Everyday Insurance includes three types of cover when you use your TSB Low Rate or Platinum Mastercard. These are designed to give you extra peace of mind for everyday purchases and your mobile phone.
Purchase Protection Insurance¹
This cover helps protect new items you buy with your TSB Platinum or Low Rate Mastercard if they’re stolen or accidentally damaged 180 consecutive days from the date of purchase. There’s no extra cost. It’s automatically included when you pay for eligible items with your card.
What’s covered
- New personal items paid for in full with your card
- Theft or accidental damage anywhere in the world
- Cover lasts for 180 consecutive days from the purchase date
- Up to $675 per claim
- Up to $675 total across all claims in any 12-month period
- No excess to pay
What’s not covered
Some common things this insurance does not cover include:
- Theft or damage after the 180 consecutive day cover period
- Items left unattended in public places, in unlocked cars or in an unattended car overnight.
- Mysterious disappearance where there’s no clear explanation
- Normal wear and tear or mechanical breakdown
- Jewellery and watches unless they’re hand-carried and under supervision
- Second-hand items, antiques, vehicles, sporting equipment while in use, or items used for business purposes
Price Protection Insurance¹
This cover helps if something you buy drops in price within 30 days of your original purchase. There’s no extra cost. It’s automatically included when you pay for eligible items with your card.
What’s covered
- A refund of the difference if the same item is advertised at a lower price
- The item must be identical - same brand, model and retailer channel
- Up to $500 per claim
- Up to $1,000 total across all claims in any 12-month period
- No excess to pay
What’s not covered
Some key exclusions to be aware of
- Items under $70
- Purchases from online auction sites
- Clearance, limited quantity, cash-only, closing down, staff or member-only deals
- Price drops due to coupons, package deals, rebates, credits, special financing, shipping, handling or sales tax
- Second-hand, refurbished, customised or one-of-a-kind items
- Jewellery, gems, precious metals, art, antiques or collectables
- Vehicles of any kind (including drones) or related parts
- Land, buildings, permanent structures or home improvements
- Consumables (like food, medicine, cosmetics or fuel), animals or plants
- Pharmaceutical, optical or medical products or equipment
- Services (like installation, maintenance or repairs)
- Items bought for business, professional or resale use
- Items advertised outside New Zealand or in duty-free
Mobile Phone Protection Insurance¹
This cover helps if your mobile phone is stolen or accidentally damaged, as long as you pay your monthly bill or prepaid top-up for the preceding month using your TSB Platinum or Low Rate Mastercard. There’s no extra cost.
Cover starts from the first day of the month after you pay your phone bill or top-up with your card. If you miss a payment, cover pauses and then cover resumes after a 15-day waiting period once payments restart.
What’s covered
- Accidental damage or theft of your eligible mobile phone
- Up to $800 per claim
- Up to $1,350 total across all claims in any 12-month period
- Excess of $55 per claim
What’s not covered
Some important exclusions to know about:
- Lost phones or phones that mysteriously disappear
- Cosmetic damage that doesn’t affect how the phone works
- Phones stolen from unattended baggage or a construction site
- Accessories other than the standard battery or antenna
- Damage from wear and tear, product defects, or deliberate acts
- Replacement phones not purchased from a mobile provider's official store
How to make a claim
Simply log on to nz.mycardbenefits.com, contact AIG by emailing APAC.Mastercard@aig.com, or call the AIG Customer Service team on 0800 231 234 between 8.30am and 5pm Monday to Friday (except public holidays).
AIG will aim to process your claim within 7-9 business days after you have submitted all the documents required. The AIG claims team will send you an email after the claim is registered, and when the claim is settled, denied, or if AIG needs more information.
What you need to provide and when to submit your claim
Price Protection Insurance
Contact AIG within 5 days of seeing the lower advertised price.
- Submit your claim within 30 days of your original purchase.
- Provide proof of purchase and proof of the lower advertised price.
Purchase Protection Insurance
You must file a claim for Purchase Protection Insurance within 30 days of the theft or damage.
- Provide proof of purchase, as well as your card statement.
- Theft must be reported to the police within 24 hours.
Mobile Phone Protection Insurance
You will need to provide proof of phone ownership and your TSB Credit Mastercard statement showing your monthly mobile phone bill payment.
- Theft must be reported to the police within 48 hours.
- Claims are assessed based on repair or replacement cost, less the excess.
Important Information
- Mobile Phone Insurance, Purchase Protection Insurance and Price Protection Insurance are underwritten by AIG Insurance New Zealand Limited (“AIG”). AIG, TSB or Mastercard do not provide financial advice about the insurance. TSB Credit Mastercard Insurance Terms and Conditions sets out the details of what is covered, claims limits, what is not covered, and eligibility to help you determine if the insurance is right for you. The Insurance (Prudential Supervision) Act 2010 requires licensed insurers to have a current financial strength rating that is given by an approved rating agency. AIG Insurance New Zealand Limited has an A+ (Strong) insurer financial strength rating given by Standard & Poor’s (Australia) Pty Ltd. The rating scale, in summary form is:
AAA Extremely Strong BBB Good CCC Very Weak SD Selective Default
AA Very Strong BB Marginal CC Extremely weak D Default
A Strong B Weak C Regulatory Action NR Not Rated
The rating from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. A full description of the rating scale is available on Standard & Poor’s website.
Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.