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Recently received updated insurance documents for CIBC Aerogold and for some reason decided to read up on what is covered and what is not for the Auto Rental Collision/Loss Damage Insurance.
Interesting that they will only cover vehicles that valued less the $65,000 including taxes. Also among cars and SUVs excluded are Hummer, Lincoln Navigators.
Something to think about when declining insurance coverage when renting Prestige vehicles from Hertz or a very generous upgrade. Or even in Europe where a BMW 5 series can be a regular full size car.
Not sure if it has always been this way and also the other premium cards..
Recently received updated insurance documents for CIBC Aerogold and for some reason decided to read up on what is covered and what is not for the Auto Rental Collision/Loss Damage Insurance.
Interesting that they will only cover vehicles that valued less the $65,000 including taxes. Also among cars and SUVs excluded are Hummer, Lincoln Navigators.
Something to think about when declining insurance coverage when renting Prestige vehicles from Hertz or a very generous upgrade. Or even in Europe where a BMW 5 series can be a regular full size car.
Not sure if it has always been this way and also the other premium cards..
Its NOT only the fancy/luxury cars that are a problem. Outside of the US where cars cost close or more then 2x what they do here, one needs to be careful. Some CCs have a top of 50k so its very possible that renting say a Chevy Impala or a Toyota Camry XLE will cost the renter $$ out of pocket if its totaled, some say the renter will be responsible for the full amount, as once acars value is more then the CCs top limit its all on your dime. NFL Game Summary - Atlanta At Minnesota - NFL News Story - KPTV Portland::
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Generally trucks are also excluded from coverage, so if you ever need to rent a panel truck or a van to move furniture, your CC will likely not cover you.
Pick-up trucks are also not often covered (even Diners Club/MasterCard does not cover).
I use to rent the 150 Ford Supercrew during the summer months for hauling renovation material, from work I was doing in my own home, until I found out one day that DC does not cover (even if they are primary coverage).
And also an important note, if you remove the seats from a minivan (to use for storage) that is also not covered.
It seems that they want to mitigate usage by business/work-related/renovation/construction use as the risks associated with these fields of work is just too high for the car companies.
So if you just need the car for one day, to move stuff around, and you don't have your own car insurance policy (which you can update to include many types of these rentals), then simply buy the car rental agency's insurance. A daily charge here or there won't kill you even if it pains to pay it ;)
I can recommend this. Last summer at the Hertz on Seymour St in Vancouver I took a break from a business trip, and for $65 for the day I picked up a 2006 Mustang GT convertable (the attraction was the 300 horsies, not the convertable).
I took it up the Sea to Sky (which I know like the back of my hand). What a blast! I have a bit of on-track experience with fast front wheel drive cars, but this was the first time I was set loose with some American muscle. :D
Light traffic, and on the way back down I followed a Carerra4 who was going 130-150km...I kept up at a respectful distance behind...or at least out of the way of a radar beam.
$75 later I returned it will a full tank... :o
From what I understand, CIBC Aerogold is generally a secondary insurer while AmEx is generally a primary insurer (for air travel).
That's pretty standard. When I first got my Avion card in 2002 I read through the policy, and I think it was also max 65k, and no exotic or prestige cars. I think it did mention makes covered, and it did include BMW and Mercedes (and one can hardly think Mustang counts as exotic/prestige) as long as it didn't top 65k. It did say not trucks, hummers, etc.
I keep meaning to dump this card for Aerogold since RBC stopped the AA points earning... If only Canada had a UA points card.....
-mike
Recently received updated insurance documents for CIBC Aerogold and for some reason decided to read up on what is covered and what is not for the Auto Rental Collision/Loss Damage Insurance.
It's also very important to be aware of "primary" vs. "secondary" coverage offered by the credit card. My own car insurance covers me for any vehicle I drive in North America, which includes rental cars. They will even cover a car I rent for work even though I do not use my own car for business purposes. Some car insurances may not do this, making the credit card "secondary" coverage completely useless should you find yourself in an accident while on a business trip. Well worth looking into!
As okazon69 mentioned, I also prefer the use of insurance through my personal vehicle's insurer. Yes, the cost of insuring my car goes up by ~ $40 per year, but that is nothing when compared to the cost of buying insurance from the rental agency (at least $20 per day). I also like the fact that the exact policy I have for my personal vehicle applies to the rental (comprehensive, collision).
IIRC, credit card policy requires that a police report be made available for a claim to be processed. What is the possibility of hailing a cop when in cities where crime is more important to deal with than a dent on a bumper?
Finally, if one has multiple avenues to insure a rental vehicle (personal vehicle insurance + credit card insurance), can all be applied towards a claim?
Similar restrictions on many other cards as well...
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OT- Check Auto Insurance coverage on Credit Cards