Interested in purchasing additional insurance for a Coles credit card? Find out about your options here.
Coles Account Cover Plus is an optional form of credit card insurance that’s designed to protect your account from a range of unexpected costs. As well as repayment coverage, this insurance package offers price protection, merchandise protection, and card theft and life insurance. Here, we provide details on how this coverage works and the costs involved so that you can decide if it’s right for you.
How does Coles Account Cover Plus credit card insurance work?
Coles Account Cover Plus is available for Coles No Annual Fee, Coles Low Rate and Coles Rewards MasterCards. The premium for this insurance costs 1% of your monthly closing balance (capped at $50). For example, if your closing balance for one month is $2,000, you would pay $20 and if your closing balance for the next month is $5,000 (or more), you would pay $50. This credit card insurance package offers following types of coverage for your account:
- Repayment cover. Covers the cost of your monthly credit card payments if you lose your job unexpectedly or can’t work due to illness or injury.
- Life cover. Pays out your card balance (up to $20,000) in the event of your death, diagnosis of critical illness, or total and permanent disablement.
- Stolen card insurance. Provides you with a $200 benefit if your Coles MasterCard is stolen.
- Price protection. Covers the price difference to your account if an eligible item purchased with your Coles MasterCard reduces in price at the same store within 24 months of purchase. This is much longer coverage than most cards offering complimentary price protection insurance.
- Merchandise protection. Covers the cost of repair or replacement if an eligible item purchased with your Coles MasterCard is lost, stolen or damaged within 6 months of purchase.
Coles MasterCard Comparison
Rates last updated October 21st, 2016.
- Coles Low Rate MasterCard
Purchase rate has been updated from 12.99 to 9.99% p.a.
February 10th, 2016
- Coles Rewards Platinum MasterCard
2 flybuys reward points for every dollar spent + a low balance transfer offer
May 30th, 2016
- Coles No Annual Fee MasterCard
New offer of 0% for 15 months on purchases, which is valid until 31 December 2016.
October 5th, 2016
How can I make a claim?
The Coles Account Cover Plus insurance policies are underwritten by Hallmark General Insurance Company and Hallmark Life Insurance Company (for life cover, including critical illness benefit and accidental death cover).
Latitude Finance Australia is an authorised representative for both of these companies and is responsible for dealing with claims. As such, you can make a claim at any time by calling 1800 800 230. Alternatively, you can visit www.latitudefinancial.com.au/insurance and submit a claim online, or download a claim form to post back to them. Just make sure you also refer to the insurance policy booklet provided by Coles for specific details on eligibility and claims requirements for each type of coverage offered.
How can I get Coles credit card insurance?
If you have an existing Coles credit card, you can purchase Account Cover Plus by calling Latitude on 1800 800 230. Make sure you have your account details handy to complete this process. You can also choose to purchase Coles Account Cover Plus when you apply for a Coles credit card.
You can also opt-out of Coles Account Cover Plus at any time. Just call 1800 800 230 and follow the prompts to complete this process.
What other Coles MasterCard insurance options are available?
There are two other types of insurance you can get with a Coles credit card:
- Zero liability insurance. This coverage protects you against unauthorised transactions made on your account. It’s provided by MasterCard at no additional charge and helps keep your card safe when you make purchases in-store, over the phone, online or via a mobile device.
- Complimentary Merchandise Protection Insurance. Coles Platinum credit cards also offer complimentary Merchandise Protection Insurance. This coverage protects eligible purchases against theft, loss or damage for up to 90 days. Depending on the circumstances, you could claim a full refund of the purchase price or the reasonable cost of repair or replacement.
Coles Account Cover Plus offers more than many other optional credit card insurance policies, with protection not only against job loss, illness and theft, but also purchases made using your card. The 1% premium also means that you can keep costs in-line with your credit card spending, which can help keep this insurance affordable. But with many premium credit cards also including a range of insurance options at no extra cost, it may also be worth comparing your options before choosing a product that suits your needs.Back to top