coles-logo-150

Coles Account Cover Plus – Credit Card Insurance

Information verified correct on December 4th, 2016

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

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 MasterCards. 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

Rates last updated December 4th, 2016.

Coles Low Rate MasterCard

Purchase rate has been updated from 12.99 to 9.99% p.a.

February 10th, 2016

Coles Rewards Platinum MasterCard

2 flybuys reward points for every dollar spent + a low balance transfer offer

May 30th, 2016

Coles Platinum No Annual Fee MasterCard

New offer of 0% p.a. for 15 months on purchases is valid until 31 December 2016.

October 5th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Coles No Annual Fee MasterCard
Enjoy low purchase rate offer of 0% p.a. for 15 months and no annual fee for the life of the card. Earn 1 flybuys point for every $2 spent.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 6 months $0 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Coles Rewards Mastercard
Earn 2 flybuys points for every $1 spent and pay no foreign transaction fees on online and international purchases.
19.99% p.a. 0% p.a. for 6 months $89 p.a. Go to site More info
Coles Rewards Platinum MasterCard
Enjoy 2 flybuys points for every $1 spent and pay a low annual fee.
19.99% p.a. 0% p.a. for 6 months $89 p.a. Go to site More info
Coles Platinum No Annual Fee MasterCard
Enjoy no annual fee for the life of the card, low interest rate offer on purchases for up to 15 months with platinum card benefits.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 6 months $0 p.a. Go to site More info

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.

Back to top
Was this content helpful to you? No  Yes

Related Posts

American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

11.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

7 Responses to Coles Account Cover Plus – Credit Card Insurance

  1. Default Gravatar
    Jane | November 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

    • Staff
      Elizabeth | December 1, 2014

      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

    • Default Gravatar
      Jane | December 2, 2014

      It is useful, Thanks!

  2. Default Gravatar
    Cheryl | February 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

    • Staff
      Shirley | February 3, 2014

      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

  3. Default Gravatar
    anna | August 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

    • Staff
      Jeremy | February 28, 2012

      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

Ask a question
feedback