Cc Insurance.

lic

I have recently signed for a £10 pcm fee for my current account. This includes free annual multi trip travel insurance, breakdown recovery and cc protection if lost/stolen.
Does anyone know the cheapest way to protect my cc's against theft/loss?
There dose not seem to be any articles about this type on insurance on this site!!

lisyloo

What do you think you need it for?

If you card is used fradulently you won't be liable as long as you aren't negligent.

Purple_Peril

I have mine covered through CardGuard (part of HSBC) - they charge £20 for a year or £50 for three years and if any of your cards are lost/stolen then you only have to make the one phone call to get them all stopped. They also cover other cards (I've got such things as my library cards, AA membership etc covered). You also get a key tag so that if your keys are lost they can just be posted in a postbox and they are returned to CardGuard.

I have this one as my current account is with HSBC and I've had it for a few years now. I have seen similar things promoted with my credit cards, but I haven't found any as good value as this one.

If you do a search for CardGuard it should come up pretty high in the list of results (it was the first result on the search I've just done).

ad44downey

lic wrote: »

I have recently signed for a £10 pcm fee for my current account. This includes free annual multi trip travel insurance, breakdown recovery and cc protection if lost/stolen.
Does anyone know the cheapest way to protect my cc's against theft/loss?
There dose not seem to be any articles about this type on insurance on this site!!

You're pouring your money down the drain.

lisyloo

I have mine covered through CardGuard (part of HSBC) - they charge £20 for a year or £50 for three years and if any of your cards are lost/stolen then you only have to make the one phone call to get them all stopped.

This is not moneysaving.
Instead of spending the £20 why not write down all your card numbers and phone numbers somwhere.
Also I recommend only carrying the ones you need - no need to take your wordly goods in your handbag when you are going to the supermarket.

You're pouring your money down the drain.

I wouldn't have phrased it quite like that but the moneysaving method would be to look at the products you actually use and see what you would have to pay for them seperately.
I suspect you can get it cheaper.
For example I have breakdown recovery for 3 vehicles for £36 with AutoAid.

lic

Sorry I sould have mentioned the other benefits for the fee are a £300 fee free overdraft and 1% extra interest on credit balances.
The account is in joint names so me and mrs lic are covered.
I have tried to establish separate cost for the benefits and have managed to get quotes for breakdown cover of £35 and Travel ins for £35, which means we are actually paying £50 for the cc cover and other benefits.
The CC cover also pays for replacement driver's licence and passports for me and mrs lic.
As we travel a lot, it just seems easier to make one phone call home to report the loss/theft should we be unlucky enough to fall victim to such. Also the ins covers cards issued by our Spanish bank.
I hope we never have to use it.
As for noting down the card numbers and separate telephone numbers for each bank, I agree that may be a saving in this country, but to call these defferent organisations when abroard would cost a fortune in itself!
I think this type of insurance may prove useful, and was actually wondering if it cold be obtained cheaper elsewhere. I am aware that there is a school of thought that thinks all ins is a waste of money except those legally required ie motor ins or those required by a mortage company.

_Andy_

Cardguard is a great policy, good value for money.
As the OP has pointed out above, if you had your wallet/purse/whatever stolen abroad, one phone call is going to get all cards (credit/debit/store/loyalty) stopped straight away.

lisyloo

I am aware that there is a school of thought that thinks all ins is a waste of money except those legally required ie motor ins or those required by a mortage company.

Well insurance companies have costs (for buildings and staff) and have to make a profit for shareholders so on AVERAGE it's going to cost you more to pay for insurance that to have none if you have AVERAGE luck.

Of course there is no such thing as AVERAGE luck.

If you pay insurance premiums you may end up better or worse off depending on what happens to you.
You sound like you value the peace of mind, so if that's important to you then you should get the policy and find the best value one you can.

I think replacement passports would be covered under travel insruance, so just make sure you aren't duplicating cover anywhere.
Apart from paying twice, it can cause hassle if you have two policies insuring the same thing as the insurers might have to split the claim.

benf90

lic wrote: »

Sorry I sould have mentioned the other benefits for the fee are a £300 fee free overdraft and 1% extra interest on credit balances.
The account is in joint names so me and mrs lic are covered.
I have tried to establish separate cost for the benefits and have managed to get quotes for breakdown cover of £35 and Travel ins for £35, which means we are actually paying £50 for the cc cover and other benefits.
The CC cover also pays for replacement driver's licence and passports for me and mrs lic.
As we travel a lot, it just seems easier to make one phone call home to report the loss/theft should we be unlucky enough to fall victim to such. Also the ins covers cards issued by our Spanish bank.
I hope we never have to use it.
As for noting down the card numbers and separate telephone numbers for each bank, I agree that may be a saving in this country, but to call these defferent organisations when abroard would cost a fortune in itself!
I think this type of insurance may prove useful, and was actually wondering if it cold be obtained cheaper elsewhere. I am aware that there is a school of thought that thinks all ins is a waste of money except those legally required ie motor ins or those required by a mortage company.

I don't know who actually provides that cover - the bank probably just sell it on behalf of another company and get a bit of commission from your sale.

If you bank with Lloyds TSB then it will be sentinel, full details of their cover is given here:

http://www.sentinelcardprotection.com/index.htm

I'm not really too sure how much value an interest free overdraft of £300 or the extra 1% credit interest will be. The chances are the interest on £300 wouldn't be too much and you'd probably get better interest with a savings account.

There are other companies out there who provide pretty much the same thing. One of those is CPP, the price for them is £29 per year or £70 for 3 years. The details of their cover is here:

http://www.cpp.co.uk/cardprotection/benefits.html

CPP is actually the cover which Egg resell as Egg Emergency Cover, details here:

http://new.egg.com/visitor/0,,3_88839--View_1940,00.html