Personal Finance

Credit card 90 day purchase protection policy

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  • Sep 6th, 2014 1:20 pm
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Deal Fanatic
Oct 18, 2004
5534 posts
2000 upvotes
Wat

Credit card 90 day purchase protection policy

So recently I lost a pair of prescription glasses that I bought a couple of months ago for under $500. I remembered that I bought it with a VISA with 90 purchase protection that covers theft, loss, damage for 90 days. So I call to report it and they sent me a some papers to fill out. One of the questions was, if you have home insurance, what is the policy number and underneath it indicated all claims have to go through home insurance first.

So I called my home insurance company and apparently my glasses are covered even though they were lost outside the home. However my deductible is $1,000. So obviously it doesn't make sense for me to pay $1,000 to get $500 back. Am I out of luck getting a claim through with the CC company?

Anybody have experience making purchase protection claims?

Thanks.
10 replies
Deal Addict
User avatar
Dec 11, 2003
4050 posts
1462 upvotes
GTA North
Never thought of that. I've claimed twice on damaged items not on lost items.
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Homer Simpson - Marge, don't discourage the boy! Weaseling out of things is what separates us from animals - except for the weasel.
Newbie
Aug 23, 2012
48 posts
When this happened to me, I claimed my home insurance which was 1000 deductable and my credit card would cover it. H

owever, my item was approx 1000 as well so card company just paid 1000 to me
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
Wiseman wrote: So recently I lost a pair of prescription glasses that I bought a couple of months ago for under $500. I remembered that I bought it with a VISA with 90 purchase protection that covers theft, loss, damage for 90 days. So I call to report it and they sent me a some papers to fill out. One of the questions was, if you have home insurance, what is the policy number and underneath it indicated all claims have to go through home insurance first.

So I called my home insurance company and apparently my glasses are covered even though they were lost outside the home. However my deductible is $1,000. So obviously it doesn't make sense for me to pay $1,000 to get $500 back. Am I out of luck getting a claim through with the CC company?

Anybody have experience making purchase protection claims?

Thanks.
It depends on the card. For mine I told them the deductible made it nonsensical to claim, so they processed it anyways.
Jr. Member
Mar 11, 2009
189 posts
20 upvotes
Toronto
Many years ago, I have purchased 2 Leather jackets with RBC VISA and then got stolen inside the car after few days. My home (not car) insurance Company paid for it (before taxes) after deduction. RBC paid for the deduction. So I didn't lose anything.
Deal Addict
User avatar
Mar 12, 2014
1579 posts
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Montreal
Sounds so easy to just say you lost something you just purchased LOL :-O
Deal Addict
Dec 11, 2010
1700 posts
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ben85deals wrote: Sounds so easy to just say you lost something you just purchased LOL :-O
Generally, if you keep doing it, you'll have your card cancelled eventually.
Deal Addict
User avatar
Mar 12, 2014
1579 posts
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Montreal
insurance1 wrote: Generally, if you keep doing it, you'll have your card cancelled eventually.
Oh I have no doubts about that, I was just realizing the fact it is kind of easy to call something 'lost' to get it reimburse.
I work for a bank, not in the credit department though, but I never think about that warranty.
Deal Guru
User avatar
Nov 18, 2005
11955 posts
3699 upvotes
Kingston
Wiseman wrote: Am I out of luck getting a claim through with the CC company?
No you're in great shape. The CC company wants you to use your home insurance first and then they'll cover any additional amount. Since your home insurance wouldn't cover it AND you have a high deductible just let them know that and the CC company will understand that they are on the hood for the entire amount.
Deal Expert
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Feb 11, 2009
20056 posts
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Toronto
OP, your credit card will simply pay the deductible. It's written in the policy itself.

I had my iphone stolen a few years back, and the claim was only possible at $279 (paid the contract price, so got shafted as only this amount was covered...wish I had gotten it unlocked!). They asked me to go through home insurance, my deductible was $1000, and they told me to just email back proof of that, and it was paid.

I also needed a police report.

Another claim I made was with a new TV I bought where the TV stand cracked while trying to fit it in my smaller car back then....emailed pictures to the credit card company, they asked to go through home insurance, and once again just emailed them my certificate showing the deductible.
Realtor (Investment Properties) - CPA, CA

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