credit card insurance benefits switzerland

Credit Card Insurance Benefits in Switzerland

Things you should know about insurance benefits provided by Swiss credit cards.

Many Swiss credit cards provide a number of insurance coverages in addition to rewards programs. The same rule normally applies for both: The cheaper the credit card, the less rewards and insurance benefits it gives you.

The moneyland.ch credit card comparison tool rates 10 individual insurance benefit categories for each credit card. You can use the dropdown on the results page to sort results based on the benefits they offer.

Note that in most cases, insurance coverage only applies when you use the credit card that provides them to pay for shopping, travel, car rentals or flights. Depending on the credit card and the insurance policies it comes with, between 50% and 100% of a purchase must be paid for using the credit card in order for it to be eligible for insurance coverage.

If a covered incident occurs, you should contact the card issuer as promptly as possible and report the incident (an auto accident or luggage theft, for example) to the local police immediately. If you fail to file reports in a prompt manner, your claim may be rejected.

Not all credit cards provide insurance coverage, and of the cards which do, the types and amounts of coverage you get vary from card to card. A comprehensive credit card comparison can help you find the card which delivers the insurance benefits you actually use.

The rule of thumb is: platinum cards offer the most insurance coverage, followed by gold and (lastly) standard cards. With a few exceptions, Swiss prepaid cards do not offer insurance benefits.

Many credit cards provide insurance benefits as an optional extra, and charge additional fees for those benefits, above the normal card fees. The moneyland.ch credit card comparison does not include optional insurance coverage for an added fee as a card benefit.

Here’s a practical overview of the insurance coverage that comes with various Swiss credit cards:

Travel accident insurance

Travel accident insurance covers common carrier transportation which you pay for trips using a credit card that offers this benefit. If you are killed or permanently dismembered in a common travel accident, this insurance pays out a benefit of between 50,000 and 1 million francs, depending on the credit card.

Rescue and repatriation insurance

Rescue, transportation, rescue and repatriation costs are covered by the insurer, up to a maximum sum insured, when the travel bookings have been paid for using a credit card with this benefit. Depending on your card, coverage ranges between 10,000 francs up to a maximum of 100,000 francs (on a few exclusive cards). Most credit cards that offer this benefit limit coverage to 60,000 francs.

Trip cancellation and interruption insurance and trip delay protection

In the event of a trip cancellation, trip interruption or trip delay caused by a covered hazard, you will be reimbursed for part or even all of the cost of the trip. With some credit cards, this insurance may have a deductible which you are required to pay out of your own pocket. Depending on the credit card you use, coverage for these events may be as low as 150 or as high as 40,000 francs. Some cards only cover incidental costs associated with a trip delay or interruption, such as meals or a hotel stay.

Rental car insurance

Rental car insurance covers vehicle rentals which you pay for with your credit card that provides this benefit. In many cases, coverage only applies to car rentals outside of Switzerland. Depending on the credit card and the underlying insurance policy, out-of-pocket costs of up to 10,000 francs per claim are covered. Platinum cards often provide comprehensive rental car insurance of between 80,000 to 120,000 francs per trip.

Luggage loss or delay insurance

A number of Swiss credit cards provide insurance against baggage theft, and depending on the card you use, maximum compensation limits range from 1500 to 5000 francs per claim, generally up to a maximum annual limit of 8000 francs for combined claims. Maximum coverage for luggage delays varies between 300 and 3000 francs, depending on the credit card used. Some credit cards only allow you to claim compensation after your luggage has been delayed for a minimum length of time (48 hours, for example).

Purchase protection

Purchase protection varies between credit cards. The maximum coverage you can get ranges from 750 francs to 2000 francs per claim, up to a total of between 4500 and 10,000 francs per year. Things you buy (with some exceptions) using your credit card may be covered against theft, burglary and accidental damage, for example. With some credit cards, a deductible applies.

Return protection

The return protection coverage you get varies from card to card. In many cases, a difference is made between online purchases and the rest of your purchases. The maximum compensation offered by Swiss credit cards that offer return protection ranges from 500 francs to 2000 francs per claim, depending on the card. Generally, the maximum compensation for combined returns in one year is limited to 8000 francs.

Price protection

Price protection reimburses you for the difference in price when you find an item which you purchased using your Swiss credit or prepaid card being offered at a lower price by another merchant. Viseca prepaid cards, for example, compensate you with up to 1000 francs in purchase price differences for total claims every year. Viseca credit cards provide up to 2000 francs of price protection for total claims every year.

Legal insurance

Two types of legal insurance are often included as benefits on Swiss credit cards. One of these relates to purchases and the other relates to travel. The maximum amount of travel legal assistance you can get is 250,000 francs, when you travel outside of Europe.

The moneyland.ch team

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