Let?s be clear about the coverage credit cards provide. In theory this is ?free?. What this actually means is that their charges and the interest rates are set to provide some coverage as standard. Just think, if you did not have this coverage, your credit cards would be slightly cheaper to use. Anyway, the majority of the higher end credit cards offer some degree of insurance coverage if you pay car rental companies with the card. The best coverage is offered by Visa, with reasonable cover from Discover, American Express and MasterCard. So exactly what coverage are we talking about and what are the limits?
For the most part, we?re talking about collision cover but all the cards exclude cover for the expensive exotic vehicles. For all you might need to use a credit card and breathing equipment to pay for your moment of glory in a Lambo Murcielago Roadster, insurance must always be bought separately. You should never rely on a standard policy for anything unusually powerful or expensive. But be careful because some card companies refuse cover on larger vehicles like top-of-the-range SUVs and off-road vehicles. The second issue is where the car rental companies are based. Many of the cards list excluded countries or limit the coverage available in some foreign markets. Then check to see who has the cover. The majority of cards only insure the card holder and not a named driver on the agreement with the car rental company .
Be careful because there are also limits if the accident does not take place on a public road, and there will be difficulties in claiming loss of use. Many card companies also define their exposure as ?secondary?, i.e. you have to claim on the primary insurance first and only claim from the card company if that insurance is insufficient. There are also limits on the number of days cover in each year. Finally, some card companies require you to refuse the car rental company?s CDW cover. As they say, the Devil?s always in the small print and, in this case, you should ensure you read every last word.
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