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Credit Card Price Protection Insurance

Have you ever tried to find the lowest price for an item you want to buy? You can spend a lot of time searching for the lowest price and a few days later you come across a better deal. This is when price protection insurance comes in handy. Many rewards credit cards include insurance features that may provide coverage on purchases, such as price protection insurance.


What is price protection insurance?

If you find a lower price for an item you recently purchased, you can use price protection insurance to receive the difference.

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What is covered under price protection insurance?

Eligible items that were bought using your credit card will be covered under price protection insurance. You should also pay attention to the coverage period. There’s a fixed time period you have after the date you purchase an item (usually 60 to 90 days).


What is not covered by price protection insurance?

Here are a few limitations to price protection insurance:

  • No item can be submitted more then once in given time period
  • Price comparisons with liquidated merchandise, grey market (internet) items, gift cards, or savings card incentives aren’t eligible.
  • Lower-priced item requires a service contract
  • Lower-priced item is featured in a limited quantity or a going-out-of business sale

You can expect that the following items will be excluded:

  • Travellers cheques, cash (paper or coin), bullion, precious metals, tickets, documents, stamps, negotiable instruments, or property of a similar nature
  • Animals, living plants, and consumable or perishable items
  • Computers (including hardware, software, printers, and scanners), cellphones, personal digital assistants, or any similar electronic device
  • Automobiles, motorcycles, motorboats, airplanes, motor scooters, riding lawnmowers, golf carts, lawn tractors, or any other motorized vehicles (except for miniature electronically powered vehicles intended for children) or any of their respective parts, fuels, or accessories
  • One-of-a-kind items
  • Jewelry, gems, precious metals, metals, and pearls
  • Used or previously owned or refurbished items, including antiques, collectibles, and fine art
  • Items purchased and/or used by or for a business or for commercial gain
  • Services related to items purchased, including insurance, duty, delivery and transportation costs


What is reimbursed in a price protection insurance claim?

You’ll be reimbursed the difference between the lower priced item and what you paid when you purchased the item. Coverage typically extends for a maximum of $250 to $500 per claim, depending on your card. There may also be a maximum on the amount or number of claims you can make per year on your account. There may also be a minimum price difference in order to be reimbursed. Payment is often based on the price before taxes, manufacturer rebate, store rebate, and shipping and installation charges.

How do you make a price protection claim?

Contact your insurance provider as soon as you recognize a difference in price. You may then be asked to complete a request form, which you’ll need to complete and return within a given time period from date of purchase.

The request may include:

  • A customer copy of original sale
  • Account statement showing the charge
  • Dated advertisement or flyer to prove identical item was offered in Canada at the reduced price within 60 days of the date of your purchase


The devil is in the details

If you have a credit card with price protection insurance, make sure you take advantage of this feature because it can save you money. Having said that, there are a couple things you should watch. First, you should be aware of what items are covered and not covered. And you should also pay close attention to details regarding maximum lifetime coverage amounts and if there’s a minimum price difference in order to be reimbursed.

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