All trucks, pickups, full-size vans mounted on truck chassis, cargo vans, campers, off-road vehicles

When most people florida tourist travel bureau think of credit card perks, their minds turn to rewards, low interest rates, and the like. However, credit cards naturally provide a number of far-reaching standard benefits that help protect cardholders from both monetary loss and unnecessary hassle. Two of the most important such benefits are rental car collision protection and extended warranties. This study, together with the 2012 Credit Card Extended Warranty Study , provides an in-depth examination of the policies of the four major credit card networks florida tourist travel bureau as they relate to these important benefits.
To provide context, roughly 20% of consumers always purchase supplemental insurance florida tourist travel bureau coverage when renting a car, according to a study from Progressive Insurance, and another 20% do so on occasion. Sitting atop the list of reasons for such purchases is confusion as to whether personal auto insurance extends to rental cars. Indeed, 62% of consumers do not believe their personal auto insurance automatically covers rental cars, according to a survey conducted by the National Association of Insurance Commissioners. Similarly, 24% aren't sure whether their credit cards provide any sort of coverage either.
In this study, we will address what type of rental car insurance coverage consumers automatically receive through their credit cards, how they can take advantage of it, which credit cards offer the best insurance coverage, and whether any other forms of supplemental insurance are therefore needed.
Key Findings All four major card networks provide some form of rental car insurance coverage. MasterCard is the only network that does not provide coverage to all cardholders. VISA's rental car insurance received the highest cumulative score (87%), while Discover ranked second (85%), American Express ranked florida tourist travel bureau third (82%), and MasterCard last (73%). All four major networks necessitate that cardholders charge the entire rental car purchase on their credit card and decline supplemental florida tourist travel bureau insurance/Collision Damage Waivers (CDW) offered by the rental company in order to be eligible. None of the four major networks provides coverage for the rental of exotic, expensive, or antique cars; trucks; vehicles with open beds; or off-road vehicles. VISA and MasterCard are the only two networks that do not cover accidents occurring on dirt and gravel roads. As if that weren't enough, MasterCard also has a confusing stipulation that excludes accidents occurring on roads that aren't regularly maintained. VISA, MasterCard, florida tourist travel bureau and American Express florida tourist travel bureau exclude from coverage rentals florida tourist travel bureau in certain countries as well as rentals that exceed specified time limits. Discover is the only network to provide coverage in all of the countries that its cards are accepted. American Express is the only network not to provide coverage for renting certain popular SUVs, including the Suburban and Tahoe from Chevrolet, GMC Yukon, Ford Expedition, Lincoln florida tourist travel bureau Navigator, florida tourist travel bureau Toyota Land Cruiser, Lexus LX450, Range Rover, and full-sized Ford Bronco. Overall, the fine print and level of complexity of card network florida tourist travel bureau insurance policies makes it difficult for consumers to understand and count on them.
Visa Discover MasterCard American Express Likelihood of Coverage 52% 60% 40% 47% Ubiquity 20% 20% 10% 20% Vehicles Excluded 17% 20% 20% 12% Events Excluded 15% 20% 10% 15% Quality of Coverage 25% 15% 25% 25% Logistics 10% 10% 8% 10% Activation 5% 5% 5% 5% Claims Process 5% 5% 3% 5% OVERALL SCORE 87% 85% 73% 82% Methodology
In compiling this report, we contacted Visa, MasterCard, Discover, and American Express in order to answer florida tourist travel bureau the following six important questions: florida tourist travel bureau 1) Who is eligible for network rental car insurance coverage? florida tourist travel bureau 2) What vehicles are excluded? 3) What events are not covered? 4) What is covered? 5) How does one activate the benefit? and 6) How should claims be filed?
We then scored and ranked the networks based on three general criteria: the likelihood that cardholders will be covered when and if they have to file a claim with their credit card company, the quality of coverage they will receive in such an event, and the difficulty of the claims process. The breakdown of the scoring is as follows:
Likelihood of Coverage: 65% Ubiquity on Network Cards (i.e. likelihood of coverage with network card): 20% Vehicles Not Covered: 25% Events Not Covered: 20% Quality of Coverage: 25% Logistics: 10% Activation: 5% Claims Processing: 5%
Likelihood of coverage was given the most weight for the simple reason that nothing else matters if a consumer isn't eligible for coverage. The claims process was given relatively little weight florida tourist travel bureau both because florida tourist travel bureau little difference exists between the claims processes of the different networks and given that a consumer who files a rental car insurance claim with his or her credit card network generally will not be deterred by a requirement to submit an extra document or two, for example.
