Say Goodbye to Expensive Car Rental Insurance with Visa Signature: Complete Guide to Auto Rental Collision Damage Waiver
CarRentalBasics is reader-supported. When you buy through links on our site, we may earn an affiliate commission.
Are you a proud Visa Signature cardholder, who is wondering about your car rental insurance benefits? Look no further!
In this guide, we'll break down everything you need to know about your Visa Signature car rental insurance. From what it covers, to how to use it, and everything in between.
So, buckle up (pun intended) and get ready to learn all about your car rental insurance perks. Let's go!
Note: This guide is written for a US-based audience. Visa Signature cardholder benefits may vary in other countries. Nothing in this guide should be taken as insurance advice and is intended to be informational only. Please do your research to make sure this benefit covers your insurance needs.
Benefit Overview
With a Visa Signature card, you get built-in Auto Rental Coverage that covers physical damage, theft, reasonable towing and loss-of-use charges.
This benefit is called an “Auto Rental Collision Damage Waiver”.
Note that each Visa Signature card issuer will have their own terms and conditions for this benefit.
Some of the key things that may vary been issuers include:
The maximum coverage amount for any claim. For example, Wells Fargo offer a maximum claim benefit of $50,000, whereas the Chase Sapphire Reserve includes $75,000 of coverage.
The length of time you have to claim following an incident.
Visa set out terms and conditions on their own website, which is what this guide is based on. We understand these terms to be the ‘minimum’ that must be offered by all card issuers.
If you don’t have a Visa Signature yet, it is worth researching what is called the “Guide to Benefits” for the card you’re interested in applying for, particularly if this is one of the key perks that you want.
What does Visa Signature Auto Rental Collision Damage Waiver insurance cover?
In summary, here’s what the Visa Signature Auto Rental Collision Damage Waiver will cover:
Damages caused by theft or collision up to the actual cash value of most rented cars (see more on this below).
Rental periods of 15 consecutive days within your country of residence, and 31 consecutive days outside.
The Damage Waiver does not:
Cover longer rental periods.
Other types of losses such as damage to other driver's car or injury.
Covered vehicles
Not all vehicles are covered by your Visa Signature Auto Rental Collision Damage Waiver.
Exotic and antique cars, cargo vans, motorcycles, and recreational vehicles are not included.
However, select models of popular car brands like BMW, Mercedes-Benz, and Range Rover are covered.
If you have any questions about a specific vehicle, you can call your card issuer.
How to Use Your Visa Signature Auto Rental Collision Damage Waiver Benefit
Getting the most out of your Visa Signature card's Auto Rental Collision Damage Waiver benefit is easy:
Book your car rental using your Visa Signature card. This either means selecting it as the card that you intend to pay with at pickup or using it as the payment card for an advance pre-paid booking. Make sure to present your Visa Signature card when you collect at the branch.
Decline the rental company's collision damage waiver option.
Check the car for any damages before leaving the lot. Any damage incurred before pick-up will not be covered!
Your coverage is in effect while you have control of the rental car - not before or after. Coverage terminates as soon as the rental company takes back control of the vehicle.
What countries can I use the Visa Signature Auto Rental Collision Damage Waiver benefit it?
The benefit is available in the United States (of course), and most other countries, with the exception of Israel, Jamaica, the Republic of Ireland or Northern Ireland.
How Auto Rental Collision Damage Waiver works with other insurance
Auto Rental Collision Damage Waiver provides coverage for theft, damage, and related charges such as loss-of-use, administrative fees, and towing charges if the rental vehicle is stolen or damaged.
If you already have personal automobile insurance or other insurance that covers theft or damage, the Auto Rental Collision Damage Waiver will reimburse you for your deductible and any other unreimbursed charges imposed by the car rental company.
If you don't have personal automobile insurance, the benefit will cover the theft, damage, and related charges for you.
If you're renting a car outside of the US, the coverage provided by the Auto Rental Collision Damage Waiver is considered primary and will cover the theft, damage, and related charges for you, irrespective of what your personal insurance may cover you for back home.
Benefit Exclusions
Here are the most common exclusions for the Visa Signature Auto Rental Collision Damage Waiver:
Any obligation you take on through another agreement (not including your personal auto policy deductible)
Any violation of the auto rental agreement or the benefit
Injury to others or damage to their property
Loss or theft of personal belongings
Personal liability
Expenses covered by the rental company or its insurer
Cost of insurance or collision damage waiver offered by the rental company
Depreciation of the rental vehicle
Expenses covered by your employer or their insurance
Theft or damage due to intentional acts, drugs, or illegal activities
Wear and tear, gradual deterioration, or mechanical breakdown
Items not installed by the original manufacturer
Damage from off-road operation
Theft or damage from hostility, war, or terrorism
Confiscation by authorities
Vehicles that don't meet the definition of covered vehicles
Rentals longer than 15 consecutive days within your country or 31 days outside your country
Leases and mini leases
Theft or damage from lack of reasonable care by the driver or cardholder
Theft or damage reported more than 45 days after the incident.
Please note that this is not an exhaustive list of exclusions, and for a full list, you can refer to the official terms and conditions.
How to File a Claim
If an accident occurs or your rental car is stolen, you’ll need to call your card issuer’s “Benefit Administrator” as soon as possible.
The “Guide to Benefits” for your card should list the number you need to call - it’s not the same for all.
Report the incident immediately after it occurs, as the Benefit Administrator reserves the right to deny claims with charges incurred before notification.
Reports must be received at a minimum no later than 45 days from the date of the incident. Some issuers have a greater claim period, but we recommend you don’t wait.
For faster claiming, you can also complete a form online.
Your claim will typically be finalized within 15 days after the Benefit Administrator has received all required documentation (see below).
What you must prepare and submit with your claim
To file a claim, you’ll need to gather and submit the following information and documents:
Ask the car rental company for a copy of the accident report form, initial and final rental agreements, repair estimate and itemized bill, and photos of the damaged vehicle (if available). It might be a good idea to take these photos yourself at the time of the incident.
Obtain a police report if possible.
A filled out and signed Auto Rental Collision Damage Waiver claim form, along with a copy of your monthly billing statement showing the car rental booking was made with your eligible card, and a statement from your primary insurance carrier (or a statement of no insurance).
Include a copy of your primary insurance policy's Declarations Page to confirm your deductible (if applicable).
Submit all the above documents within 365 days of the theft or damage date.
Note: You must postmark the claim form at least 90 days of the theft or damage date, even if other required documentation is not yet available. Again, some card issuers have offered a more generous timeframe, but don’t take liberty and just get it done.
Summing Up
When you rent a car with your eligible Visa Signature credit card, you're automatically covered by the Auto Rental Collision Damage Waiver benefit.
With this protection, you'll have peace of mind on the road and know that you're covered in case of an accident or theft.
Just remember to always report the incident to your card issuer’s Benefit Administrator as soon as possible and provide the required documentation to file a claim.
