N26 Black Account included Insurance

I recently needed to move my current account away from Bank of Ireland and was seriously considering moving to N26 but decided instead to go to KBC. After all the issues with KBC I’m considering moving again and opening an account with N26. N26 have two products – their standard current account and their black account. As part of their black account you get travel insurance, extended warranty insurance, mobile phone theft insurance and ATM mugging insurance included. I decided to sit down and read the terms and conditions to see if it was worth paying the extra for the N26 Black account. I’ve broken down the cover below but bear in mind this is just my interpretation of the cover and only outlines the main points. I strongly suggest should you chose to rely on the cover to read the terms and conditions yourself.

 

ATM Theft Protection

  1. Cover if you get mugged within 4 hours of withdrawing money on your N26 Black MasterCard
  2. Up to €500
  3. No Excess
  4. Maximum 2 claims per year

 

Mobile Phone Theft Insurance

  1. Cover if your mobile phone is stolen
  2. Maximum value €300
  3. Excess €50
  4. Maximum 2 claims per year
  5. Only covers devices up to 24 months old
  6. If purchased second hand, only covers devices up to 12 months old
  7. 10% depreciation per 6 months.
  8. It states   “The Insured Device must have a mobile telephone contract in the Account Holder’s name”. I am not sure if this would exclude prepay phones.

 

Extended Warranty Insurance

  1. Extends appliance warranty by up to 12 months.
    • If the manafacturer’s warranty is less than 12 months, this policy will extend the warranty by the same length as manafacturer’s warranty. e.g. Manufacture provides 6 month warranty, N26 will provide 6 months. Total 12 months.
    • If the warranty is over 12 months, N26 will provide a further 12 month warranty.
  2. Maximum value €500
  3. Excess €50
  4. Maximum 2 claims per year
  5. Item must be purchased in your home country
  6. Eligible products are:
    White goods: Large and small sized domestic appliances such as, but not limited to: Refrigerators, Dishwashers, Irons, Vacuums, Espresso machines
    Brown goods: Vision and Audio products such as, but not limited to: Televisions, Hi Fi Systems, Blue Ray Players/Recorders, and Projectors
    Grey goods: Only Telecommunications and Multimedia Products such as, but not limited to: Computers (desktop / tower and monitor), Laptops, Ipads / Tablets, Printers, and Scanners.

Travel Insurance

 

Luggage Delay

  1. Compensation if your baggage is delayed by more than 6 hours
  2. €100 per hour up to a maximum of €400 per trip
  3. No Excess

 

Flight Delay

  1. Compensation if your flight is delayed by more than 4 hours
  2. €100 per hour up to a maximum of €400 per trip
  3. No Excess

 

Cancelled Trip

  1. Cover up to €5,000
  2. Excess applies depending on cause of cancellation. (minimum €25 excess)
    • 10% of trip value for Death/Accident/Hospitalisation
    • 20% of trip value for all other causes
  3. Applicable in the case of:
    • Substantial damage to your home
    • Death, serious injury or serious accident to yourself or family member
    • If you lose your job.

 

Curtailed Trip

  1. Cover up to €5,000
  2. Covers extra incurred costs and unused costs.
  3. Excess applies depending on cause of cancellation. (minimum €25 excess)
    • 10% of trip value for Death/Accident/Hospitalisation
    • 20% of trip value for all other causes
  4. Applicable in the case of:
    • Substantial damage to your home
    • Death, serious injury or serious accident to yourself or family member.

 

Foreign Medical Expenses

      1. Covers the cost of foreign medical expenses
      2. Includes doctor and hospital fees, medication costs
      3. Covers up to €150,000 and no excess

 

Patient Repatriation

      1. Covers the cost of repatriating the deceased body to the country of residence -or- the cost of a medical return flight back to the country of residence and transport to the closest suitable hospital to your home.
      2. No limit and no excess

 

The travel insurance only takes effect if the entire trip is paid by the N26 bank account or attached MasterCard. The mobile phone and appliance insurance only apply to devices purchased with the N26 bank account or attached MasterCard. If you pay using a different card for example a credit card they will not be covered.

 

My trusty Nexus 4 is nearly 4 years old at this stage so wouldn’t be covered however I could see myself using the travel and extended warranty insurance. The ATM mugging insurance is a nice to have as well. I’m waiting for my N26 card to arrive and will test out the currency exchange rates between it and Revolut. If they are comparable I will in all probability move over to N26 and upgrade to the black account which also includes free foreign ATM withdrawals.

In the interest of full-disclosure, links to N26 are affiliate links. Should you click through to N26 via my affiliate link and sign up to their bank account I will receive a small commission payment. These affiliate payments have no impact on my reviewing of the product. If you believe I have been influenced by the potential commission when reviewing a product please call me out. 

4 comments

  1. “The travel insurance only takes effect if the entire trip is paid by the N26 bank account or attached MasterCard. ” Im going for a 2 month trip to Central America. How can I pay the entire trip by the card. This is not an organised tuor. It means that even If i have the insurance it wonk work If I have an emergency. Of course I am planing to use my card to ATM withdrawal and to book some hotel rooms and pay with it where it’s possible. Will it be enough ?

    1. Have to agree with this. I didn’t realise until after I had committed to a one year contract that it only works if you pay for EVERYTHING using the N26 card. This is nonsensical. I think it comes from a very German way of still booking all inclusive trips but is completely impractical for myself.

      What happens if you’re going with someone who is also a Black customer? Either you route everything through one card and only one person gets covered or you do what most people do and split the cost by saying I’ll get the flights, you get the hotel etc. and then nobody gets coverage.

      I will be cancelling my Black next month and sticking with Revolut.

      1. I haven’t read the terms recently but when I claimed for delayed baggage I just needed to prove the flights were paid by the N26 MasterCard. Well that the taxes and charges were – I redeemed miles for the flights. I didn’t pay for the hotel by card.

        1. I have a few questions to ask for the author. Could You please send me an email, because I can’t find it here at blog.

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