The scores for each category are based on our subjective opinion of how each network's policy compares to an ideal policy. In our opinion, an ideal policy would be one based on common sense, where the average consumer would know what to expect without having to read the fine print. For example, an ideal policy would apply to all car rental agencies that accept one's card, rather than providing coverage in only a select number of countries where the card is accepted. florida tourist travel bureau Finally, it is important to note that the objective of this study is to help consumers make informed decisions about which credit florida tourist travel bureau card to apply for. As a result, the study only takes into account florida tourist travel bureau credit cards – both general-consumer credit cards and business credit cards – that are accepting new applicants. While we acknowledge that some consumers may be subject to older policies than those presented in this study, florida tourist travel bureau and that is a risk that consumers should keep in mind, it would be unfair to judge networks based on outdated policies for cards no longer being offered. Detailed Card Network Results
This benefit is available on all Visa Traditional Credit, Visa Rewards Credit, and Visa Premium Rewards cards. You are eligible only if you are a valid cardholder whose name is embossed on an eligible U.S.-issued Visa card. Only you as the primary renter of the vehicle and any additional drivers florida tourist travel bureau permitted by the auto rental agreement are covered.
The majority of MasterCard cards offer MasterRental/CDW (rental coverage). It is available for MasterCard Gold, Platinum, World and World Elite products florida tourist travel bureau (business and consumer). Issuers (banks) may also include the benefits on standard MasterCard cards, as well. The covered MasterCard cardholder and those designated in the vehicle rental agreement/contract as authorized drivers.
All US Consumer and Small Business American Express Cards feature the Car Rental Loss Damage Insurance (CRLDI).The Basic and any Additional Cardmembers that have an eligible Card issued florida tourist travel bureau in his or her name are eligible for coverage.
Score Justification:  VISA, Discover, and American Express give rental car insurance coverage to all of their credit cardholders and as such received perfect scores in terms of ubiquity. MasterCard florida tourist travel bureau followed with a 10/20, as cardholders have to check whether their cards are covered and cannot benefit from the peace of mind provided by blanket coverage.
Excluded worldwide are: expensive, exotic, and antique automobiles; certain vans; vehicles that have an open cargo bed; trucks; motorcycles, mopeds, and motorbikes; limousines; and recreational vehicles. Certain Vans: This benefit [rental car insurance] is provided florida tourist travel bureau for only those vans manufactured and designed to transport a maximum of eight (8) people including the driver and which is used exclusively to transport people. Examples of excluded expensive or exotic automobiles are the Aston Martin, Bentley, Bricklin, Daimler, DeLorean, Excalibur, florida tourist travel bureau Ferrari, Jensen, Lamborghini, Lotus, Maserati, Porsche, and Rolls Royce. However, selected models of BMW, Mercedes-Benz, Cadillac, and Lincoln are covered. An antique automobile is defined as any vehicle over twenty (20) years old or any vehicle that has not been manufactured for ten (10) years or more.
Off-road, antique, or limited edition motor vehicles; trucks, recreational vehicles, florida tourist travel bureau campers, pickup trucks, and mini-buses; limited edition motor vehicles or high-value, exotic, high performance or collector type. High value motor vehicles are motor vehicles whose replacement florida tourist travel bureau value exceeds florida tourist travel bureau $50,000. Antique vehicles defined as any vehicle over 25 years old, or any vehicle which has not been manufactured for 10 or more years.
All trucks, pickups, full-size vans mounted on truck chassis, cargo vans, campers, off-road vehicles, and other recreational vehicles. All sport utility trucks. These are vehicles that have been or can be converted to an open, flat bed truck (including, but not limited to, Chevy Avalanche, GMC Envoy, and Cadillac Escalade EXT). Trailers, florida tourist travel bureau motorbikes, motorcycles, and any other vehicle florida tourist travel bureau having fewer than four (4) wheels. Antique vehicles (vehicles that are more than twenty (20) years old or have not been manufactured for at least ten (10) years), or limousines. Any rental vehicle that has a manufacturer's suggested retail price that exceeds $50,000 USD.
Expensive autos, which means autos with an original manufacturer s suggested retail price of $50,000 ($75,000 for all Platinum, Centurion, small Business Platinum and small Business Centurion) or more when new. Exotic cars regardless of year or value, including but not limited to Chevrolet Corvette, Toyota Supra, Mazda RX-7, Dodge Viper and Stealth, Plymouth Prowler, Mitsubishi 3000 GT, Nissan 300 ZX, Jaguar XJS, Acura NSX, Mercedes SL, SLK, S Coupe and E320, Coupe and Convertible, BMW M3, Z3 and 8 series, Cadillac Allante. All Porsche, Ferrari, Lamborghini, florida tourist travel bureau Maserati, Aston Martin, Lotus, Bugatti, Vector, Shelby florida tourist travel bureau Cobra, Bentley, Rolls Royce.  Trucks, pick-ups, florida tourist travel bureau cargo vans, custom vans; full-sized vans, including but not limited to Ford Econoline, or Club Wagon, Chevy Van