Purchase Security Insurance: You’re Covered With These Cards

When you purchase a new item using your credit card you could actually save money in the event that something unfortunate happens to your purchase. If your credit card has purchase security insurance, you’ll be protected against possible loss, theft, or damages. Coverage typically extends for 90 days after the purchase date.

The insurance providers often have a maximum lifetime limit, which means you can claim up to a certain amount as long as you live. You can expect to receive coverage for all eligible items that you purchased on your credit card. Often, it’s up to the insurance provider’s discretion to decide whether the item will be replaced, repaired, or reimbursed. There are also a number of exclusions you need to be aware of prior to relying on your credit card insurance. You should review the credit card insurance policy for excluded items to ensure you’re covered before making a claim.

Having purchase security insurance can save you money if you find a newly purchased item is lost, stolen, or damaged.

Here’s a look at two credit cards that provide purchase security insurance:

Scotiabank Gold American Express Insurance