How does Chase Sapphire Reserve Purchase Protection work?

Chase credit card purchase protection covers you for up to $50,000 annually for lost, damaged or stolen items purchased with an eligible Chase card. Claims must be filed within 120 days of the incident in order to be eligible. Protection covers the cardholder and the recipient of items purchased as gifts on an eligible Chase credit card.... read full answer

When you file a claim, Chase will either repair or replace the item, at the Benefit Administrator’s discretion. In some cases, you will be reimbursed for the purchase price of your item as reflected on your Chase credit card statement.

Here is how Chase credit card purchase protection works:

1. Call the Benefit Administrator at the phone number on the back of your Chase credit card, or the number mentioned on your guide to benefits. You can also file a claim online. You must contact the Benefit Administrator within 90 days of any loss, damage, or theft, or you will risk having your claim denied.
2. You will receive a claim form when you file. Fill out the form completely and provide any requested documentation within 120 days of the occurrence.
3. Required documents include the signed claim form, a copy of your Chase credit card statement to verify the item was purchased on your card. If applicable, you will also need to provide a fire or police report within 48 hours of the occurrence. If the item can be repaired, send a copy of either a repair estimate or paid receipt for repairs.
4. Gift recipients must provide all requested documents in order to substantiate the claim.
5. If the claim is for a damaged item, you may be asked to send it to the Benefit Administrator, at your expense.
6. You will be notified of the decision to repair or replace your item within 15 days of receipt of the required documentation.
7. If you’re reimbursed, you’ll be compensated for no more than the purchase price on your credit card statement, or your card’s per item coverage limit, whichever is less. You should receive your reimbursement within five business days of receipt and approval of all required documents.

Keep in mind that Chase credit cards covered under purchase protection have varying coverage limits per item. With Chase Freedom Flex℠, Chase Freedom Unlimited®, and the Chase Sapphire Preferred® Card, you’re covered up to $500 per item, up to the $50,000 annual limit. Others such as Chase Sapphire Reserve® and the co-branded United Club Infinite Credit Card will cover you up to $10,000 per item. Refer to your Chase credit card’s Guide to Benefit for your specific per item coverage limit.

It is also worth noting that not all items are covered by Chase Purchase Protection. Those include, but are not limited to, unsubstantiated lost items, motorized vehicles, antiques and collectibles, used items, and computer software. Refer to your Chase credit card’s Guide to Benefit for a complete list of non-covered items.

You can use Chase Sapphire purchase protection to repair or replace items paid for with a Chase Sapphire Preferred or Chase Sapphire Reserve® credit card. Just note that not all purchases are covered. Also, you have to submit a claim within 120 days of buying something to be eligible.

The Chase Sapphire Preferred Card covers you for up to $500 per item and $50,000 per account. The Chase Sapphire Reserve Card’s converge amount, on the other hand, is up to $10,000 per item and $50,000 per year. These cards’ purchase protection benefit applies when something you buy with your credit card gets lost, stolen, or damaged.... read full answer

Where Chase Sapphire purchase protection applies:

Generally, Chase Sapphire’s purchase protection policy applies to lost or stolen items as well as items that were damaged by fire/smoke, vandalism, or accidental water/steam leaks. But there are some notable exclusions, including perishable items (e.g. food, plants, and pets), collectibles, motor vehicles and computer software. You can’t make a claim on used or pre-owned items, either.

You can check out WalletHub’s Purchase Protection Report to learn more about what Chase Sapphire covers and how much value you can recoup through the program.

Here’s how to file a Chase Sapphire purchase protection claim:

1. File a police report, if necessary. This applies only to stolen items, but it is very important. You are required to file a police report within 48 hours of the theft for your claim to be valid.
2. Contact the Chase Benefit Administrator. You must let Chase know that you intend to file a claim within 90 days of an item being lost, damaged, or stolen. You can do this online. Alternatively, you may call the Benefit Administrator at (888) 320-9961 if you’re a Chase Sapphire Preferred cardholder or at (888) 675-1461 if you are using a Chase Sapphire Reserve. You will need to give the Benefit Administrator basic information about the situation.
3. Wait to receive a claim form. The Benefit Administrator will mail you a claim form following your phone call. You must fill out this form with information about what happened and return it within 120 days of the date of the incident. You’ll also need to send other relevant materials like receipts, police reports, and any settlements you already received.
4. Wait for the Benefit Administrator’s response. If Chase deems your claim to be valid, they will mail you a check for the amount needed to repair or replace your item, up to the applicable coverage limits.

Of the two available Chase Sapphire cards, Chase Sapphire Reserve offers better purchase protection. It surpasses Chase Sapphire Preferred in terms of both the amount of coverage you’re eligible to receive and the number of claims you can make. So, while both Sapphire cards are among the best credit cards for purchase protection, according to WalletHub’s editors, only Chase Sapphire Reserve is tied for 1^st overall. Chase Sapphire Preferred is tied for 12th.

You should also note that purchase protection is not meant to replace regular insurance. If your house burns down, for example, Chase Sapphire purchase protection may cover some of the items that were inside but not the house itself. So, you’d still need homeowners insurance in that instance. That’s important because if an item is already covered by another policy, you need to make a claim there first. Plus, you need to let Chase know about any money you have received.