What does credit card purchase protection cover?

Let’s say you’re the type of person who likes to go running (not us, but maybe you). Maybe it’s time to get new shoes or a new visor (again, we don’t run, so we don’t know). After spending a few hours perusing the options from the comfort of your sofa (now that, we can get behind), you order a pair or two of shoes to your house. A few days later, your shipment says it’s been delivered — but there’s nary a package in sight. What’s an active runner like you to do?

For starters, you might want to consider getting your items delivered to a collection point, since it sounds as if you were the victim of package theft. In terms of recouping your money, however, you may be in luck. Credit card benefits often include purchase protection — provided you purchased the item using that same credit card.  

Credit card purchase protection — aka purchase assurance, purchase security, or damage and theft protection (woof that’s a mouthful!) — keeps you safe against theft or damage. This kind of coverage works in tandem with other insurance policies that you may already have. 

So if your new laptop is stolen, you could file claims with both your renter’s insurance provider and your credit card. But be forewarned: filing too many claims can lead to higher rates or even the cancellation of your policy. 

There are, as always, limitations to keep in mind. If you bought an iPhone yesterday and some guy at the coffee shop steals it today, you’re probably covered. If you bought the iPhone eight months ago, you probably aren’t. In general, you have around 120 days for these policies to be effective, though the exact timings depend on the credit card company. 

Some cards cover items purchased for personal use, some cover gifts or business buys. That said, limits on how much money can be redeemed vary widely. Ditto the amount you can claim per year and, as mentioned above, what period is covered. Other common exclusions include:

• Used or pre-owned items
• Antiques and collectibles
• Currency and gift cards
• Cars, boats, and other motorized vehicles 

And would it be insurance if there weren’t some rare and weird exclusions, like for instance:

• Medical equipment
• Items stolen from your car
• Sports equipment 
• Damage owing to certain weather events
• Damage owing to war or acts of god

As ever, it’s important to read your policy thoroughly to fully understand what’s what. 

No matter if it’s new running shoes or a new laptop, no one wants to be the victim of a porch pirate. Which is why we want to make sure you know how to protect yourself and the things you love. We built Marble to help you control your insurance, from one digital hub  — all while earning rewards on your insurance. Set up your wallet today! 

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