-on for those wanting to ride a motorcycle, moped or scooter on their holiday. Some exclusions apply, including if you have an accident and you’re not wearing a helmet or holding a valid license.
  5. Vehicle rental excess insurance cover: while this package is already included under CBA’s comprehensive international policy, you can add it to other policies, such as the domestic or non-medical policy, for a higher premium.

What exclusions should I be aware of when buying travel insurance through Commonwealth Bank?

Some of the general exclusions on CBA’s policies include:

  1. Theft of your belongings left in a car or unattended
  2. Breaking the law
  3. Travelling against the advice of your doctor
  4. Intentionally harming yourself or attempting suicide
  5. Not obtaining relevant travel documents, such as a visa, ESTA or a valid passport
  6. Travelling to a country or region against government warnings
  7. Treatment for unapproved pre-existing medical conditions, such as types of diabetes

If you’ve found a travel insurance policy that draws your eye, make sure you review the Product Disclosure Statement (PDS) before you set your decision in stone.

What we think of Commonwealth Bank travel insurance

What we like

Complimentary with credit cards

If you’ve got a Low Fee Gold, Low Rate Gold, Gold Awards, Platinum, Diamond Awards or Ultimate Awards credit or Visa debit card, you can get international travel insurance for free by using your card to book some pre-paid expenses.

Plenty of options

CBA gives you plenty of options when it comes to policies, with about six standalone options and a handful of optional extras to choose from.

Overseas rent cover

One of the rarer benefits CBA offers is overseas rent. This comprehensive travel insurance benefit allows you to claim up to $5, 000 if you can't return to work due to disabling injury, illness or disease.

What we don't like

Limited COVID-19-related coverage

Commonwealth Bank is one of the few travel insurance providers who don’t offer coverage cancellation or additional expenses due to COVID-19.

Reduced personal liability

CBA’s personal liability insurance is less comprehensive than some of its rivals. They offer between $1. 5 million and $2. 5 million, but other insurers offer between $5 million and $10 million.

Shorter cooling-off periods

While a 14-day cooling-off period may be ample, many other travel insurance providers offer up to 25 days if you need to cancel for any reason.

Types of travel insurance

Why compare travel insurance with Savvy?

Frequently asked questions about Commonwealth Bank travel insurance

How do I make a claim through Commonwealth Bank?

Making a claim through CBA is relatively straightforward as the bank allows you to do it online. If you need to make a claim, follow these steps:

  • Phone your insurance agent as soon as possible
  • Provide ample details about the claimable incident
  • Gather your supporting documents, including receipts, medical reports, valuations or proof of purchase documents
  • Submit your claim

 
It can take up to ten working days for CBA to process your claim. That’s why if you’re asked to clarify certain parts of your claim, it’s best to respond promptly so it doesn’t hold up the process.

How much will my Commonwealth Bank travel insurance cost?

There’s no one ballpark price of travel insurance, as there are several factors which affect how much you’ll pay for a policy, including:

  • Age
  • Destination
  • Level of coverage
  • Optional extras you choose
  • Pre-existing medical conditions
  • Chosen policy excess
  • Type of insurer and insurance policy you purchase
Does CBA cover pregnancy under its travel insurance policies?

If you get injured or fall sick while travelling and give birth, CBA will provide coverage up until the 24th week of your pregnancy. However, pregnant travellers who have had prior pregnancies with problems, are travelling for fertility treatment, or must pay for their new baby's care do not have coverage.

What’s the difference between single-trip, multi-trip and one-way travel insurance?

Unlike annual multi-trip policies, which cover many travels throughout the year, single-trip insurance only covers one trip. When it is covered by an annual multi-trip policy, like those offered by CBA, a trip can last up to 45 days. On the other hand, vacations taken without a confirmed return flight are covered by one-way travel insurance plans. These policies often allow you to select to extend your coverage for an additional year.

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Disclaimer:
We do not compare all travel insurance brands currently operating in the market. Any advice presented above or on other pages is general in nature and does not consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

Savvy earns a commission from our partners each time a customer buys a travel insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via their websites.

Before purchasing your policy, we recommend you refer to the provider’s PDS for any further information on the terms, inclusions and exclusions.

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