Capital One Platinum car rental insurance covers cardholders and eligible authorized drivers for qualifying damage, theft, loss of use charges and towing, up to $50,000. Coverage includes physical damages resulting from an accident or theft. Towing costs (to the nearest collision repair facility) and reasonable loss of use charges imposed by the rental agency (up to $500) during the vehicle’s out of service period are also covered.
Here is how Capital One Platinum car rental insurance works:
Overview: Capital One Platinum car rental insurance covers cardholders and eligible authorize drivers for damage, theft, towing and loss of use charges. Rental cost must be charged to the Capital One Platinum and the rental period cannot exceed 15 consecutive days.
Who is covered: Capital One Platinum cardholders and authorized drivers designated as such in the rental agreement. Cardholders must charge the rental costs to their Capital One Platinum and refuse the rental agency’s car rental insurance.
What is covered: Physical damage and theft of eligible vehicles; reasonable loss of use charges imposed by the rental company for the period of time the rental vehicle is out of service (charges must be substantiated by a location and class specific utilization log); towing charges to the nearest collision repair facility. Coverage is worldwide, with the exception of the following countries: Republic of Ireland, Northern Ireland, Israel, Jamaica.
What is not covered: Ineligible categories include vehicles exceeding an MSRP (Manufacturer Suggested Retail Price) of $50,000, motorcycles, trailers, trucks, pickups, vans mounted on truck chassis, cargo vans, off-road vehicles, other RVs, and more. Losses derived from theft, whereby the cardholder or authorized driver cannot produce the keys of the vehicle at the time of reporting the incident to the police/rental agency are not covered.
How much is covered: Up to $50,000. In addition, coverage is limited to $500 per incident for reasonable loss of use charges imposed by the rental company during the time the vehicle is out of service.
How to claim: Call your Benefit Administrator to request a claim form. You must report the claim within 60 days of the incident. Based on the information given to your Benefit Administrator, you’ll be sent the relevant claim forms that must be completed and returned within 180 days.
Yes, your car insurance covers rental cars, in most cases. Standard auto insurance policies cover car rentals in the U.S., up to your normal policy limits and with your regular deductible, but it’s best to check the details of your car insurance policy to make sure you’re aware of any specific rental car restrictions.… read full answer
In addition, other policies, like health or home insurance, kick in for certain situations. Your health insurance will usually cover injuries resulting from a car crash, and home or renters policies cover items stolen from a car. Also, depending on the credit card you used to rent a car, you may be able to file a claim through it, too.
When Your Car Insurance Does Not Cover Rental Cars
Although every standard car insurance company has its own criteria for covering rental cars, a few situations are commonly excluded.
Most insurers do not cover rental cars outside of the U.S., though you can buy specialty rental car or travel insurance to fulfill another country’s insurance requirements.
If you get into an accident, the rental car company may charge you for things that your insurance won’t pay for, like loss-of-use or administrative fees.
Many personal car insurance policies do not cover cars rented for business reasons
Most companies have time limits, meaning that your insurance will cover a rental car for a few weeks or a month at most.
If you carry full coverage, your insurance will only pay for the limits established by the value of your usual car, even if the rental car is worth more.
When to Buy Additional Rental Car Insurance
You don’t have your own car insurance policy.
You have a personal insurance policy but want additional coverage.
You are renting a car for business purposes.
You are renting a car outside of the U.S.
Keep in mind that not every state requires rental car companies to automatically provide the minimum mandated insurance coverage. In California, for example, you need to carry a personal car insurance policy with liability coverage or purchase the rental car company’s additional liability coverage in order to drive legally.
Yes, the Visa credit card travel insurance is pretty good. It covers all Visa credit card users for damage or theft of rental cars. Some cards also provide coverage for accidents while traveling, trip cancellation and lost luggage. Plus, Visa credit card travel insurance never costs extra. You just have to pay for your travel with your Visa card to be eligible for any coverage it might have.… read full answer
The exact amount of coverage you get, the claims procedures you have to follow, and other fine print depend on the bank or credit union that issues the card. It also makes a difference whether your card is a Visa Platinum, Visa Signature or Visa Infinite (least coverage to most coverage).
