Shop confidently with the best credit cards for purchase protection

It's a worst-case scenario, you dropped your shiny new laptop and the damage isn't covered by the manufacturer's warranty.

However, depending on what credit card you used to make the purchase, you may not be out of luck. Many of the best credit cards come with built-in insurance coverages, including purchase protection.

If your card has purchase protection, you can be reimbursed for damage, loss or theft of items you've recently purchased. But, not all purchase protection benefits are the same — there are different coverage limits and lengths of coverage. It's important to understand how the purchase protection works for the card or cards you have.

Below, CNBC Select details how purchase protection works and the best credit cards with purchase protection, broken down by cards with the highest coverage limits, the longest coverage periods and even cards with purchase protection and no annual fee.

Best for high coverage limits

• American Express® Gold Card
• The Platinum Card® from American Express

Best for long coverage period

• Chase Sapphire Reserve® Card
• Chase Sapphire Preferred® Card
• Ink Business Preferred® Credit Card

Best for no annual fee

• Chase Freedom Flex℠ 
• Blue Cash Everyday® Card from American Express; see rates and fees
• Ink Business Cash® Credit Card
• Ink Business Unlimited® Credit Card

The credit cards with the highest purchase protection coverage limits cover eligible items for up to $10,000 per claim and $50,000 per account. You can be reimbursed for loss or damages up to the original purchase price. Keep in mind, if you need to get something repaired, purchase protection may only cover reasonable repairs at an authorized repair facility, so be sure to contact your card's benefits administrator before getting anything fixed.

• American Express® Gold Card: *Covered 90 days from the purchase date; Up to $10,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.
• The Platinum Card® from American Express: *Covered 90 days from the purchase date; Up to $10,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.

Credit card purchase protection typically only covers purchases for the first 60 to 90 days. However, the cards with the best coverage period offer protection for 120 days from the purchase date. Most items you buy with an eligible card qualify for purchase protection, including gifts and items bought outside of the U.S. But certain things typically aren't covered, such as perishables, collectibles/antiques, computer software and used/pre-owned items.

• Chase Sapphire Reserve: Covered up to 120 days from the purchase date; Up to $10,000 per claim and $50,000 per account
• Chase Sapphire Preferred® Card: Covered up to 120 days from the purchase date; Up to $500 per claim and $50,000 per account
• Ink Business Preferred: Covered up to 120 days from the purchase date; Up to $10,000 per claim and $50,000 per account

The best credit card perks usually come attached to cards with the highest annual fees. But you can get top-notch purchase protection with a no-annual-fee card.

• Chase Freedom Flex: Covered up to 120 days on new purchases from the purchase date; Up to $500 per claim and $50,000 per account
• Blue Cash Everyday® Card from American Express: Covered 90 days on new purchases from the purchase date; Up to $1,000 per purchase (up to $500 per purchase for natural disasters) and $50,000 per account. Terms apply.
• Ink Business Cash® Credit Card: Covered up to 120 days on new purchases from the purchase date; Up to $10,000 per claim and $50,000 per account
• Ink Business Unlimited® Credit Card: Covered up to 120 days on new purchases from the purchase date; Up to $10,000 per claim and $50,000 per account

Credit card purchase protection coverage typically applies to purchases you make with an eligible card. Depending on the card's terms, purchases made using points may also be covered.

Purchase protection covers theft, damage or loss and is secondary coverage, which means it kicks in after other insurance such as homeowners or renters insurance. It's also separate from benefits like extended warranty, which adds time to an original manufacturer's warranty, and return protection, which allows you to extend an eligible item's return policy.

What purchases are covered, how long the coverage lasts and the amount you can be reimbursed all vary depending on the card and/or card issuer. Purchase protection usually only applies for 60 to 120 days after you purchase an item and there are reimbursement limits per claim and account. Some items may not be covered, like perishables, cars, antiques or anything you buy to sell.

To file a purchase protection claim you'll need to contact the card issuer and submit the necessary documentation. Typically, you'll need an itemized receipt, credit statement and police report (if the item was stolen). Once your claim is approved, you'll be reimbursed up to the value of the item or up to your coverage limit, whichever is lower.

We've outlined the key purchase protection benefit details for the cards included in our list.

• How do I get credit card purchase protection?
• Who's covered by credit card purchase protection?
• What items are covered by credit card purchase protection?
• Is there an out-of-pocket cost for purchase protection coverage?

To take advantage of purchase protection, you'll need a credit card that has a purchase protection benefit. Any eligible purchase you make with a card that has purchase protection coverage automatically is covered. This can even include gifts and purchases you make outside of the U.S. Typically, cards with higher annual fees have more robust coverage with higher limits or longer coverage periods.

The primary cardholder and authorized users can typically both take advantage of purchase protection benefits for eligible purchases. This is an especially useful benefit if your card allows you to add authorized users for free.

The exact inclusions and restrictions vary slightly by card. Generally, most personal property and gifts are covered, which includes items bought outside of the U.S. and items purchased with points associated with the card's rewards program.

Depending on your coverage, there are specific categories of items or situations where your purchase protection won't apply, including:

• Animals
• Living plants
• perishables
• Items bought for resale
• Computer software
• Boats
• Cars
• Medical equipment
• Damage or theft from fraud, abuse or war
• Damage or loss while the item is being shipped
• Damage from normal wear and tear

Purchase protection doesn't have a deductible, but the insurance is secondary. Since it goes into effect after any primary insurance, purchase protection can cover the deductible portion you pay for other insurance coverage.

You may open a credit card because of its rewards program, welcome bonus or bonus spending categories, but those aren't usually the only benefits you'll have access to.

Many of the best credit cards have built-in insurance that automatically applies to eligible purchases, including travel insurance, cell phone protection and purchase protection. The top purchase protection plans will reimburse you for damage, loss or theft for 120 days and up to $10,000 per claim.

Understanding all of your credit card's benefits allows you to make sure you're not only earning the most rewards for every purchase but that you're also taking advantage of the best insurance protections.

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*Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they're accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For rates and fees of the American Express® Gold Card, click here.

For rates and fees of the Platinum Card® from American Express, click here.

For rates and fees of the Blue Cash Everyday® Card from American Express, click here.