Would you like to add our insurance onto your rental agreement? If you do, and something were to happen to the vehicle you don’t have to pay a thing.” If you haven’t rented a car before or haven’t rented one in quite a while, you may not be familiar with this verbiage. It sounds enticing until you see the price tag, which can be anywhere from $9 to $30 each day in addition to your rental’s cost. It’s a rental within a rental, if you will. These days though, most reservations are made by credit card and the fantastic thing about that is that many of today’s popular credit cards come with rental car insurance protection.
Wallet Hub created a study and examined how credit cards can provide rental car insurance protection. The study started with looking at the types of cards that provided the rental insurance and then drilled down by brand and then by the offers to see which cards worked in the customer’s favor the best.
You can read the full results of the Wallet Hub study here: https://wallethub.com/edu/rental-car-insurance-credit-card-study/25684/.
Something that most consumer advocacy agencies will warn consumers about is to read the fine print. In its study, Wallet Hub points out that the consumer must always read the fine print pertaining to their credit card’s rental insurance provisions. For example, many credit cards’ rental insurance policies will not cover “a truck, open-bed vehicle, exotic/antique car, large van, or full-size SUV…”
Other factors included in the fine print that consumers should be aware of: location, duration, and types of roads you’re going to drive on. The last one is a little weird right? But that’s why we are encouraged to read the fine print. In regard to location, the fine print should if you are traveling out of the country whether the credit card’s rental car insurance will cover you or not. In regard to duration, some cards will mention a time limit for the rental car’s insurance coverage by the credit card. Lastly, just because it’s a rental doesn’t mean you should take it off-roading, because the credit card’s policy may not cover that kind of wear and tear on the vehicle.
If you aren’t sure about your credit card’s rental car insurance policy or have questions, call up the card’s customer service line to get the details about how the credit card’s rental car insurance coverage can affect your next rental. It’s always better safe than sorry.