What does my bank travel insurance cover me for?
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Key things to know about bank travel insurance
- Verification and Eligibility: Confirm cover by looking for a £10–£20 monthly fee on statements or checking the "Benefits" section of your app; however, make sure you meet the strict age (often under 65–70) and residency requirements.
- Standard vs. Specialist Needs: Bank policies are typically annual multi-trip plans suited for short holidays (under 31 days) but are generally unsuitable for long-term backpacking or high-risk activities like skiing and skydiving.
- The Medical Mandate: Standard bank cover usually excludes pre-existing conditions unless you declare them via a medical screening and pay an additional premium; failure to do so can invalidate your entire policy.
- Supplementary Protection: While bank insurance provides basic medical and cancellation cover, it should be used alongside a GHIC/EHIC (which does not cover repatriation) or a standalone policy for more comprehensive protection.
Do I have travel insurance with my bank? A guide to packaged accounts
How to find out if you have travel insurance with your bank
You can quickly figure out if you have travel insurance as part of your bank account by following these steps.
- Check your statements – When you’re looking at your statements, either on paper or on your banking app, keep an eye out for recurring fees (usually between £10 and £20) that have the following types of phrases paired with the name of your bank: For example, {Bank name} Max, {Bank name} Premium, or {Bank name} plus If you find any, it’s likely that you have travel insurance as part of a package deal.
- Check your banking app – Log into your mobile banking app and search for a "Benefits", "Membership", or "Insurance" section. This section usually contains your policy number, the summary of cover, and emergency contact details. If you can’t find it yourself, visit the help section of your banking app.
- Confirm your eligibility – As it comes as part of a package deal, you’re not guaranteed to be eligible for your bank’s travel insurance policy. So it’s a good idea to check that you are. For example, you may have pre-existing medical conditions or be above a certain age (generally above 65), which may mean that travel insurance isn’t offered to you.
These sorts of benefits aren’t only available if you’re a customer of one of the "Big Four" (NatWest, HSBC, Barclays, and Lloyds).
Many other banks are now offering this service, such as:
- Nationwide (FlexPlus)
- Monzo (Max)
- Virgin Money (Club M)
What does bank travel insurance usually cover?
The travel insurance that most banks tend to offer in their packages is an annual multi-trip policy.
This means you are covered for an unlimited number of trips within a year, provided that they all start and end in the UK. So, if you wanted to go backpacking in Southeast Asia, for example, you’d need to buy a separate policy, as your bank’s would likely not be suitable. But if you wanted to do lots of long weekends relaxing in Spain or France, you’d be covered.
Most policies offer cover for:
Medical emergencies | Cover for (if you need to pay) hospital stays and repatriation (being flown home on an air ambulance). The total limit is usually between £5 million and £10 million. |
Cancellation and curtailment | If you fall ill or have another type of emergency either before or during your trip, you can be reimbursed for some non-refundable costs. |
Lost or stolen belongings | Protection for your personal belongings, such as luggage and personal technology. |
Declared pre-existing conditions | Most standard bank policies won’t cover these, but you can contact your bank’s insurer and get a specific add-on for your condition. |
There are some limits to these types of policies, though, mainly age and the duration of each trip. Once you reach 65 or 70, your cover can end. Most individual trips are restricted to 31 days; if you need longer, you’d have to purchase an extension or find another travel insurance policy.
You can extend your cover to family members too, but they have to meet your bank’s specific health, age and residency criteria to be eligible.
The importance of declaring pre-existing medical conditions
If you have a pre-existing condition insurers will view you as a higher-risk customer, as your condition may mean you’re more likely to make a claim. It is, however, important that you do disclose any relevant medical conditions.
You can compare specialist policies from insurers that specialise in cover for pre-existing conditions. Or you can contact your bank’s insurer, go through their medical screening process, and see if they can give you cover for your condition. You are likely to have to pay an extra cost for this, but it could potentially save you thousands of pounds if something were to go wrong on your trip.
If you don’t disclose your condition to your insurer, they can invalidate your policy, meaning you’d be fully liable to pay all your medical bills. Depending on the country you’re visiting and the severity of your illness/injury, this can be tens of thousands of pounds. Even if you feel that you’re managing your condition well and that it doesn't affect you on a day-to-day basis, you should still declare it.
Is bank travel insurance enough, or do you need a standalone policy?
Choosing between your bank's travel insurance policy and a standalone policy can come down to your own travel plans and individual circumstances. For example, let’s say you’ll be going on a lot of trips to Spain, the USA and Germany this year. You don’t plan to spend more than 2 weeks at a time, and you don’t want to do any high-risk activities (e.g., skiing, skydiving, etc.). You also don’t have any pre-existing conditions, and you’re relatively young (under 50). If this sounds like you, your bank’s insurance may be good enough for your upcoming trips.
But if the following sounds more like you:
- You plan to go backpacking in South America for 3 months; or
- You want to try some high-risk activities such as paragliding, or quad biking; or
- You’re over the age of 65; or
- You have a pre-existing condition
Then you may find that a standalone policy is better suited to you.
It’s also important to note that while both the GHIC and EHIC give you access to public healthcare in EU countries, it can be risky to see this as a travel insurance replacement.
This is because neither of them covers the following:
- Repatriation
- Lost or stolen baggage
- Mountain rescues
- Cancellation
You can also use your bank’s policy with your standalone policy to increase the level of cover. If you do, and you make a claim, you must declare both insurers. This is so that the costs can be shared between insurers.
How to find a good travel insurance policy
To find a good travel insurance policy, you need to be aware of a few things. The first is what cover you might need - this will include finding the right cover for any pre-existing medical conditions you may have.
Once you’ve decided what cover you’ll need, use reputable comparison sites to compare quotes. Always choose cover that matches your destination, planned activities, age, and medical status. It’s also worth considering buying cover as soon as you’ve booked your holiday, to cover you in the event of any cancellations.
Bank travel insurance key takeaways
- Check the restrictions – Making sure that you and your trip are eligible. For example, you generally need to be under 65 years old, and your trip needs to be less than 31 days to avoid invalidating your policy.
- Declare pre-existing conditions – The standard policies from your bank won’t cover a pre-existing condition if you have one. To help prevent your claim from being rejected, contact your bank’s insurer and complete a medical screening where you declare your condition. You’ll then be able to buy a ‘medical add-on’ to cover you.
- Basic vs. comprehensive – Bank travel insurance policies are generally basic and are only good enough to cover standard trips. If you’re planning to do more high-risk activities, you’ll need more comprehensive insurance, which you’d need to pay extra for.
- Value for money – If travel insurance is the main reason why you are paying for your bank package, comparing quotes from standalone insurers can help to see if it’s still good value for money.