How does Capital One Platinum rental car insurance work?

Capital One Platinum rental car insurance covers cardholders and eligible authorized drivers up to the actual value of a rental vehicle for qualifying physical damages resulting from an accident or theft (for Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply). You are eligible for coverage when you pay for the entire rental with your Capital One Platinum.

Coverage also includes 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. 

Here is how Capital One Platinum rental car insurance works:

• Overview: Capital One Platinum rental car 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 31 consecutive days.
• Who is covered: Capital One Platinum cardholders and authorized drivers designated as such in the rental agreement. Cardholders must also charge the rental costs to their Capital One Platinum and refuse the rental agency’s rental car insurance to be eligible.
• 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 available worldwide, but some exceptions may apply.
• What is not covered: Ineligible categories include motorcycles, trailers, trucks, pickups, cargo vans, off-road vehicles, 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 actual value of a rental vehicle. 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 within 60 days of the incident. Based on the information given to your Benefit Administrator, you’ll be sent the relevant claim form that must be completed and returned within 180 days. Additional documentation might also be required. 

Keep in mind that exclusions and coverage limits might apply to this benefit. So, make sure to check your Capital One Platinum’s guide to benefits for more details on rental car insurance.

Aside from the Capital One Platinum Card, there are several other credit cards that offer rental car insurance. It's definitely a perk worth keeping in mind as it can help you save money.