Jeffrey Wade
Revolut offers a range of insurance products, including travel insurance, car insurance, and premium plans with insurance benefits. The company has faced criticism for its handling of certain insurance claims, with some customers reporting issues with slow claims processing and insufficient coverage. However, Revolut has also received positive feedback for its competitive pricing, practicality, and comprehensive coverage for medical emergencies, delayed luggage, and late flights. Ultimately, the worth of Revolut insurance depends on individual needs, preferences, and specific use cases.
| Characteristics | Values |
|---|---|
| Cost | Revolut Premium is more expensive than its main UK competitor, Monzo Plus, which costs £5 a month. |
| Features | Fee-free international transfers, free cash withdrawals of up to £400/€400 per month, travel insurance, purchase protection, savings accounts, car rental protection, flight protection, lost luggage protection. |
| Travel Insurance | Covers medical emergencies, delayed luggage, late flights for trips of up to 40 days. |
| Pre-existing Medical Conditions | Revolut's cover is generous compared to competitors, but all package travel insurance products exclude pre-existing medical conditions. |
| Customer Service | Some customers have complained about the time taken to process claims and the difficulty in dealing with intermediaries. |
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What You'll Learn
Revolut's insurance covers medical emergencies, including dental care
Revolut Premium offers a generous insurance package, both at home and abroad, that includes medical emergencies and dental care. This is in addition to the other benefits of the premium account, such as low-cost spending in different currencies and fee-free international transfers.
The travel insurance policy covers medical emergencies up to £10,000,000 and urgent dental treatments abroad up to £300. It also covers expenses for delayed luggage and late flights for trips of up to 40 days. The insurance is provided by Chubb, a solid company, and the policy covers holidays, not work trips.
The Revolut insurance policy does not cover pre-existing medical conditions, which is standard for travel insurance products. However, the definition of pre-existing conditions varies between insurers, and Revolut's cover appears generous in this regard. For example, it covers stable hypertension that is controlled by medication and has not changed in the 12 months before the trip.
The value of Revolut's insurance depends on individual needs. For example, if you don't plan to rent cars often, you may find that the Revolut Premium plan offers everything you need from an online account at a lower cost than competitors. However, some users have complained about the inconvenience of intermediaries and the time taken to process claims. Therefore, it is essential to read the terms and conditions of the policy and decide if it meets your specific requirements.
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It covers repatriation, mountain rescue, and other additional costs
Revolut's travel insurance covers repatriation, mountain rescue, and other additional costs. Repatriation is the process of returning someone to their country of origin, which can be extremely expensive. Revolut's insurance covers this, which could be very valuable if you find yourself in need of emergency medical treatment abroad.
Mountain rescue is also covered, which is a specific type of emergency service provided in mountainous regions. This is often not covered by other insurance policies, so it is a valuable addition.
The policy also includes other additional costs, such as car rental protection, flight protection, and lost luggage protection. Car rental protection covers excess, deductible, and damage liability fees if you have an accident with a rented car. Flight protection covers some of the costs associated with accommodation, transportation, and meals if your flight is cancelled or delayed. Lost luggage protection covers expenses if your baggage is lost or stolen.
Revolut's travel insurance has been described as "generous" and "flashy", and it is included in the Revolut Premium plan. The plan also offers low-cost spending in different currencies, fee-free international transfers, and withdrawals of up to £400/€400 per month for free.
However, it's important to note that there are some negative reviews of Revolut's insurance. Some customers have complained about slow claim processing times, and others have mentioned that the policy limits are low. There have also been issues with communication regarding account downgrades and insurance cancellations, which have led to significant financial consequences for customers.
Therefore, while Revolut's travel insurance does offer valuable coverage for certain situations, it is important to carefully review the terms and conditions and consider your specific needs before deciding if it is worth it for you.
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It covers lost, damaged, or stolen luggage
When it comes to travel, lost luggage is one of the most common issues travellers face. This can be a stressful and frustrating experience, but having the right travel insurance can help ease the burden. Revolut's travel insurance includes lost luggage protection, which means that if your baggage is lost, damaged, or stolen, you can be reimbursed for your expenses. This can provide peace of mind and financial protection during your trip.
