Credit Card Insurance Cover
Many credit card companies offer various types and levels of free insurance on purchases. These can include:
- Price protection - if you buy something that is later reduced in a sale or you find it cheaper elsewhere, you can claim back the difference, within a specified time period.
- Purchase protection - if you buy something on your card that is lost, damaged or stolen at a later date, you can reclaim some or all of the cost from the card company. This can be useful extra cover for fragile or high-value goods.
- Travel accident insurance - this pays out lump-sum benefits if you are killed or seriously injured while travelling in transport paid for on your card. As there is no medical or baggage cover, don’t confuse this with full travel insurance.
- Online fraud guarantees and Internet delivery protection - stops you from being liable for any fraudulent spending on your account while ‘distance shopping’ via mail, telephone or the Web.
It can vary, but some credit card companies charge an additional fee for insurance cover. Bear in mind that any additional fee devalues the worth of the insurance.
As always, thoroughly check the insurance policy small print for any loopholes or restrictions.
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