Insuring plastic money

You are on a business trip abroad and having a quaint dinner at your hotel reflecting on the meeting before. As you search your pockets for your wallet, you realise in horror that your wallet has been stolen. Not only is the cash gone, but also gone are your important documents and credit cards. As you try in vain to get in touch with someone back at home and get their help to notify your bank about the card theft, your account is being happily used by the thief on high value purchases.

Has this happened to you? On more than one occasion, we end up losing our wallets; either frisked away in a crowded street or lost due to the inevitable carelessness or forgetfulness. Nonetheless, even more than the pinch of losing the cash and the important documents, it is the hassle of getting the multiple cards blocked and explaining to the customer service agent at the bank, that it was not you, but the thief who bought that 40 inch plasma TV, before you could report the theft. Weeks of negotiations follow which still result you in paying a greater portion of the credit bill for purchases you didn't make. With an average of 2-3 cards in the Indian wallets, this scenario does not remain an example anymore. What do you do to prepare for events like these?

Simple – get your cards insured. With the CPP Card Protection services launched in India, one can enrol with CPP for a very nominal but worthwhile fee and get yourself hedged against the nightmare of card thefts.

Card protection services are available in two segments – Classic, which costs about Rs 1,000 a year and Premium, which costs about Rs 1,500 Rupees a year. By availing these facilities, you can register your credit and debit cards, and other important documents like passport, PAN card, driving license etc.

In case of an emergency, you can call the toll free CPP helpline and report the loss of your wallet. CPP in turn will get in touch with you card company and get your cards blocked. CPP also insures you against fraudulent charges made on your card up to 7 days prior to the loss of your card. They will also help you get your important documents re-made. Also, if you are a premium member, CPP also pays for your hotel bills and flight tickets and arranges spare cash for you so that you can get back home in peace.

If you have high credit-limit cards or use credit/debit cards frequently then card insurance should be seriously considered; most of the times it is worth the additional fees.

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