Revolut's travel insurance can cover expenses for lost, damaged, or stolen luggage, which can be a valuable benefit when facing the uncertainty and inconvenience of missing luggage. This protection is included in the company's Metal and Ultra plans. It's important to note that there may be limitations and exclusions to this coverage, so it's always a good idea to carefully review the terms and conditions of your policy before purchasing.
The process of claiming reimbursement for lost luggage with Revolut may vary depending on the specific plan and circumstances. In some cases, there may be a time limit for filing a claim, and you may need to provide certain documentation or evidence to support your claim. It's advisable to contact Revolut's customer support or refer to their website for detailed information on how to file a claim and the specific steps involved.
While Revolut's travel insurance can provide coverage for lost luggage, it's important to consider the limitations and exclusions. For example, there may be a limit on the amount you can claim, and certain items or situations may not be covered. Additionally, the claims process can sometimes be lengthy, as noted by some Revolut users who have shared their experiences online. It's always a good idea to carefully review the terms and conditions of any insurance policy before purchasing to ensure it meets your specific needs and expectations.
Overall, Revolut's travel insurance, including lost luggage protection, can be a valuable feature for travellers. However, it's important to weigh the benefits against any potential drawbacks and consider your own personal needs and preferences. Reading reviews and comparing Revolut's offering with other travel insurance options can help you make an informed decision about whether Revolut's insurance is worth it for you.
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It covers cancelled events and reimburses tickets
Revolut Premium offers a range of benefits, including a smart online account, low-cost spending in different currencies, and a generous insurance package. The insurance package covers medical emergencies, delayed luggage, and late flights for trips of up to 40 days. One of the standout features of Revolut Premium's insurance package is its coverage for cancelled events and ticket reimbursement.
If you have purchased tickets for an event that gets cancelled, Revolut Premium's insurance will reimburse you for the cost of the tickets. This provides peace of mind and financial protection in case your plans are disrupted. Additionally, Revolut Premium offers an extended returns policy, giving you a 90-day window to return purchases if the seller's policy is shorter. This added benefit further enhances the value of the insurance package.
The convenience of Revolut Premium's ticket reimbursement and extended returns policy can be especially beneficial for those who frequently attend events or make purchases with shorter return policies. It provides a safety net that ensures you don't lose out financially if your plans change or if you need more time to return items.
While the ticket reimbursement coverage is a valuable feature, it's important to consider the overall cost and other features of Revolut Premium to determine if it aligns with your specific needs. Some users have shared their experiences with Revolut's insurance, highlighting both positive and negative aspects. Ultimately, the decision to opt for Revolut Premium depends on your individual requirements and preferences.
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It covers car rental damage, excess, and liability fees
Revolut's car rental protection is a feature of its travel insurance offering. This insurance can help cover excess, deductible, or damage liability fees if you have an accident with a rented car.
The car rental protection is included in the Revolut Metal and Ultra plans. With these plans, you can get up to £2,000 for excess, deductible, or damage liability fees. This coverage is useful if the car you're renting is lost, damaged, or stolen.
It's important to note that the car rental protection only applies when you book a trip through your Revolut account. Additionally, the coverage period is limited to a maximum of 90 days or 3 months after you leave your home. If you're travelling for a longer period, you may need to purchase separate insurance.
The convenience and practicality of Revolut's insurance offerings are highlighted by some users. However, others have shared negative experiences with the claims process, long wait times, and issues with intermediaries.
In summary, Revolut's car rental protection can provide peace of mind and financial protection in the event of an accident with a rented car. However, it's important to carefully review the terms and conditions, coverage limits, and user experiences to determine if the insurance is worth it for your specific needs.
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Frequently asked questions
Revolut's travel insurance covers medical emergencies, flight delays, lost luggage, and more. However, it does not cover pre-existing medical conditions, and some users have complained about slow claims processing and poor customer service. Ultimately, whether Revolut's travel insurance is worth it depends on your individual needs and preferences.
Some alternatives to Revolut's travel insurance include Amex, Nationwide, and HSBC Premier. These providers may offer more comprehensive coverage for pre-existing medical conditions, but it's important to carefully review their inclusion and exclusion lists before making a decision.
In addition to travel insurance, Revolut offers car insurance in partnership with AIG in Ireland. Revolut's car insurance provides coverage for rental cars and includes features such as roadside breakdown and home-start assistance.
