What does the purchase insurance that is accompanied by a bank card mean?

29. December 2020

Did you drop the phone you bought last week and its screen ended up broken? Or your child’s bicycle was stolen in front of the store? You do not have to worry much if you used a bank card with LHV purchase insurance to pay for the purchase.

Purchase insurance is a relatively unknown type of insurance among Estonians. It does not need to be added or activated separately, as it is automatically included in the features of several bank cards, for example. Often, people are not even aware that they have a bank card with purchase insurance, so potential insured events may simply go unreported due to a lack of knowledge.

At LHV, purchase insurance is automatically included with the Youth Card, as well as the Gold and Platinum bank cards. To this end, there is no need to enter into a separate contract or even pay a monthly fee, as you simply have to pay for the purchases with the relevant card.

This is what the name says, meaning that the cover applies to goods purchased with insurance. More specifically, the insurance applies to new durable goods with a purchase price between EUR 100 and EUR 5000. Durable goods are generally considered to be objects with a normal useful life of more than three months, such as electronics, furniture or even clothes.

It does not matter if you order the goods from an online shop or buy them from a shop. If you have paid for the purchase with a bank card that includes purchase insurance, the goods are protected against various unforeseen destruction and theft for a period of 180 days from the moment of purchase.

Similarly to any other insurance, the purchase insurance has certain restrictions and requirements. Therefore, the purchase insurance does not cover, for example, items purchased second-hand or already damaged, motor vehicles and related accessories and wear-and-tear components, as well as animals or foodstuffs.

Read more about the Gold and Platinum bank card purchase insurance conditions or the Youth Card purchase insurance conditions.

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