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Credit card purchase protection/assurance/extended warranty and home insurance deductible

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  • Feb 13th, 2017 12:32 am
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[OP]
Newbie
Feb 6, 2017
1 posts

Credit card purchase protection/assurance/extended warranty and home insurance deductible

Hi all,

I was just reading this thread: has-anyone-actually-received-purchase-p ... 2074894/3/

and was wondering about the home insurance deductible. Not one person in the previous thread mentions anything about this deductible, but it seems like it's a stipulation on all credit card purchase protections (at least in my research). In my previous experience with TD VISA, a $1500 glass table that broke within the first week, TD VISA only paid the $500 home insurance deductible (even though i did not make a claim to home insurance). They actually wouldn't process the claim without documentation about my deductible.

Now my new bike was damaged while on my car bike rack and needs to be replaced at a cost of about $2000. Again, Capital One Aspire will only pay for the deductible ($500) based on this:

PURCHASE ASSURANCE AND EXTENDED WARRANTY INSURANCE
Coverage is underwritten by American Bankers Insurance Company of Florida.
Limitations and Exclusions: Purchase Assurance coverage is in excess of all other applicable valid insurance, indemnity, warranty or protection available to You in respect of the item(s) subject to the claim.

Am I doing something wrong as all the other claims in the previous post do not mention their home insurance deductible, including a new IBM bricked laptop??

Thanks!!
2 replies
Deal Addict
User avatar
Aug 4, 2003
2779 posts
1294 upvotes
You seem awfully unlucky to be breaking a lot of expensive things. I will work under the assumption that nothing nefarious is going on here and attempt to assist.

I went through something similar and awful with a friend who had a robbery while they were out. They had losses and damage in excess of 30K but home policy was very limited in terms of payout because the items were not scheduled. Claimed some of the newly purchased items that were stolen from the credit card provider because they were still within the purchase assurance time period and the adjuster hands him a cheque in the amount of his deductible.
These people were going through awful time as it was and unable to sleep and what the adjuster did felt like rubbing salt on their wounds. We appealed the decision and went back and forth with the adjuster a few times. The credit card adjuster wanted us to have written confirmation from the home insurer exactly which items they paid for and on the other hand home insurer was saying they did not pick or choose from the items because the claim amount was significantly greater than policy limitation and it is irrelevant. I was ready to fight it in small claims court because I felt CC company insurer was trying to weasel itself out of a legitimate claim. Eventually though, home insurer adjuster came up the idea of writing to CC adjuster that their payout went from top down on schedule of loss and thankfully CC items were at the bottom of that schedule. The process took about 8 months and the claim was several thousand dollars.

You bike claim will not be covered by either your home insurance policy or your auto policy but by providing you simply the deductible amount they are hoping you will walk away. You will need to get written from your home insurance and your auto insurance that there is no coverage for that event and get that documentation to your CC insurer.
Loose lips sink ships. | Her Majesty's Naval Service
Deal Addict
Oct 22, 2014
3201 posts
1269 upvotes
Toronto
McMaggot wrote:
Feb 7th, 2017 10:56 pm
You seem awfully unlucky to be breaking a lot of expensive things. I will work under the assumption that nothing nefarious is going on here and attempt to assist.

I went through something similar and awful with a friend who had a robbery while they were out. They had losses and damage in excess of 30K but home policy was very limited in terms of payout because the items were not scheduled. Claimed some of the newly purchased items that were stolen from the credit card provider because they were still within the purchase assurance time period and the adjuster hands him a cheque in the amount of his deductible.
These people were going through awful time as it was and unable to sleep and what the adjuster did felt like rubbing salt on their wounds. We appealed the decision and went back and forth with the adjuster a few times. The credit card adjuster wanted us to have written confirmation from the home insurer exactly which items they paid for and on the other hand home insurer was saying they did not pick or choose from the items because the claim amount was significantly greater than policy limitation and it is irrelevant. I was ready to fight it in small claims court because I felt CC company insurer was trying to weasel itself out of a legitimate claim. Eventually though, home insurer adjuster came up the idea of writing to CC adjuster that their payout went from top down on schedule of loss and thankfully CC items were at the bottom of that schedule. The process took about 8 months and the claim was several thousand dollars.

You bike claim will not be covered by either your home insurance policy or your auto policy but by providing you simply the deductible amount they are hoping you will walk away. You will need to get written from your home insurance and your auto insurance that there is no coverage for that event and get that documentation to your CC insurer.
What an ordeal! But for the victim, it may have been energizing to go after the CC insurance/adjuster to get back what they deserve, as a way to find faith and fairness in their world. It saddens me that in a world where kids are taught values of fairness and empathy, corporate greed dominates so much of our lives, and goes on unchecked and unregulated. Sad world we live in.

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