In Reply to: Not a good idea posted by Tuberose on Saturday, 19. March 2005 at 19:36 Bali Time:
Do the numbers, insurers have a frequency rate on travel insurance of about 5%. That's 5 in 100 have claims (their problem is the average cost of claim). If the average premium is say $150 the premium pool is $15,000 (less commissions & expenses). So the chances of having a claim are small so what's the big deal about a $200 excess.
Our daughter was hospitalised on the US first day of arrival about 6 years ago. The medical bill was about $12,500. I wasn't worried about the excess.
As for the policy wording try http://www.westpac.com.au/internet/publish.nsf/7744A02E7798865ECA256923000F877A/$File/GoldCardConditionsUse.pdf it's all laid out there.
As for the actual premium ... 30% is the normal commission paid to travel agents. If you've got one, use the Gold Card.
PS - I work in the insurance industry and know the numbers ...use the Gold Card.