A price protection cover is an insurance policy which helps to avail reimbursement if the price of an already purchased item is quoted at a discounted amount in a print advertisement. To understand the merit of this insurance policy, individuals need to become familiar with its features and associated benefits. Additionally, to make the most of the said policy, they need to find out the coverage offered with the policy and terms to claim them.
Features of price protection cover
These are among the most prominent features –
- A high coverage amount: A bajaj price protection insurance coverage extends a sum insured of up to Rs.75,000 to effectively cover for the difference between the price paid and the price advertised.
- Reasonable premium: It comes at an affordable annual premium which further makes the process of availing a financial coverage quite convenient.
- Easy to apply: The process to apply for a price protection cover is quite simple. By simply visiting the official website of the insurance aggregator and navigating to the price protection policy, one can apply for the plan easily.
- Quick claim process: This insurance policy also follows a simple claim process. In turn, it helps policyholders to receive the claim amount without going through much hassle.
Individuals must make it a point to find out about terms associated with the claim process before purchase.
They can opt for Pocket Insurance & Subscriptions like Price Protection Cover from Bajaj Finserv. In turn, it will streamline the entire process and make it seem less cumbersome.
Extent of policy coverage
Price protection insurance policy covers the difference in the amount of money paid for a particular item and its quoted price on a print advertisement. Typically, transactions made through payment cards like credit card or debit card or otherwise can be covered under this policy.
Nonetheless, individuals must find out about it before they buy price protection policy. By becoming familiar with the conditions that are included in the coverage, individuals will also be aware of the exclusions as well.
Typically, price protection coverage does not include perishable items like – food, beverage, tobacco, and fuel. Likewise, pharmaceutical and optical products, medical equipment, etc. are not covered.
Also, most credit card price protection policies do not financially cover damage or loss of any high-value purchases. Nevertheless, individuals can protect their devices against unwarranted financial liabilities by availing a purchase protection insurance cover.
Things to remember
Here’s a list of things that individuals must be aware of before initiating a claim.
- The price declared on the print advertisement must be less than the amount of money the policyholder has paid.
- The claim amount must not exceed the amount of money paid for the purchased item.
- Policyholders must contact the insurance aggregator within a week of the said advertisement.
- The print advertisement should have been published within 4 weeks of purchase.
- A claim amount will not include charges like merchant’s credit, handling charges, shipping charges, discount and/or manufacturing rebates.
Besides these, individuals who intend to avail price protection cover must find out about other requirements like documents and claim process.
Also Read: How Does a Credit Card Work?
By submitting these documents, one can initiate a claim –
- Claim form that is duly filled and signed.
- An original print advertisement stating the item’s – actual price, discounted price and date of price drop.
- Purchase invoices and other bills.
- Purchase certificate.
Notably, cardholders are subjected to the risk of card fraud, including skimming and cloning. Hence, they should consider availing a fraudulent charges cover to stay financially protected against unwarranted debit and credit card frauds.
With that being said, one should avail a price protection cover to get reimbursed for the extra amount paid to buy an item despite an advertised price drop. Subsequently, they should check all its features and associated terms and claim process to benefit from it effectively.