Wallet Insurance Is Instrumental in Limiting Your Financial Liability

Transactions made through debit and credit cards are increasing every year and pushing India to become a cashless economy. The availability of POS machines and online transactions for shopping has made this possible. These payment cards offer customers more flexibility and relieve them from the burden of carrying cash.

Even though these cards offer various facilities, they are susceptible to fraud and misuse in case of a theft. Thus, to protect themselves from such unfortunate incidents, consumers should avail of a card protection plan (CPP).

A CPP can safeguard your card but not the cash and other valuables inside your wallet or purse. Hence, individuals require a more comprehensive care plan. Wallet care insurance policies can financially safeguard you from any unforeseen theft or loss of such a nature. 

Why should you avail of insurance policies for your wallet/purse?

Listed below are some of the benefits of such insurance plans.

• Free replacement of lost documents

Most individuals carry their identity documents inside their wallets. For instance, you may carry your original PAN card. In case of theft or loss, you need to apply for a replacement PAN. Doing so means you need to pay a specific fee for the replacement card.
With a wallet care cover, you can claim such unplanned costs, limiting your financial liability.

• Coverage against card fraud

If you are a victim of theft, you must immediately block all your credit cards inside the wallet. Failure to do so can lead to fraud and substantial losses. A wallet insurance plan, though, reimburses you for such card fraud losses, up to a pre-determined limit.

• Reimbursement of cash present within the wallet

Individuals do not just carry cards and documents inside their wallets. They also have some cash present in it as well. An insurance policy for your wallet should also help you recover this sum, nullifying any financial liability from such an incident.

Now that you understand the benefits of such a policy ensure you buy one to protect yourself from such unanticipated events.

Additional Read: Smart Things to Know about Card Protection Plan