What is a Theft of Cash benefit in Travel Insurance?
When you purchase travel insurance there are many benefits you can claim for. Theft of Cash*; meaning someone forcibly and violently steals money from you while abroad, is something you may be able to claim for with your travel insurance provider.
Does this also include theft of credit cards?
No, theft of cash does not include credit cards. If you want to be covered for the theft of your credit card or fraud you will need a policy with a benefit that covers this. You may wish to have a look at Travel Insurance for Credit Card and Credit Card fraud for more information.
What is the limit for Theft of Cash?
The maximum paid out for theft of cash under Fast Cover is $250 AUD.
Theft of cash is only available under the Comprehensive, Snow Sports and Frequent Travellers Saver policies.
Is there an excess on the Theft of Cash benefit?
No, there is no excess applied when someone is claiming for Theft of Cash. You do not need to reduce your standard excess in order for there to be no excess for this benefit. Please keep in mind this applies for Already Overseas policies as well.
What else does Theft of Cash cover?
We cover for the forcible and violent theft for items such as:
- Bank notes
- Currency notes
- Postal orders and money orders
Do you count cheques under Theft of Cash?
No, cheque is not included under the Theft of Cash benefit.
Do all levels of cover automatically come with Theft of Cash coverage?
Taking out the Comprehensive, Snow Sports or Frequent Travellers Saver Policy will cover for Theft of Cash up to the amount of $250 AUD.
What is not covered under the Theft of Cash benefit?
- Any amount higher than what is specified in the PDS.
- Claims that are fraudulent
- If you have not obtained a police report within 24 hours (or in a timely fashion) of the incident there would not be provision to claim
- Recovering cash for someone else not listed in the policy
- If the cash, bank notes, currency notes, postal orders or money orders were not on your person at the time they were stolen
Do I need to file a report to the police?
Yes, absolutely. You will need a police report within 24 hours of the incident to validate your claim if you are a victim of theft of cash.
Important information to note:
Though it may seem as though travel insurance companies should cover you for most things relating to your trip, this is just not possible!
- If your cash has been forcibly and violently stolen from you or your travel companion, there may be provision to claim for the theft of funds up to the amount of $250 AUD.
- We will not pay for cash that has not been accounted for – if you do not have a police report within 24 hours of the incident to a bus line, airline, shipping line or rail authority that you were travelling on when your items were stolen then you would not have provision to claim. You must have a written statement from the authority which you had reported the theft.
*Exclusions, limits and sub-limits may apply. See our PDS for details.