Types of Visa Credit Card Travel Insurance
Travel accident: Should you or dependents you’re travelling with die or get seriously disfigured due to the fault of a travel provider, this policy will reimburse you or your family. The amount of money you can get varies, but it could be as much as $500,000 with certain cards. But not all cards will have this benefit. Chase Sapphire Reserve® has the best coverage.
Trip cancellation/interruption/delay: If your trip has to be ended early or moved because of things out of your control (e.g. death, injury, severe weather, military orders and more), you can get compensated for the inconvenience. Coverage might be up to $2,000 per trip, but not every card will have it. The Chase Sapphire Preferred® Card has the best coverage.
Lost luggage: It’s hard to enjoy yourself on a trip if you don’t have any of your belongings. If your luggage gets lost or stolen, Visa may pay you for its value. You could get up to $3,000 per person per trip, but whether you have coverage depends on the card. Chase Sapphire Preferred has the best coverage.
Rental car: Every Visa card should have this, no matter who issues it. If you rent a car with your Visa card and that car gets damaged or stolen, you can be reimbursed. But certain types of cars aren’t eligible (like expensive cars, RVs, motorcycles, and more) and certain situations aren’t either (like drunk driving). You can receive up to the full value of the rental vehicle.
If you’re in the market for a new card, there are several good offers available. Just keep in mind that the best course of action is to check your card’s terms to find out what kind of coverage it has.
Third-party rental car insurance is coverage provided by a company other than the rental car vendor. Major third-party rental car insurance companies include Allianz and Bonzah, though online travel agencies and travel insurance companies usually offer third-party rental car coverage as well.
If you need rental car insurance, buying from a third party is normally much cheaper than buying additional coverage directly from the car rental company. Buying enough coverage is very important, too. Although the mandatory minimum liability insurance is automatically included when you rent a car in most states, this bare-bones coverage is probably not enough to protect you if you get into a serious accident.
On that note, Bonzah is the only major third-party rental car insurance company that offers supplemental liability insurance. The other insurers offer the equivalent of comprehensive and collision coverage, along with some other benefits.
Third-Party Rental Car Insurance Companies
What It Covers: Damage to or theft of rental car; Trip interruption; Loss, damage, or theft of personal effects; 24/7 travel assistance
Coverage Limits: $40,000 for the rental car; $1,000 for baggage; $1,000 for trip interruption
Pricing: $9 a day ($7 a day for Florida residents)
What It Covers: Damage due to collision, theft, vandalism, windstorm, fire, hail, flood, and any cause not in your control; Personal effects; Option to add liability coverage
Coverage Limits: $35,000 for the rental car; $500 total for personal possessions (or $250 per item); Option of primary liability coverage (state minimum) or supplemental liability coverage up to $1 million total
Pricing: $7.99 a day; $14.88 extra per day for primary liability; $11.90 extra per day for supplemental liability
Insure My Rental Car
What It Covers: Damage to or loss of rental car; Option to add coverage for personal property, flat tire expenses, misfuelling fees, towing charges, and lost key reimbursement
Coverage Limits: $100,000 for the rental car
Pricing: Varies by state, but often $9.75 a day
What It Covers: Damage to or theft of the rental car; 24/7 travel assistance
Coverage Limits: $40,000 for the rental car
Pricing: $9 a day ($7 a day for Florida residents)
What It Covers: Damage to the car due to collision, theft, or vandalism; Lost key reimbursement; Loss of use fees
Coverage Limits: $35,000 for the rental car
Pricing: $12 a day
What It Covers: Physical damage to the vehicle or personal property; Flat tire expenses, misfuelling fees, towing charges, lost key reimbursement
Coverage Limits: $100,000 for the rental car
Pricing: Varies by location and driver information
Even if you have car insurance that already covers rental cars, buying coverage from a third-party rental car insurance company can keep you from paying a deductible or from driving up your rates if you need to file a claim. Frequent car renters can also buy annual rental car insurance from Insure My Rental Car and P’teet.
What to Look For When Buying Third-Party Rental Car Insurance
If you plan to buy third-party rental car insurance, be sure to check coverage options and restrictions. Third-party companies often exclude unusual vehicles like limousines or motorhomes, or the coverage may be geographically limited. The many credit cards that offer rental car insurance have similar restrictions, by the way. Some also require you to file a claim with your normal car insurance company first.
Finally, if you are looking for a wider variety of coverage for an entire trip, travel insurance companies like Generali and Travel Guard offer rental car coverage in certain packages.
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