Chase Credit Card Insurance is a new feature that protects your credit card. Chase’s website states, “If your Chase credit card is lost or stolen, you can file a claim online or by phone with our claims specialists.” This article breaks down the benefits and risks of this type of insurance, plus offers advice on whether you should get it.
What is credit card insurance?
You should know a few things about credit card insurance if you’re a Chase cardholder. First, it covers losses that result from unauthorized use or theft of your card when used at merchants that accept Visa or Mastercard. In addition, Chase cardholders can also benefit from theft and loss protection on their cards if they lose them or have them stolen.
Finally, if you experience a serious financial hardship as a result of an accidental or intentional act that damaged your credit score, Chase cardholders may be eligible for assistance from the company’s credit counseling program.
Types of Credit Card Insurance
When you opt for credit card insurance, you’re getting protection if your card is lost or stolen. There are a few different types of credit card insurance to choose from, so be sure to read the fine print before signing up.
Chase Credit Card Insurance:
If your Chase card is lost or stolen, Chase will cover any unauthorized charges that occur up to $250 per incident. This coverage lasts for 90 days from the date of loss or theft and covers you even if you’re not legally responsible for the charge.
If you have this type of coverage and your card is lost or stolen, please call 1-800-Chase-24/7 right away and provide your account number and security code. You will then be enabled to cancel any outstanding transactions and obtain a new card.
Extended protection is available if you lose your Chase card while traveling outside the U.S. Chase will cover unauthorized charges made with that card within 90 days from the time it was reported as lost or stolen. In addition, if your card has been reported as lost or stolen by an airline within 72 hours of departure from a foreign country, Chase will cover any unauthorized charges incurred during that period.
To qualify for these benefits, make sure to keep track of your Chase card and report it as soon as possible if it’s missing or stolen.
How the Process Works
The Chase Credit Card insurance process works like this:
1. You apply for a new Chase credit card.
2. Once you have been approved, your credit card is automatically added to your policy.
3. Your policy will begin immediately and cover any losses or damages that you may incur as a result of card use, up to the limits of your coverage.
4. If there is an accident, theft, or loss while your card is being used, we will work with you to get the claim processed and resolved as quickly and efficiently as possible.
How to Apply for Credit Card Protection
If you’re ever in a situation where your credit card is lost or stolen, be sure to apply for credit card protection. This insurance will help cover any unauthorized charges that are made on the card and can provide peace of mind in knowing that you’re covered if something happens to your card.
To apply for credit card protection, first, make a copy of your credit card statement and fill out the application form provided by the issuer. You’ll need to provide your name, address, account number, and credit card expiration date. You’ll also need to list any authorized users on your account and provide copies of their ID cards.
Once you’ve completed the application form, mail it along with copies of all required documents to the issuer’s headquarters. It may take up to six weeks for coverage to start, so be sure to keep track of when you sent in your application so that you don’t miss any deadlines.
What to Do if You Are Claimed as a Victim
If you are a victim of identity theft, the first step is to contact your credit card company. They will likely require you to file a police report and provide proof of the theft to get any relief on your account.
Next, you should contact your bank or other financial institution that issued the card. They may have put a fraud alert on your account which will notify all companies who process payments that you are not the original user of the card. This can help prevent fraudulent charges from being made while your claim is investigated.
If you have had money stolen from your bank account, you should also contact the police and file a criminal report. This will help law enforcement track down those responsible for the theft and may result in them being charged with a crime.
Conclusion
Chase Credit Card Insurance is a great way to protect yourself and your money in the event of an accident. Here are the basics you need to know about Chase credit card insurance:
-If you have a Chase credit card, you are automatically covered by collision and comprehensive coverage, as well as theft and loss coverage. This coverage extends to any cards you own with the same bank account.
-You also can purchase additional liability protection for items you may be carrying that total more than $50,000. This covers things like your car, bikes, pets, etc.
-If an injury occurs while using your Chase credit card, make sure to contact Chase customer service immediately so they can file a claim on your behalf.
