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.

HSBC Credit Card Offer

HSBC Platinum Credit Card

0% p.a. for 22 months on balance transfers
First year annual fee refund

Offer ends 15 January 2019

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Credit Card Offer

The HSBC Platinum Credit Card comes with a promotional balance transfer rate and reward points per $1 spent. Plus, the annual fee is refunded each year when you spend $6,000 on eligible purchases.

  • $129 p.a. annual fee.
  • 19.99% p.a. on purchases
  • 0% p.a. for 22 months with 2% BT fee on balance transfers
  • Cash advance rate of 21.99% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $40,000 p.a.
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Comparison of Credit Cards with Car Hire/ Rental Vehicle Excess Insurance

Rates last updated December 14th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
ANZ Platinum Credit Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Save with 0% p.a. interest for up to 24 months on balance transfers with no BT fee. Plus, platinum perks. Ends 17 December 2018.
ANZ Rewards Platinum
18.79% p.a.
$95 p.a.
Receive 75,000 bonus Reward Points when you spend $5,000 on eligible purchases in the first 3 months, plus up to 1.5 points per $1 spent.
Westpac Altitude Black - Qantas
20.24% p.a.
$300 p.a.
Earn 80,000 bonus Qantas Points when you meet the spend requirement. Plus, 2 yearly Qantas Club lounge invitations.
ANZ Rewards Travel Adventures card
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.
St.George Amplify Platinum
19.49% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 50,000 bonus Amplify Points when you spend $2,000 within 90 days and save with a $0 annual fee for the first year.
Bank of Melbourne Amplify Platinum
19.49% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 50,000 bonus Amplify Points when you spend $2,000 within 90 days. Plus, enjoy a $0 first year annual fee and uncapped rewards points.
Bank of Melbourne Amplify Platinum - Qantas
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Qantas or Amplify Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas points per $1 spent.
St.George Amplify Platinum - Qantas
19.49% p.a.
$99 p.a.
Earn 50,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.
BankSA Amplify Signature - Qantas
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Receive 80,000 bonus Qantas Points when you spend $4,000 within 90 days. Plus, a discounted first year annual fee and lounge passes.

Compare up to 4 providers

two couples hanging by the card with a beach view

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

Pictures: Shutterstock

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14 Responses

  1. Default Gravatar
    BonnieDecember 11, 2017

    Hi I would like a card that ticks the following boxes:
    – Reward points (preferably velocity)
    – international + domestic travel insurance (includes car rental excess)
    – I will also be doing a Balance transfer

    • finder Customer Care
      MayDecember 12, 2017Staff

      Hi Bonnie,

      Thank you for your inquiry.

      The frequent flyer credit cards that earn Velocity points are listed here. As not all cards have the same benefits, you may need to go over each card featured on that page and see if they have complimentary travel insurance and Balance transfer features. Please also note that domestic travel insurance are not usually covered under the travel insurance benefit. The car rental excess are typically included in the overseas complimentary travel insurance though.

      Hope this helps.


  2. 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?

    • finder Customer Care
      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.


  3. 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?

    • finder Customer Care
      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,


  4. 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.

    • finder Customer Care
      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.


  5. 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.

    • finder Customer Care
      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.



  6. 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.

    • finder Customer Care
      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.


    • 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?

    • finder Customer Care
      MayDecember 14, 2016Staff

      Hi Trent,

      Thanks for your question and for contacting – 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.


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