In 2014, HSBC waived its monthly £12.95 fee for Advanced Account holders and instead introduced a new package called "HSBC Insurance Aspects" providing Worldwide Travel insurance, Motor Breakdown Assistance and Mobile Phone insurance under one scheme at £9.95 per month price.
Customers who choose not to pay a fee don't qualify for the insurance, but still get the preferential interest rates on saving, loans, etc.
HSBC Insurance Aspects Eligibility Requirements
To be eligible for HSBC Insurance Aspects:
- An individual should hold an HSBC Advance Bank Account with HSBC Bank plc.
- He/She needs to pay the monthly fee from his/her HSBC Advance Account.
- He/she must reside in the UK, the Isle of Man or Channel Islands and be liable to pay UK/local taxes for a minimum of six months before the date of commencement of his/her HSBC Insurance Aspects.
- He/she must be registered with a doctor in the UK, the Isle of Man, or Channel Islands for a minimum of six months prior to the date of commencement of his/her HSBC Insurance Aspects.
Closing/Cancellation of HSBC Insurance Aspects
- HSBC Insurance Aspects is automatically closed if a customer closes his/her HSBC Advanced Account used to pay the monthly fee.
- HSBC Insurance Aspects is closed if a customer moves outside of the UK, the Isle of Man, or Channel Islands.
- Customers who cancel their HSBC Insurance Aspects won't be able to start it again in the future.
HSBC Insurance Aspects Fee
Currently, the fee for HSBC Insurance Aspects is £9.95 a month for eligible customers aged under 70, and £4.95 for customers aged 70 or above. The fee is automatically deducted from customer's HSBC Advanced Account.
Worldwide Travel Insurance
HSBC Worldwide Travel Insurance is available under HSBC's Insurance Aspects for policyholders aged under 70. Aviva Insurance Limited provides the cover for the policyholder as well as his/her family during worldwide trips. The cover is provided irrespective of whether traveling is done by air, land or sea.
- The company provides up to £10 million of medical insurance for expenses on emergency medical treatment. The customer also gets cover for delayed or missed departures from the UK, cancellation of travel due to strikes, closure of airspace, airport or port or volcanic ash. Up to £5000 abandonment cover is provided for non-recoverable travel or accommodation costs if customer is forced to cancel or discontinue the trip.
- Winter Sports cover is also provided for loss, damage or theft of winter sports equipment.
- The policyholder's partner is covered if he/she lives at home with the policyholder in a domestic relationship.
- Policyholder's dependent children are covered if they are under 18 years of age at the time of commencement of the trip (or under 23 years of age if they are still pursuing full-time education and live with policyholder outside term time) and are accompanying policyholder or his/her partner during the trip.
- The cover is provided for trips of up to 31 days' duration; however, the cover can be upgraded for maximum 120 days by paying an additional fee.
- Trips must commence and end in the UK, Isle of Man or Channel Islands.
- Before booking the trip, the policyholder needs to call HSBC Medical Risk Assessment Helpline and declare any pre-existing medical conditions suffered by him/her, the partner or dependent children.
- The policyholder must declare any serious illness, injury or disease suffered by a close relative, a traveling companion, or others, whose health may affect policyholder's travel plans.
- The policyholder need not inform the company about his/her trip provided he/she has already informed the company about relevant pre-existing medical conditions.
- No cover is provided for problems arising with travel documents before the policyholder leaves for the trip. However, a cover is provided to help the policyholder if his/her passport is lost, damaged or stolen.
Mobile Phone Insurance
HSBC's Mobile Phone Insurance is provided by Allianz Insurance plc, and is available for each HSBC Insurance Aspects holder. It provides worldwide cover for only one mobile phone or a mobile device with phone capability against damage, loss, or theft up to a claim limit of £600 less a £35 excess.
- The policyholder must be a UK resident, 18 or above in age, and the owner of the phone. He/she can avail a maximum of 2 claims per policy year. The phone can be on contract or Pay-as-you-go.
- The mobile phone of the customer is automatically covered; however, it is recommended that the mobile phone is registered in advance to make the claim process easier for the customer as well as the company. No accessories, other than the battery and charger, are covered under this insurance.
- The insurance provides worldwide cover against loss or theft of mobile phone. The policyholder must report theft to the local police and contact the company as soon as possible after returning to the UK.
- The company can ask customers for proof of ownership or purchase when making a claim.
Motor Breakdown Assistance
Administered by Allianz Global Assistance, HSBC's 24 hours Motor Breakdown Assistance provides insurance to HSBC Insurance Aspects holder as a driver or passenger of any eligible vehicle for breakdowns occurring on the road in the UK, the Channel Islands or the Isle of Man or at policyholder's home address.
- To avail assistance, the insurance holder must be with the vehicle when the call is placed, when the incident occurred, and when assistance arrives.
- If the vehicle breaks down while the policyholder is traveling, the vehicle will be attended by the company to effect repairs.
- If repairs are expected to take longer than 30 minutes or it is not possible to arrange a repair at the roadside, the vehicle will be taken to a local repairer. A national recovery is provided if it is not possible to arrange a prompt local repair.
- A taxi fare for maximum 10 miles from the breakdown site will be reimbursed in case the vehicle is taken to a local repairer.
- The cover is provided for up to 5 call outs per year.