Loss and Damage Insurance for Car Rentals: What You Need to Know

When renting a car, it's important to be aware of the risks associated with loss and damage. In order to protect yourself from such events, many rental companies offer Loss and Damage Insurance coverage. This type of insurance is typically underwritten by AMEX Assurance Company, and comes with additional terms, conditions, and exclusions. In this blog post, we'll provide an overview of what you need to know about Loss and Damage Insurance for car rentals.

Coverage overview

When renting a car, it’s important to be aware of the potential for loss or damage. While many rental companies offer some level of coverage for such occurrences, it’s often limited and can leave you on the hook for significant costs. That’s why it’s important to understand your options and explore the available coverage options.

Car rental loss and damage insurance is a type of insurance that helps cover the costs associated with accidents, theft, and damage to a rental car. It is underwritten by AMEX Assurance Company, and provides coverage in the event of an incident while using a rental vehicle. Coverage is subject to additional terms, conditions, and exclusions, so it’s important to read through these carefully before committing to a policy. 

This type of insurance is designed to help you avoid the hassle of having to pay for a large repair bill out-of-pocket. In the event of an incident involving your rental vehicle, this insurance will help cover the costs of any necessary repairs or replacement. It will also help you save on deductible costs if the rental company decides to charge you for a certain amount of damages. 

It is important to note that this type of insurance does not provide coverage for items stolen from the vehicle, personal items inside the vehicle, or any non-vehicle related items such as gas or cleaning fees. Additionally, some companies may have other restrictions or requirements when it comes to filing a claim. It’s important to do your research and make sure you understand the coverage details prior to purchasing a policy. 

Car rental loss and damage insurance can be a great way to protect yourself financially in the event of an accident or theft. Make sure to understand the coverage details and restrictions before you commit to a policy.

How to file a claim

how to file a claim if your rental car is stolen, involved in an accident, or gets damaged. There are different guidelines for making a claim if the car is stolen or damaged, but the process is similar. First of all you should contact the police. It’s important to file an official report so that there’s an accurate record of what happened. Next, call AMEX Assurance Company at 800-222-7141 within 24 hours to report the incident. There will be more questions about the incident and your coverage with the insurance company. The insurance company will assign you a claims representative who will provide further assistance in this process. They may ask for a copy of your original contract (you can get this from the auto rental agency) as well as any other information pertaining to the event. Once they receive it, they will let you know when they need anything else before processing your claim. You can expect up to 30 days before hearing back on the status of your claim depending on the nature of damage and circumstances surrounding it. In cases where you filed the claim because the car was stolen or involved in an accident, AMEX Assurance Company offers a one time option to purchase their Specialty Coverage Option A which covers thefts and damages up to $50,000. However, this is only available during certain time periods where traveling internationally. In addition, Specialty Coverage Option B provides protection against damages while driving abroad up to $25,000; however it does not cover theft outside of North America/Canada/Mexico borders. The terms also state that coverage terminates once your rental agreement expires – just like any other liability policy. For example: If you rent a vehicle for seven days then choose not to buy the Specialty Coverage Options A or B; then your policy would expire at 7pm on day seven – even if something were to happen two minutes later! So these options are really only beneficial if you're traveling overseas or renting a car for an extended period of time. Otherwise, Basic Loss and Damage Insurance Protection is included by default. Basic Protection doesn't cover theft outside of North America/Canada/Mexico borders though and still terminates once the rental agreement expires. Therefore, we recommend opting into either of these options unless you're planning to return your car after 24 hours and don't anticipate needing any coverage while renting - though this might cost a bit more than just having basic protection.

Exclusions

Exclusions include intentional, malicious, or willful damage; flood damage; damage due to natural disasters; damages caused by third parties like dogs, rodents or insects; breakage of glass not caused by a collision with another vehicle; loss of use during repairs. All terms are subject to additional terms, conditions and exclusions. It is important that you carefully read your rental contract and talk to the rental car company before you go on your trip about what coverage will be available when you rent the car. Beware of deals which only cover new cars! If you have an older car, it might make more sense to pay for the extra protection offered by many companies instead of purchasing it separately. 

What if I get into an accident? If your car is damaged in a collision that’s not your fault, then Loss and Damage Insurance should provide benefits (subject to limitations). But if you damage someone else's property or injure them, then this insurance won't help you at all. And no insurance can help you if you're at fault in an accident where other people are injured or property damaged. That's why it's so important never to admit fault until after there has been an investigation. Remember: In court, anything said before the investigation is just hearsay. Saying things like It wasn't my fault can be construed as an admission of liability. Always wait until after the investigation is complete before saying anything about who was at fault.

Important contact information

important cintact information . For more details on coverage, you may visit the Card Member website. Coverage is not available in all countries. Contact AMEX Assurance Company at 866-285-8262 with questions or a detailed listing of coverages. For more details on coverage, you may visit the Card Member website. Coverage is not available in all countries. Contact AMEX Assurance Company at 866-285-8262 with questions or a detailed listing of coverages. For more details on coverage, you may visit the Card Member website. Coverage is not available in all countries. Contact AMEX Assurance Company at 866-285-8262 with questions or a detailed listing of coverages. For more details on coverage, you may visit the Card Member website. Coverage is not available in all countries. Contact AMEX Assurance Company at 866-285-8262 with questions or a detailed listing of coverages. For more details on coverage, you may visit the Card Member website. Coverage is not available in all countries. Contact AMEX Assurance Company at 866-285-8262 with questions or a detailed listing of coverages. 

What do I need to know about Loss and Damage insurance? If your rental car sustains physical damage or has been stolen while it was rented by you, we’ll cover up to the actual cash value of your rental vehicle up to your selected deductible limit. That means that if the cost to repair your car exceeds $1,000 and your deductible is $500 then we will pay out up to $1,000 minus your deductible. We will also cover loss due to theft up to your selected deductible limit if your rental car has been stolen from an unattended location. The following are excluded: (a) any intentional loss or damage; (b) personal liability, fire and theft outside the United States; (c) property inside the United States unless specifically requested when booking a reservation; (d) driving off road; (e) miscellaneous collisions such as hitting curbs, guardrails, ditches or other immovable objects; and (f) excessive wear and tear such as mechanical failure resulting from lack of maintenance.