N26 currently operates in 25 markets, including Austria, Belgium, France, Germany, Iceland, Norway, Switzerland and the US, with over five million customers using its services. The firm has announced that it will be enhancing the travel insurance cover across specific bank accounts for free.
“If you’re an N26 You, N26 Business You, N26 Metal or N26 Business Metal customer making travel plans, you’ll now have extended travel cancellation and curtailment insurance benefits, including pandemic coverage for claims relating to Covid-19,” the firm explained. “This trip cancellation and curtailment insurance coverage is valid for all trips abroad, and for trips to destinations farther than 100 kilometres from your home in your country of residence, which begin on or after 22 January 2021.”
Specifically, the new offering includes cover for:
- Trips cancelled or cut short because the account holder or their travelling companion is ill, injured, has developed a medical condition, or has been diagnosed with a pandemic disease like Covid-19.
- Compensation up to €10,000 for trips that are interrupted or cancelled, or if the account holder or their travel companion are denied boarding because either of them has been potentially exposed to a contagious disease like Covid-19 and required to go into quarantine.
- Emergency hospitalisation or medical treatment in the event that the account holder develops an illness, injury or medical condition during a trip abroad, including being diagnosed with a pandemic disease such as Covid-19. This may include medicine costs, medical transportation and repatriation assistance, if necessary.
N26 notes that customers must not have travelled against government or public authority advice to be eligible for the cover. Claims can be made through the N26 app.
Cancellation cover a top priority
Commenting on the new offering, Alex Weber, Chief Growth Officer of N26, said: “Recent N26 research told us that one in three Europeans report having to cancel planned travel because of Covid-19 and had to pay out-of-pocket for unexpected changes to their plans. Because of this, we have worked to accelerate this addition to the existing Allianz Assistance travel insurance coverage we offer, so that customers who have to travel can do so with added peace of mind, knowing the cover offered takes into consideration the unique situation we find ourselves in today.”
In January, Ulysee and Koala enhanced their travel insurance offering for European customers, enabling customers to cancel their trips for any reason in just a few clicks. Much like these two companies’ offering, N26’s claims interface is also digitised (customers claim through their app) – no doubt an important factor for tech-savvy customers using the mobile banking app.