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Info  Dear client! Fraudulent phone calls and scam e-mails on behalf of banks are common, with scammers trying to gain access to a client’s bank account. Never enter PIN codes if you have not initiated the transaction yourself and remember that the bank will never ask for the PIN 2 code when entering the internet bank!

Debit and credit card purchase insurance

We do things differently at Coop Pank! While other banks usually offer purchase insurance only to credit card holders or gold customers, Coop Bank offers purchase insurance free of charge to all private customers using our debit and credit cards.

Simply pay via the bank and your larger purchases are covered for 180 days!

What is purchase insurance?

In brief, purchase insurance is the insurance of purchased goods against sudden and unforeseeable destruction, damage or theft.

The insurance cover is automatically applied to purchases of durable goods made with our private client’s debit and credit cards in accordance with the insurance terms and conditions, applying to purchases that cost from €100 to €2,500.

Automatic and free!

Use our bankcard to pay for your purchase and your purchase is automatically insured.

Easy proof of purchase!

In the event of an insurance claim, an overview of your card transactions from the Internet Bank is sufficient to prove the purchase.

The deductible or the amount of money,

which you will have to pay in the case of an insured event, is only €30.

You accidentally sat on your new expensive glasses and broke them?

The phone you just bought fell into the sea?

Your recently acquired things were stolen or taken in a robbery?

You can worry less when you shop with a Coop Pank debit or credit card!

If your recent purchase was still covered by valid purchase insurance, insurance will indemnify you for the purchase price of the item in the case of an insured event, minus just €30 as the deductible.

What should you know about purchase insurance?

1. Damage to property
Example: You bought your child’s scooter with a Coop bankcard. Your child had a bad fall, breaking the car and the front wheel attachments. The insurance covers the repair costs of the scooter less the deductible of €30.

2. Destruction of property
Example: A mobile phone you just bought for €450 fell into the water from the boat when you were at sea. The property cannot be restored. The insurance covers €420 of the cost of the property, the client must pay the deductible of €30.

3. Theft
Example: Everything, including sunglasses, were stolen from the boot of the car when you were travelling. The sunglasses were covered by valid purchase insurance and insurance indemnifies the purchase price of the sunglasses minus the deductible of €30.

4. Robbery
Example: A handbag, purchased just three months ago for €370, was taken from the client in a robbery at a nightclub. Deductible €30, the insurance will cover €340.

New things for which the cardholder paid in full by a valid card and that cost from €100 to €2,500, are insured. An insured event is the theft, robbery, sudden and unforeseeable destruction of or damage to an item purchased with the card, which is not excluded by the insurance contract.

Yes, just pay for the purchase using your Coop Pank debit or credit card and your purchase will automatically be covered for 180 days. The insurance is valid worldwide.

The insurance cover starts on receipt of the goods.

The purchase insurance does not cover second-hand goods, plants, animals, high-power motor vehicles, foodstuffs and goods that are used up or have a shelf life of less than three months. Read the detailed terms and conditions of purchase insurance.

The total sum insured per year is €2,500. The one-year period is calculated from the date of issue of the card. The sum insured for smartphones and mobile phones, tablets and laptops, photo and video cameras, precious stones and metals, fur products, paintings, graphics and sculptures is €500 per insured event. Insurance cover does not apply to products purchased on hire purchase.

Yes, if the insured object can be repaired and doing so is economically feasible, the indemnity is based on the cost of repairs, including necessary and reasonable transport costs. The entire purchase amount will be indemnified in the cases where repairing the item is not economically feasible. For example, indemnifying the cost of a broken phone screen may be reasonable in some cases, but not in others.

As the purchase insurance partner of Coop Pank is IF P&C Insurance AS, please report the insured event* to IF at kahjud.if.ee/en/other-claims so we can handle your claim faster, and add the word ‘Coop’ to the policy number field.

* Insured event means the sudden and unforeseeable destruction, damage or theft of the insured product. Losing a product or leaving it behind is not deemed an insured event.

Read the terms and conditions of purchase insurance.