Credit Card Feature: Car Rental Insurance Cover

Car rental insurance can add a lot of cost to your budget.

You might not realise that you can also get coverage from your credit card company. This cover is usually much cheaper but just as dependable as that offered by the car rental company.

Car rental insurance is confusing. You know how it feels when you get to the counter and the clerk starts asking you about your current auto insurance and about what extra coverage you need. They offer all kinds of different insurance upgrades to cover the vehicle. Things like collision damage waivers, loss damage waivers, and personal accident insurance are just a few of the titles they throw at you in an effort to get you to upgrade to their insurance coverage. You might be tempted to just decline the coverage and cross your fingers that nothing bad happens while you have a rental car.

The fact of the matter is that bad things do happen. When they do you will probably wish you had car rental insurance. You might be sadly surprised to find out that your personal auto cover does not provide enough coverage for the costs of a rental car incident. In this unfortunate situation you stand liable for significant costs to pay for damage to the vehicle, personal property, and even injuries. These costs could end up in the thousands of dollars range if not more. One of the options you might not be aware of is optional rental car insurance that is offered by your credit card. ANZ has an excellent program that makes it a little less stressful to rent a car. The insurance reduces your out of pocket expense to a maximum of $350 for damage to the vehicle. If you have an ANZ credit card, all you have to do is call them to ask about the program. The annual fee is only $24, far less then those upgraded insurance programs that the rental car companies offer.

ANZ Platinum Credit Card

Credit Card with Car Rental Insurance Cover

A low interest rate credit card offer with a low annual fee.

  • $0 p.a. annual fee for the first year ($87 p.a. thereafter)
  • 19.74% p.a. on purchases
  • 0% p.a. for 16 months with 2% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $35,000 p.a.

Comparison of Credit Cards with Car Hire/ Rental Vehicle Excess Insurance

Rates last updated July 25th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
ANZ Platinum Credit Card
19.74% p.a.
0% p.a. for 16 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Enjoy platinum card benefits with a 24/7 personal concierge and complimentary overseas travel and medical insurance.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$99 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
American Express Platinum Card
$1,200 p.a.
Receive an annual $300 Platinum Travel Credit, membership to an elite tier of partner programs and access to more than 1,000 VIP lounges.
ANZ Frequent Flyer Platinum
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Get 50,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 3 months (reverts to 19.74% p.a.)
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
ANZ Rewards Platinum
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
Receive 50,000 bonus Reward Points when you spend $2,500 within the first 3 months from card approval.
ANZ Low Rate Platinum
11.49% p.a.
0% p.a. for 16 months with 2% balance transfer fee
$99 p.a.
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
Bankwest Zero Platinum Mastercard
17.99% p.a.
2.99% p.a. for 9 months
$0 p.a.
Receive complimentary international travel insurance, access to a 24/7 concierge service and $0 foreign transaction fees.
ANZ Rewards Travel Adventures card
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points when you spend $500 on eligible purchases in the first three months.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 20 months
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
St.George Amplify Platinum
19.49% p.a.
$99 p.a.
Earn up to 2 Amplify Rewards Points per $1 spent and receive complimentary overseas travel insurance.
Bank of Melbourne Amplify Platinum
19.49% p.a.
$99 p.a.
Earn up to 2 Amplify Rewards Points per $1 spent and receive complimentary travel insurance.

Compare up to 4 providers

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Considerations for credit card car rental insurance:

  • Not all card companies offer this insurance to every customers. You should check with your credit company to see if you qualify.
  • Be sure to understand all of the terms of a car rental insurance policy before you depend on it to cover you in the case of an accident.
  • If you rent a car for more then 30 days it is unlikely to be covered by credit card car rental insurance.
  • The cover will have limits usually $50,000 for this insurance.
  • In order to use the insurance you have to charge the entire rental to your insurance providing credit card.
  • Any claims must be made within 45 days of your incident or your will lose your coverage.

Car rental insurance is just one more way your credit card can help save you money. If you know what your credit card has to offer you can get around a lot of extra expenses so be sure to read each benefit carefully.

If you would like to weigh up your options, alternatively, a car rental policy in may be an option to explore.

