Personal Finance

Anyone file a claim for MBNA Mastercard Purchase Assurance

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  • Nov 25th, 2013 11:19 am
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[OP]
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Jul 19, 2003
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Markham

Anyone file a claim for MBNA Mastercard Purchase Assurance

Hi all,

I have the Smart Cash Platinum Plus Mastercard and I was wondering if anyone has any experience filing a claim under the Purchase Assurance benefit?

I called MC and they said that this insurance is secondary to my home owner's insurance and that I would have to file it under home owner's insurance first. If I do not have home owner's insurance then I need to have a notary stamp to certify that I do not before I can file it with Mastercard.

This is for an expensive wallet I lost/stolen at a friend's house. I filed a police report, so that document I can get (which I have to pay for).

This is discouraging..

Does home owner insurance usually cover personal goods that I did not lose at home? Does it cover me if the insurance is under my father's name? Will it raise the price of our insurance?

A lawyer will cost a lot for that stamp to say that my home owner's insurance doesn't cover, what is the point of Purchase Assurance then? It is such a hassle. Has anyone tried to claim Purchase Assurance with Mastercard before and did you have to go through home owner's insurance first?

I need some guidance. Thanks for anyone's help.
11 replies
Deal Addict
Jun 7, 2005
4276 posts
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Generally insurance is only used for large ticket items, since the deductable or increase in premiums will eat up most of the money gained back.

How much of an expensive wallet are we talking about?
[OP]
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Jul 19, 2003
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Markham
Not that expensive, but $477 would be nice to get back.

I'm more sad that it's a wallet I got from the LV flagship in Paris on my trip. Getting another one to replace it wouldn't be the same unless if I purchased it in Paris.
Sr. Member
Dec 17, 2006
523 posts
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morpheiz wrote:
Nov 8th, 2009 7:47 pm
Does home owner insurance usually cover personal goods that I did not lose at home? Does it cover me if the insurance is under my father's name?
Home insurance does cover personal property while away from home. Check your father's policy. If it covers your property and deductible is $477 or more, your credit card insurance should cover it. You would then only need to provide them with the policy.
[OP]
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Jul 19, 2003
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Markham
Thanks for the great answers! I will check the deductible but MC CSR was telling me that if the home owner's insurance does not cover it then I need a notary stamp to prove that it doesn't.

When she said does not cover it, did she mean that if it doesn't cover the lost item under the home owner policy then I need to obtain a notary stamp, or if that the home owner insurance deductible is greater than the wallet hence not covering it then I would need to obtain a notary stamp?

I'm hoping that the deductible is greater than $500 and that I simply need to show MasterCard this.
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Dec 11, 2005
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greenmoon wrote:
Nov 8th, 2009 10:39 pm
With any credit card, this type of insurance is secondary to home insurance.
What's the deductible on your home insurance? If it's more than the amount, then you can just send them a copy of your home policy highlighting the deductible and they'll cover that. At least that's how RBC does it.
Wow - that is horrible! That is not how it works with BMO at least. Here's a link directly to the BMO insurance certificate:

http://www3.bmo.com/mosaik_images/ewpp_E.pdf

I just read the whole thing over and there is no requirement whatsoever to claim it with your insurance company first. The only requirement for a claim really is the "proof of loss"
Proof of Loss: Your completed claim form together
with written proof of loss must be sent to the
Operations Centre within 90 days of the date of the
event for which benefits are being claimed. Written
proof of loss includes copies of receipts, written proof
covering the occurrence, the character and the extent
of the loss or occurrence, copy of the warranty
(where applicable), and police, fire or other report of
the occurrence.
Failure to give notice of claim or furnish proof of loss
within the time prescribed does not invalidate the
claim if You can show that it was not reasonably pos-
sible to give notice or furnish proof within the time
prescribed and if the notice of proof is given or fur-
nished as soon as reasonably possible, and in no
event later than one (1) year from the date of the event
for which benefits are being claimed.

I would read over the insurance agreement that came with your MBNA card.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
[OP]
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Jul 19, 2003
686 posts
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Markham
Ideally for small items we don't want to claim it for home owner's insurance to avoid rate hikes right?
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Sep 10, 2004
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morpheiz wrote:
Nov 9th, 2009 10:30 am
Ideally for small items we don't want to claim it for home owner's insurance to avoid rate hikes right?
Absolutely.

With something like Homeowner's insurance you get something called a "Claims free discount" For me it is $300/year on a $700/year insurance policy. If I make a claim, regardless of what it is, my policy will go up to $1000/year.

Furthermore, if you make too many claims, there is a risk your insurance company will not offer to renew your policy in the future.

Homeowner's insurance is for serious lossess, fire, flooding, roof collapse, TTC/OC bus crashing into your living room.

It would not be wise to claim it on a small ticket item.
Member
Mar 27, 2009
264 posts
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The MBNA Platinum Plus document states thus:

"This insurance covers against theft of or damage to covered personal property items purchased by You, anywhere in the world to the extent that such items are not otherwise protected or insured in whole or in part."

This is to make sure you're not filing two claims for the same item.

Also bear in mind that this is a no-fee card. If you're not paying a fee/premium for coverage, you shouldn't really expect that much from them.
Deal Addict
May 19, 2004
1713 posts
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Edmonton
brunes wrote:
Nov 9th, 2009 7:54 am
Wow - that is horrible! That is not how it works with BMO at least. Here's a link directly to the BMO insurance certificate:

http://www3.bmo.com/mosaik_images/ewpp_E.pdf

I just read the whole thing over and there is no requirement whatsoever to claim it with your insurance company first. The only requirement for a claim really is the "proof of loss"



I would read over the insurance agreement that came with your MBNA card.

if you call them you will know you have to exhaust other insurances that are available to you first. all cc work that way. purchase assurance is only good for renters and not homeowners.
Deal Addict
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Mar 30, 2004
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Has anybody ever actually seen an MBNA insurance certificate? It's like pulling teeth to get one out of them.

As for the BMO Insurance, under Section 8 of the GENERAL EXCLUSIONS, LIMITATIONS AND PROVISIONS

[QUOTE]Extended Warranty and Purchase Protection benefits are only available to the extent that the item in question is not otherwise protected or insured in whole or in part. Benefits are in excess of all other applicable valid insurance, indemnity protection or warranty available to the Primary Cardholder in respect of the item subject to the claim. We will only be liable for the excess of the amount of the loss or damage over the amount covered under such other insurance, indemnity or protection and for the amount of any applicable deductible, only if all other insurance has been exhausted and subject to the exclusions, terms and limits of liability set out in this Certificate. This coverage will not apply as contributing insurance and this “non-contribution” provision shall prevail despite any “non-contribution” provision in other insurance, indemnity or protection policies or contracts."[/QUOTE]

seems to be the same as MBNA
[OP]
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Jul 19, 2003
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Markham
Just an update from 3 years ago :) as MBNA did pay out.

I don't even remember them telling me I needed home owner's insurance and how I processed it but I filed the papers. There was a section that said if the item is over $500 then a police report copy is required, but since mine was under that amount I just referenced my police report ID and if they wanted to they can go cross reference that with Toronto Police.

MBNA did eventually mail me back asking for a copy of police report but I was too busy during school to obtain one so I just left it alone.
Month later they sent me a cheque for the amount :)

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