Anyone file a claim for MBNA Mastercard Purchase Assurance

[morpheiz]

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.

[Impossibles]

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?

[morpheiz]

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.

[greenmoon]

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.

[zombie999]

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.

[morpheiz]

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.

[brunes]

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.

[greenmoon]

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.

You are right, that document from BMO has no mention of being supplemental to any other insurance. RBC has a clause like this:


This insurance is classified as supplemental, in that it covers expenses in excess of expenses payable by any other insurance plan. For example, if you are covered under homeowners insurance, this insurance will cover the deductible only.


At least this is for my Starbucks Visa, did not check all their other card types.

Bottom line is, read the fine print! While most credit cards will cover most goods, there are often some limitations that you want to be aware of. For example, RBC used to have a rather low limit on the value of jewellery and watches covered by their warranty (don't see that clause any more), MBNA has a limit of only $1000 for computers and $500 for jewellery and art.

[morpheiz]

Ideally for small items we don't want to claim it for home owner's insurance to avoid rate hikes right?

[G-Yo]

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.

[PaterFamilias]

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.