If your wallet or purse gets lost or stolen, reporting it to every card
company and sorting out replacement cards can be a very time consuming
process. For such occasions a credit card insurance was invented. The
insurance of your credit cards offers you a possibility to be calm for
your accounts. All of your cards are insured against fraudulent use and
in one quick phone call they will cancel every one of your cards and
arrange for all your replacements.
As usual, such insurance plans include complete cover for all your
cards including credit, debit, store and even membership cards and
financial security, protection from fraud with insurance for up to
£5,000 before you notify the company and up to
£100,000
after notification. You should remember that you must report card loss
within 24 hours of discovery. A telephone line is 24 hour
free,
so it doesn’t matter where you are or what time it is. What
is
more, if your keys are lost or stolen then you don’t have to
worry about being out of pocket, you’re covered for up to
£600 for the cost of replacement locks and keys.
Some plans (not the cheap
insurance) provide you with extra protection when
you’re
abroad to cover the important things like lost cash, passports and
driving licenses and an access to extra cash (a kind of credit card
debt) - up to £5,000 in cash advances to cover emergencies or
hotel bills when you’re away from home. This credit card debt
should be repayed in a month usually.
I'd recommend you read the policy details and even download
few
copy to save for your records. It's a good idea to compare the
propositions of different companies, because the conditions may differ
much.
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