Credit Card Feature: Car Rental Insurance Cover

Information verified correct on September 23rd, 2016

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) annual fee
  • 19.74% p.a. on purchases
  • 0% p.a. for 18 months with 3% 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 September 23rd, 2016.

ANZ Platinum Credit Card

0% p.a. for 18 months on balance transfers and $0 annual fee in the first year.

August 30th, 2016

ANZ Platinum Credit Card - Exclusive Offer

Exclusive $200 back when you spend $500 on eligible purchases within the first 3 months

August 31st, 2016

ANZ Platinum Credit Card

New balance transfer offer of 0% p.a. for 18 months plus annual fee waiver in the first year.

August 31st, 2016

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Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Platinum Credit Card
Enjoy platinum card benefits with $0 annual fee in the first year and complimentary overseas travel and medical insurance.
19.74% p.a. 0% p.a. for 18 months with 3% balance transfer fee $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
St.George Amplify Platinum
This card features a balance transfer rate of 12% p.a. for 18 months, 1% p.a. for 12 months on purchases and an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 19.49% p.a.) 0% p.a. for 18 months $0 p.a. annual fee for the first year ($99 p.a. thereafter) Go to site More info
American Express Platinum Card
Receive 80,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per dollar spent. Gain access to travel insurance, $300 Platinum Travel Credit every year and access to 800 VIP airport lounges.
$1,200 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Get 50,000 bonus Qantas Points after first eligible purchase is made within three months. Earn up to 1.5 Qantas Points per $1 spent on purchases.
19.99% p.a. $295 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year.
19.74% p.a. $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Receive 50,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn up 2 Reward Points for every dollar spent on purchases.
18.79% p.a. $95 p.a. Go to site More info
ANZ Low Rate Platinum Credit Card
Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and personal concierge. Also repay your credit card debt interest free with 0% p.a. for 18 months on balance transfers.
13.49% p.a. 0% p.a. for 18 months with 3% balance transfer fee $99 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
20.24% p.a. $225 p.a. Go to site More info

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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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6 Responses to Credit Card Feature: Car Rental Insurance Cover

  1. Default Gravatar
    JpJ | July 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
      May | August 2, 2016

      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

  2. Default Gravatar
    Pam | December 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
      Sally | December 24, 2015

      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

  3. Default Gravatar
    Rex | June 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
      Shirley | June 24, 2014

      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

Credit Cards Comparison

Rates last updated September 23rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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