Everything You Need To Know About Visa Signature Auto Rental Insurance

Renting a car can be stressful enough without worrying about insurance. Do you need to purchase the rental company’s collision damage waiver? Or are you covered by your personal auto policy? Understanding your options ensures you have seamless rental car coverage.

If you have a Visa Signature card, you automatically get rental car insurance when you use the card to book the rental. This valuable perk provides primary coverage so you can decline the rental company’s collision damage waiver.

Below we will explain exactly how Visa Signature rental car insurance works, its benefits, limitations and steps to use it properly.

What is Visa Signature Auto Rental Insurance?

Visa Signature cards come with a built-in auto rental collision damage waiver benefit. This provides physical damage and theft protection when you use your Visa Signature card to secure and pay for a rental vehicle

There is no extra cost for this coverage It is an included perk for Visa Signature cardholders

When you use your eligible Visa card to rent a car, you can decline the Collision Damage Waiver (CDW) and Loss Damage Waiver (LDW) offered by rental agencies at the counter.

Your Visa Signature card acts as primary coverage for damage to or theft of the rental vehicle. It covers your liability up to the actual cash value of the rental car.

This saves you money on rental insurance and protects against financial liability if the rental car is damaged or stolen

What Does The Visa Auto Rental Insurance Cover?

When you use your eligible Visa Signature card to book and pay for a rental car, you get coverage including:

• Collision damage – Pays for physical damage to the rental car if it is damaged or destroyed

• Theft – Provides reimbursement if the rental car is stolen

• Loss of use – Covers loss of use charges imposed by the rental company while the vehicle is out of service due to damage

• Towing – Pays reasonable towing charges related to a covered loss

There are some important limitations and exclusions which we will cover next. But this auto rental insurance provided by Visa Signature cards covers the major concerns rental car customers have.

You do not have to purchase additional insurance from the rental car company to get protection against collision, theft and loss of use when booking with an eligible Visa.

Important Limitations To Be Aware Of

While Visa Signature rental car insurance is valuable protection, there are limitations to understand:

• Exotic car exclusion – Rental vehicles considered exotic cars such as certain models of Aston Martin, Bentley, Ferrari, Lamborghini, Lotus, Maserati, Porsche, Rolls-Royce, etc. are excluded

• Commercial vehicles excluded – No coverage for rental trucks, cargo vans, commercial trucks or vehicles seating more than 9 people

• Expensive rentals may require purchase of insurance – For rentals over $50,000 in value, you may need to purchase additional insurance

• Doesn’t cover contents or personal injury – Your belongings or liability coverage are not included

• May not cover all countries – Some areas like Jamaica, Republic of Ireland or Northern Ireland may require purchasing additional coverage

So while Signature Visa auto rental insurance is extensive, it does not cover 100% of potential issues that could arise with a rental car. Review limitations before relying solely on this coverage.

Steps To Use Visa Signature Car Rental Insurance

To take advantage of the built-in rental car coverage your Visa Signature card provides, follow these steps:

1. Use your eligible Visa Signature card to book the car rental agreement and secure the transaction

2. Decline the collision damage waiver (CDW) and loss damage waiver (LDW) offered by the rental company

3. List yourself as the primary renter on the car rental contract

4. List any additional drivers on the rental agreement

5. Use the same Visa Signature card to pay for the rental upon picking up the vehicle

As long as you follow the steps above and meet all terms and conditions, you will have primary coverage for damage, theft and loss of use. Consult your Visa Signature credit card’s guide to benefits for full details.

Benefits Of Using Visa Signature Rental Car Insurance

Using your Visa Signature card’s built-in auto rental insurance provides several valuable benefits:

Saves money – Declining the rental company’s collision damage waiver saves 10-30% on insurance fees

Provides primary coverage – Acts as primary insurance so your personal auto policy is not impacted

Convenient – No need to comparison shop rental insurance or file a claim with your own insurer

Peace of mind – Full coverage means you can relax and don’t need to purchase extra rental insurance

Perk of Signature card – Free collision and theft protection are valuable perks of Visa Signature cards

For frequent renters, the savings, convenience and peace of mind are well worth getting a credit card that includes this benefit.

Alternatives To Visa Signature Rental Car Insurance

Visa Signature rental coverage is certainly valuable, but it is not the only option to protect yourself when renting a car. Alternatives include:

• Credit card coverage – Many credit cards beyond just Visa Signature offer some rental car coverage when you use them to book the car. Always check your card’s policy.

• Personal auto insurance – Your own car insurance may cover rental vehicles, but often as secondary to your credit card coverage.

• Rental company insurance – You can purchase collision, theft and liability insurance directly through the rental agency.

• Third party insurance – You can buy rental car insurance through third party insurers online or specialty travel insurance companies.

Be sure to check your personal and credit card policies first before spending money on extra rental car insurance. Visa Signature cards provide primary coverage making them one of the best options.

What If The Rental Agency Makes Me Purchase Insurance?

Some rental car companies may tell you that you must purchase their insurance, even if you explain you have Visa Signature rental coverage. This goes against Visa policy. Here are some steps to take:

• Show the rental agent your Visa Signature credit card terms and conditions that explain the included insurance

• Politely insist on declining their insurance to use your Visa benefits

• Ask to speak to a supervisor or manager if the agent insists you must purchase insurance

• Provide feedback to the rental company headquarters if you are forced to buy insurance to use the car

While annoying, standing your ground will ensure you properly utilize your Visa Signature card perks and avoid overpaying for insurance.

Can I Get Reimbursed For rental Insurance?

If you end up being required to purchase the rental agency’s collision damage waiver after initially declining it, Visa Signature insurance will reimburse you. Just submit the proper documentation:

• Copy of your receipt showing you paid for rental insurance

• Statement showing the rental transaction on your eligible Visa

• Copy of auto rental agreement listing you as renter

• Any other documentation required by Visa to validate your claim

Visa will reimburse your cost for the rental company’s insurance if you meet the terms and provide documentation. Check your Visa Signature benefits guide for details on the claims process.

The Bottom Line

Visa Signature cards provide a valuable perk to cardholders who rent vehicles frequently. You get primary insurance protection so you can decline costly collision damage waivers when booking a rental car. Just be sure to follow the steps to use the benefit properly and watch for exclusions or exceptions.

With Visa Signature auto rental insurance, you can rent worry-free knowing you have coverage against theft, collision and loss of use if you use your eligible card to secure the car rental. It’s one of the best perks Visa Signature has to offer frequent travelers and renters.