Chase Sapphire Reserve purchase protection covers you for up to $10,000 per item if something you buy with Reserve gets lost, stolen or damaged within 120 days of purchase. Chase will repair the item, order you a new one or give you a refund, whichever is cheaper. The annual coverage limit is $50,000.
There are several restrictions on what kinds of items are covered. For example, antiques, motorized vehicles, and living plants and animals are not eligible. Plus, to get reimbursed, you need to mail in a completed claim form within 120 days of a loss. It’s always good to read the fine print, and Chase Sapphire Reserve purchase protection is no exception. I’ll walk you through the important details below.
Here’s what you get from Chase Sapphire Reserve purchase protection:
- You are covered for theft, damage, and accidental parting. Accidental parting means you know where the item is, but you can’t get it back.
- To be covered, an item must have been paid for, at least in part, with your Chase Sapphire Reserve card or Chase Ultimate Rewards points.
- Gifts you buy for others qualify for coverage, so long as you charge them to your Sapphire Reserve card (or use points) and the item is otherwise eligible.
- Chase offers purchase protection in addition to any insurance you have. That means you’ll need to file an insurance claim if possible, and submit documentation of the claim and any compensation you received to the Benefit Administrator.
- Items that you buy to resell are not covered. Neither are purchases damaged or lost in delivery. Other items that don’t qualify for coverage include animals, living plants, antiques, collectibles, motorized vehicles, computer software, cosmetics, checks, medical equipment, used goods, and pre-paid cards.
- If you’re making a claim for a damaged purchase, you will usually need to keep the item to send it in.
Here’s how to make a Chase Sapphire Reserve purchase protection claim:
- Contact the Benefit Administrator at 1-888-675-1461 within 90 days of the loss.
- The Administrator will send you a claim form, which you need to fill out and return within 120 days of the loss.
- If Chase decides to repair your item, you will be notified of the decision within 15 business days of sending in documentation. You’ll then need to send the item to the Benefit Administrator, and pay for the shipping yourself.
- If you’re getting reimbursed, the credit should show up in your account within 5 business days of getting all your paperwork in.
Chase Sapphire Reserve purchase protection gives you some extra peace of mind and, maybe, some extra cash. Just make sure you save your receipts, and pay attention to the claim deadlines.
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