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Coles Account Cover Plus – Credit Card Insurance

Interested in purchasing additional insurance for a Coles credit card? Find out about your options here.

Amy Bradney-George
Amy Bradney-George

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Coles Account Cover Plus is an optional form of credit card insurance that's designed to protect your account from a range of unexpected costs. As well as repayment coverage, this insurance package offers price protection, merchandise protection, and card theft and life insurance. Here, we provide details on how this coverage works and the costs involved so that you can decide if it's right for you.

How does Coles Account Cover Plus credit card insurance work?

Coles Account Cover Plus is available for Coles No Annual Fee, Coles Low Rate and Coles Rewards Mastercard. The premium for this insurance costs 1% of your monthly closing balance (capped at $50). For example, if your closing balance for one month is $2,000, you would pay $20 and if your closing balance for the next month is $5,000 (or more), you would pay $50. This credit card insurance package offers following types of coverage for your account:

  • Repayment cover. Covers the cost of your monthly credit card payments if you lose your job unexpectedly or can’t work due to illness or injury.
  • Life cover. Pays out your card balance (up to $20,000) in the event of your death, diagnosis of critical illness, or total and permanent disablement.
  • Stolen card insurance. Provides you with a $200 benefit if your Coles Mastercard is stolen.
  • Price protection. Covers the price difference to your account if an eligible item purchased with your Coles Mastercard reduces in price at the same store within 24 months of purchase. This is much longer coverage than most cards offering complimentary price protection insurance.
  • Merchandise protection. Covers the cost of repair or replacement if an eligible item purchased with your Coles Mastercard is lost, stolen or damaged within 6 months of purchase.

Coles Mastercard Comparison

Data updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Coles No Annual Fee Mastercard
Coles No Annual Fee Mastercard
0% p.a. for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Save on new and existing interest charges with 0% p.a. on balance transfers and purchases for 12 months.
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Coles Rewards Mastercard
Coles Rewards Mastercard
19.99% p.a.
0% p.a. for 18 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Enjoy $100 off a Coles Supermarket, a $0 first-year annual fee and a 0% p.a. on balance transfers for 18 months (1.5% fee applies).
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Coles Low Rate Mastercard
Coles Low Rate Mastercard
12.99% p.a.
0% p.a. for 15 months
$58
Enjoy a 0% interest on balance transfers for 15 months, with no BT fee. Plus, earn Flybuys points as you spend.
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How can I make a claim?

The Coles Account Cover Plus insurance policies are underwritten by Hallmark General Insurance Company and Hallmark Life Insurance Company (for life cover, including critical illness benefit and accidental death cover).

Latitude Finance Australia is an authorised representative for both of these companies and is responsible for dealing with claims. As such, you can make a claim at any time by calling 1800 800 230. Alternatively, you can visit www.latitudefinancial.com.au/insurance and submit a claim online, or download a claim form to post back to them. Just make sure you also refer to the insurance policy booklet provided by Coles for specific details on eligibility and claims requirements for each type of coverage offered.

How can I get Coles credit card insurance?

If you have an existing Coles credit card, you can purchase Account Cover Plus by calling Latitude on 1800 800 230. Make sure you have your account details handy to complete this process. You can also choose to purchase Coles Account Cover Plus when you apply for a Coles credit card.

You can also opt-out of Coles Account Cover Plus at any time. Just call 1800 800 230 and follow the prompts to complete this process.

What other Coles Mastercard insurance options are available?

There are two other types of insurance you can get with a Coles credit card:

  • Zero liability insurance. This coverage protects you against unauthorised transactions made on your account. It's provided by Mastercard at no additional charge and helps keep your card safe when you make purchases in-store, over the phone, online or via a mobile device.
  • Complimentary Merchandise Protection Insurance. Coles Platinum credit cards also offer complimentary Merchandise Protection Insurance. This coverage protects eligible purchases against theft, loss or damage for up to 90 days. Depending on the circumstances, you could claim a full refund of the purchase price or the reasonable cost of repair or replacement.

Coles Account Cover Plus offers more than many other optional credit card insurance policies, with protection not only against job loss, illness and theft, but also purchases made using your card. The 1% premium also means that you can keep costs in-line with your credit card spending, which can help keep this insurance affordable. But with many premium credit cards also including a range of insurance options at no extra cost, it may also be worth comparing your options before choosing a product that suits your needs.

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7 Responses

    Default Gravatar
    JaneNovember 29, 2014

    Hi,

    Just wondering is the Coles purchase lowest price insurance with the Coles credit card still available?

    Few months ago, I saw on the catalogue sheet that if we apply for a Coles credit card and buy the Coles purchase lowest price insurance, we can buy anything at coles at the lowest price for the whole year. It means that we can get rainchecks for everything at coles.

    Is that offer still available? I am very interested in that!

    Thanks!
    Jane

    Reply
      Avatarfinder Customer Care
      ElizabethDecember 1, 2014Staff

      Hi Jane,

      Thanks for your question.

      According to the special offer outlined on the Coles Insurance website, ‘As a Coles Insurance customer you have the option to take $10 off your Coles Supermarket shop, instantly at the till, every time you redeem 2,000 flybuys points.’

      This is the only promotion I could find that was similar to the one you described, so the ‘raincheck’ may not be available.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
      Default Gravatar
      JaneDecember 2, 2014

      It is useful, Thanks!

      Reply
    Default Gravatar
    CherylFebruary 1, 2014

    I purchased two tickets for the KFC T20 in December at a price of $254. The game is tomorrow, 2 February and I have vertigo which means that I cannot stand up let alone go to watch a game of cricket. Can I claim on my insurance for this event?

    Thank you
    Cheryl

    Reply
      Avatarfinder Customer Care
      ShirleyFebruary 3, 2014Staff

      Hi Cheryl,

      Thanks for your comment.

      Unfortunately the Coles Platinum range of credit cards has merchandise protection insurance which only protects the items you buy with your card if they’re lost, stolen or damaged.

      Cheers,
      Shirley

      Reply
    Default Gravatar
    annaAugust 13, 2011

    “You simply buy the items you need and if you see an identical item at a cheaper price in the same store up to 2 years after you bought yours, your credit card insurance will claim the difference in price on your policy immediately.”
    Question1: If I bought my cloth at CK store in Chadstone at full price then I saw the same cloth at CK store in the city is on sale,can I claim the difference?
    Question 2: how can I claim it?

    Thanks
    Anna

    Reply
      Avatarfinder Customer Care
      JeremyFebruary 28, 2012Staff

      Hi Anna,

      Thanks for your question. Yes you are able to claim the difference under the guidelines of the policy, to make an inquiry about a claim, please visit the claims section of the G.E Money website – http://www.gemoney.com.au/en/insurance/claims/index.html and complete the online claims form. Alternatively you can call 1800 800 230. Hope this helps.

      Cheers,
      Jeremy

      Reply
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