What is Purchase Cover Insurance?

Purchasing items with a credit card, be it online or in-store, can be easy, convenient and satisfying.

However, what if the worse came to worst and your newly acquired item was stolen, lost or accidentally damaged?

To protect your new credit card purchase, Purchase Cover Insurance may come in handy.

What is Purchase Cover Insurance?

Purchase Cover Insurance, also known as purchase protection, is one of the many benefits of using a Virgin Australia Velocity High Flyer credit card.

When you use your Virgin Australia Velocity High Flyer credit card to purchase a covered product, you are provided with three months of complimentary Purchase Cover Insurance against loss, theft or accidental damage.

Cover does not start until you are in possession of your new purchase and there are exclusions so it’s important to read and understand the Terms and Conditions.

How could I benefit from purchase cover?

As you begin to understand what purchase cover actually is, you might see how it can be useful.

Let’s say you order a brand new phone online and pay for it with your Virgin Australia Velocity High Flyer card. It arrives to you safe and sound within the delivery timeframe. Unfortunately, two months later you are pick-pocketed and your beloved phone is stolen from you. While this is really bad news, this is where your Purchase Cover Insurance may come into play.

On the basis that your phone meets the definition of a covered product under the Terms and Conditions, you may be eligible for a claim, up to the purchase price charged to your Virgin Australia Velocity High Flyer credit card. Remember, an excess also applies when you make a claim.

So, you will only call on your Purchase Cover Insurance if theft, loss or accidental damage of your newly acquired goods becomes a reality. While nobody can predict when this might happen, having it included as a benefit when you purchase an item using your Virgin Australia Velocity High Flyer credit card may provide you added peace of mind when making those eligible purchases.

Purchase Cover Insurance covers a wide range of products purchased anywhere in the world, provided the purchase is charged to your Virgin Australia Velocity High Flyer credit card and you have it in your possession.

What’s covered by purchase cover?

There are a range of items that are covered, but be sure to check the list of exclusions. For example, software and other non-tangible items are not included in the protection, nor are animals and plants.

Consumables are not covered either, as you might expect, nor are cars, motorboats, airplanes and other motorised vehicles.

See the Complimentary Insurance Terms and Conditions for further details and a list of both inclusions under this insurance.

What would you like covered by Purchase Cover Insurance?