Many people when deciding to rent cars for vacations or as a temporary replacement car wonder if their Capital One credit card offers rental car insurance. Capital One does have insurance coverage type benefits for cardholders however it may not be full coverage in comparison to your personal insurance policy but there is a free benefit that cardholders will find helpful.
For Capital One Visa Platinum cardholders there is an insurance feature called Auto Rental Collision Damage Waiver. It’s a benefit that will reimburse cardholders when renting a car for any damages to the rental vehicle including theft, and any loss of use charges that could possibly be applied while the rental vehicle is in your possession. There are no additional charges that are associated with this benefit except it has to be activated to become effective.
Several things must take place during activation in order for the benefits to be active. First you must fill out the necessary rental transaction form with Capital One. Secondly, you must be sure to decline the collision coverage offered by the rental company. Once you’ve done this your benefits should be active. Not all vehicles are covered and all locations aren’t reimbursable so be sure to check your benefits with Capital One to determine which vehicles and locations may be excluded.
An important stipulation for the Auto Rental Collision Damage Waiver to be applied is the car renter must be a valid card holder and the primary renter of the vehicle (any additional drivers may be covered but it must be acceptable according to your rental agreement).
You should report any damages, thefts, etc as soon as the incident occurs but no later than 45 days from the incident or your claim will be denied. To learn more about this benefit and how it makes sense to consider it the next time you decide to rent a car please click HERE.