In a generally consumer-friendly move, Chase has announced changes to the travel and purchase protection benefits on its consumer credit cards. The bank will also transfer its administrator and insurer for card-based insurance benefits to Assurant, a Fortune 500 global business services company. These benefits are currently managed by eClaimsline.
Chase has not released a full list of cards affected by these changes, but according to the bank, the update will take effect on October 1, 2024, and will include “all Chase branded and co-branded credit cards.”
Affected cardholders will receive a revised benefits guide with an overview of the new benefits for their card by August 15, 2024.
What is changing?
Insurance coverage for rental cars
Coverage limits will increase to $60,000 for eligible vehicles with a sales price of $125,000 or less. Currently, this coverage is the actual cash value of the leased vehicle. Cardholders also now have 100 days to notify the benefits administrator of an accident (previously 60 days).
Emergency evacuation and transport
The service provider now organizes and provides emergency transportation for qualified cases. Currently, cardholders must pay in advance and then submit a reimbursement request.
Travel and emergency assistance
This benefit will be added to “select products,” according to Chase, and includes legal and medical recommendations, as well as access to other travel and emergency assistance services.
Examples of cards with this insurance coverage are the Chase Freedom Flex®, Chase Freedom Unlimited®, IHG One Rewards Premier Credit Card and the World of Hyatt Credit Card.
Travel accident insurance
For “select products” that already offer this benefit but have a lower coverage limit, the coverage limit increases to $500,000.
Examples of cards with this insurance coverage are the World of Hyatt Credit Card And Chase Freedom Flex®.
Reimbursement for lost luggage
This benefit will be added to “select products,” according to Chase, and provides reimbursement of up to $3,000 per covered traveler, per trip, for the cost to repair or replace baggage and personal property lost or damaged during air travel.
Extended warranty protection
The terms of this benefit are changing to $10,000 per claim and a maximum of $50,000 per year. Previously, these coverage limits applied for the entire life of the account and did not reset each year.
Chase has not yet announced which cards will receive this benefit.
Travel cancellation/trip interruption insurance
This advantage is extended to the United Gateway℠ Card to cover additional family members and more eligibility criteria.
🤓Nerd tip
To qualify for this travel and purchase protection, you must pay the entire purchase price with your applicable Chase card. Other purchases are not protected.
More coverage when you need it
Consumer protection is one of the many reasons why NerdWallet recommends Shopping with a credit card. Increased coverage limits combined with an expanded list of cards that offer these benefits are a good thing for individual Chase cardholders. These perks can make it less stressful when something goes wrong, especially when you’re away from home.