Car rental excess insurance providers

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12 Responses

  1. Default Gravatar
    JohnMay 25, 2017

    I am a platinum ANZ credit card holder and I want to hire a car in NZ do I get the same access cover as I do in Australia?

    • Staff
      HaroldMay 29, 2017Staff

      Hi John,

      ANZ Platinum credit cardholders are covered under QBE complimentary overseas medical and travel insurance. There’s comprehensive cover for a range of events, including an unlimited benefit payable for overseas medical and dental. If you already have an ANZ Platinum credit card, you’re eligible for the insurance when you hold a return ticket to Australia and have purchased at least $250 of your prepaid travel expenses using the ANZ Platinum credit card. See the insurance terms and conditions to confirm what you’re covered by.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    AlokaFebruary 5, 2017

    Hi I’m about to rent a car using my ANZ platinum card. Do I need to purchase additional insurance from the Rent a car company ?
    If event of accident without additional insurance what does the car cover?
    Thanks

    • Staff
      MauriceFebruary 6, 2017Staff

      Hi Aloka,

      While it’s not compulsory to purchase rental vehicle excess insurance from a car rental company (if you already have cover with your credit card) you might need to purchase damage insurance from the rental car company. Car rental excess insurance included in your credit card covers the excess payable on damage insurance.

      It’s a good idea to clarify with your rental company what type of insurance you are buying from them.

      According to the product disclosure statement (PDS) of ANZ, the maximum amount you are covered for is $2,400 in rental excess cover.

      I hope this helps,

      Maurice

  3. Default Gravatar
    JpJJuly 22, 2016

    I am the cardholder of an HSBC Australia Visa Platinum card. If I hire a car in Australia and have an accident, am I automatically covered for rental vehicle insurance excess? Many thanks.

    • Staff
      MayAugust 2, 2016Staff

      Hi JpJ,

      Thanks for your inquiry.

      As the complimentary travel insurance is applicable for international trips, I’m afraid that the rental vehicle excess cover is only applicable for trips overseas as well. Please feel free to check this page for more information about HSBC complimentary travel insurance cover.

      Cheers,
      May

  4. Default Gravatar
    PamDecember 24, 2015

    I am the holder of an anz visa platinum card. When I hire a rent a car in Australia, am I automatically covered for accidents and to what extent.

    • Staff
      SallyDecember 24, 2015Staff

      Hi Pam,

      Thanks for your question. Yes, the ANZ Visa Platinum Card does offer cover for domestic car rentals in Australia. You’ll need to meet QBE and ANZ’s eligibility requirements before you can access the rental cover. I’ve emailed you a copy of the insurance policy so you can confirm that you meet those requirements.

      QBE will reimburse you for the amount of any collision excess that you have paid under any vehicle rental agreement that you enter into with a car rental company to hire a vehicle registered in Australia and its offshore territories, where:
      • you are the hirer, or
      • you are a joint hirer and you were driving the hire car when the accident occurred.

      The process for how you can make a claim is also included in the document I have emailed to you.

      I hope this has helped.

      Cheers,

      Sally

  5. Default Gravatar
    RexJune 23, 2014

    We have booked a hire car in the UK for 20 days. We have had gold card with ANZ for many years. What cover will this card give us with our rental.

    • Staff
      ShirleyJune 24, 2014Staff

      Hi Rex and Rosly,

      Thanks for your question.

      ANZ Car Rental Cover covers the ANZ credit card account holder who has paid the relevant cover fee. Once you’ve become an ANZ credit card customer, you can obtain ANZ Car Rental Cover for an annual fee of just $24 (inc. GST) at the time of writing.

      Cheers,
      Shirley

    • Default Gravatar
      TrentDecember 14, 2016

      Hi, does this type of cover only cover the cardholder or their partner (who would be a nominated driver) as well? ie if it was my card but say my partner was driving at the time?

    • Staff
      MayDecember 14, 2016Staff

      Hi Trent,

      Thanks for your question and for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions.

      Usually, with the complimentary travel insurance attached to a credit card, the cover extends to your immediate family (if they also meet the eligibility conditions of the insurance), so the rental vehicle cover will also be extended to them. But, depending on the conditions surrounding the car rental insurance of your policy and provided you meet them, your partner may or not be covered. I suggest that you contact your credit card’s provider of complimentary travel insurance to be sure.

      Cheers,
      May

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