Purchase Protection covers the costs of repair or replacement for an item that you purchased fully through your Monese account, if it’s been stolen or accidentally damaged.
The total value of your claim will be calculated based on the item’s original price, but excluding a monthly 5% depreciation after 3 months and excluding an excess of the first £50. You can see how depreciation and the excess works here
Here are the claim limits for each plan:
For Premium:
- £4,000 per claim
- £10,000 per year (12 month)
- Claim period of 180 days after purchase date
For Classic:
- £1,000 per claim
- £2,500 per year (12 month)
- Claim period of 90 days after the purchase date
To find out more, open your Monese app > go to Explore > tap on Purchase protection > scroll to the bottom of the page. You can also check the policy documentation here