What is Covered Under Purchase Protection Insurance?

As per Statista, around 330 million Indians will shop online in 2020, which is roughly 71% of the country’s internet users. Such online shoppers mostly prefer to purchase appliances and consumer electronics; India is one of the fastest growing countries to manufacture and export the same. The market was valued at $31+ billion in 2017 as per IBEF.

As customers of such products, it is quite difficult to ward off the possibility of accidental damages and theft at any point of time. Hence, reputed insurance aggregators have come forward with purchase protection insurance plans to safeguard customers against damages.

Yet, scores of individuals wonder as to what these insurance products include. Therefore, it becomes important to shed light on this topic so that they can shop without worries or hassles.

What do purchase protection insurance plans include?

In its essence, a purchase protection cover is an insurance plan to avail financial protection against expenses arising from damage or theft of the articles purchased. Individuals who purchase such products receive financial leverage in any unexpected and unfortunate situations.

The following list clarifies the items that are included in a purchase price protection insurance cover –

• Financial padding against theft — Nobody is ever sure whether they will experience theft of the products that they have financed with hard-earned money. Besides, it becomes quite difficult to protect oneself constantly against such unforeseen circumstances.

In such cases, a purchase protection plan enables an individual to make financial claims against high-value items that are subject to theft. This makes sure that they do not fall prey to financial requirements involving such an unfortunate event.

• Repair, replacement, and reimbursement — Individuals also have the option to receive financial aid in case their damaged purchases require repair or replacement.

Accidental damages, hard collisions, and loose fittings often cause unexpected damages to big-ticket purchases.

As a result, several individuals purchase a protection plan to safeguard themselves financially. Additionally, a financial institution provides the expenses related to repairing of the device. In case the product requires entire replacement, these insurance aggregators come to the forefront and provide financial relief involving the purchase of a brand-new product.

• Valuable gifts and presents — Considering every aspect of an effective purchase price protection cover, individuals can also benefit from the facilities on the gifts that they receive. For instance, they have the option to insure valuable gifts from acquaintances from both domestic and overseas. Consequently, they can file compensatory claims with the insurance aggregator to recover from the losses arising from damage or theft of such presents.

Therefore, a purchase protection cover proves to be a wise financial decision, considering it is difficult to predict unfortunate events. With the payment of an affordable premium, individuals can receive high amounts of coverage in case of theft or accidental damage of purchased products. They can choose to insure themselves financially against multiple products at the same time with an insurance provider like Bajaj Finserv under its Pocket Insurance & Subscriptions.

Additionally, they can significantly reduce their financial liabilities while making big-ticket purchases with a price protection cover. With this insurance option, they can purchase the same product at the least quoted price.

In addition, individuals have the opportunity to prevent expenses arising from fraudulent practices related to credit cards. A fraudulent charges cover is an effective way to receive a higher coverage against financial malpractices and unauthorized transactions.

Purchase protection insurance plan thus covers an individual financially against liabilities emerging from unpredictable damages and theft. In this way, they can continue to shop online or offline in a worry-free manner.