Information about Insurance Coverage on Credit Cards

thefakeemailguy on 26/10/2024 - 14:14
Last edited 27/10/2024 - 00:40

I'm currently on a temporary 4-year visa in Australia and have a BankSA Amplify Platinum Card, which seems to be a Level 2 card that covers rental car excess. A friend is coming to Australia, and I want to rent a car.

While comparing car rental companies, I noticed they also offer their own insurance. My question is, should I rely on the insurance from my credit card, or should I also purchase insurance from the rental company for peace of mind? What has your experience been with credit card insurance? I’m looking for peace of mind while also trying to save on costs.

I have both the ANZ Platinum and BankSA Amplify Platinum cards. I bought my airfare with the BankSA card, so should I rent the car using the BankSA card, or can I use the ANZ card as well, considering it also offers insurance?

Note: I'll drive the car, not my friend.

Thanks In Advance.
Have a great weekend. Cheers

Financial Credit Card Insurance

Comments

  • Naiht on 26/10/2024 - 14:26
    +3

    I doubt your insurance will cover your friend if they are the one driving the car.

    • thefakeemailguy on 26/10/2024 - 14:45

      Sorry, Only I am going to drive the car. Friend doesn't have a license.

      • boomramada on 26/10/2024 - 16:05

        Then you have no issues, as long as you are driving it.

      • Ocker on 26/10/2024 - 20:05
        +3

        So why say " want to rent a car for them"

  • sumyungguy on 26/10/2024 - 14:31

    Your friend should purchase their own stand-alone rental excess policy. This is generally the cheapest option and there will be no excess payable. Rental company insurance is the most expensive choice. The credit card insurances will likely incur a small policy excess and per @Naiht, they only cover the card holder.

  • saltypete on 27/10/2024 - 08:19
    +2

    If you want to use the credit card insurance for any reason at all you have to read the Product Disclosure information very, very carefully. Google the terms that you are not clear on. Call the insurer and ask questions.
    Only rely on it if you are confident it will work for you.
    They can be a great way to save money. They can be a great way to lose a lot of money.

  • Stewardo on 27/10/2024 - 09:57
    +3

    You still have to buy insurance from the rental company.
    If you crash you pay the excess. Then you can apply for a claim from the credit card insurance for reimbursement of the excess. This claim may also have an excess. You would also need to meet all the conditions of the insurance policy.
    Rental car excess can be massive they will want to put a preauthorisation on a Credit card if you don’t take up the rental company’s expensive excess reduction policy. which they will try to sell you at the pickup.

  • Love a bargain on 27/10/2024 - 14:35
    +1

    Check the Credit card complimentary insurance PDS on what's covered.

    Also read this:
    https://www.choice.com.au/travel/on-holidays/car-hire/articl…

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