Is credit card insurance necessary?

K

Krew Bot

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I naively agreed to the CCP credit card insurance policy when I signed up for a credit card last year then I forgot to cancel the policy this year before it was automatically renewed. It is €25 for 12 months cover.

Is there actually a benefit to having credit card insurance? I always assumed if some scam artist got hold of my details and bought a Porsche 911 in Togo I wouldn't be liable for the debt unless I gave him my card or details. I take it if the bank felt it was my own fault and I should pay the debt, so would the CCP insurance company. So what is the actual purpose of credit card insurance.
 
Is credit card insurance necessary?
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No.
Is there actually a benefit to having credit card insurance?
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In most cases probably not. But it depends on the individual, their circumstances, the specific terms & conditions of the insurance cover etc. etc.
 
Most of the alleged benefits are available free with all cards. Money for old rope.
 
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