Purchase Protection Insurance 101
If you are a credit card holder, you might not aware of the insurance offered by your credit card issuer. The insurance offered is called purchase protection insurance (PPI.) Many credit card issuers offer PPI for free, while some others will charge you an additional fee to be covered. PPI’s terms and conditions vary from one credit card company to another.
How purchase protection works?
Whenever you purchase any items using your credit card, the credit card company covers your purchase against loss, theft and accidental damage. Such coverage lasts in a certain amount of time, usually about 90 days from the item’s date of purchase. This coverage’s terms and conditions are different from one credit card company to another. You need to make sure that you have read the terms and conditions carefully – there may be specific actions needed to be done on your side, as well as specific limitations you need to be aware of.
Many of the PPI policies require for the item purchased to worth a specific amount of dollars to be eligible for the protection (some may only claim for liability up to a certain amount of dollar for each item.) During the coverage period of PPI, as soon as you discover that your item is damaged, lost or stolen, you need to contact the credit card company. The credit card company, given your item is eligible for purchase protection, will reimburse you for the price of the item found in the store’s receipt.
Again, to take full advantage of purchase protection insurance, you need to read the agreement and terms carefully. If you feel the need to get some clarifications on some issues, you should contact the credit card company. It’s better to get things clear in the beginning to avoid future PPI claim problems.
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