Capital One Car Rental Insurance: Explained | Finder Canada

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Capital One car rental insurance

All Capital One Mastercard credit cards in Canada offer this perk.

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Where is Capital One car rental insurance available?

Capital One offers car rental collision/loss damage waiver insurance with all of its Mastercard credit cards in Canada. This coverage is available on a 24-hour basis anywhere in the world, except where prohibited by law, or where the coverage is in violation of the terms of the rental contract in the jurisdiction it was formed

Car Rental Collision/Loss Damage Waiver Insurance: What it covers

A Capital One Mastercard’s car rental CDW policy reimburses you if:

  • Your rental vehicle is damaged.
  • Your rental vehicle is stolen.
  • The rental company imposes eligible loss-of-use charges or administrative charges.
  • You’re charged reasonable towing fees.

Coverage is valid up to 31 consecutive days.

How much am I covered for?

You’re covered up to the actual cash value of your rental — that is, how much it costs to replace the vehicle, minus depreciation — up to the same amount as you would have been covered if you had accepted the rental agency’s CDW.

What does Capital One car rental insurance not cover?

Your Capital One collision damage waiver doesn’t apply to:

  • Expensive, antique or exotic vehicles.
  • Vans used for hire by others.
  • Vehicles with open cargo beds.
  • Trucks and pickups.
  • Motorcycles, motorbikes and mopeds.
  • Off-road vehicles.
  • Limousines.
  • Recreational vehicles like campers and trailers.

There are also many cases in which the car rental CDW doesn’t apply. For example, it’s invalid if your vehicle is stolen or damaged as a result of a rental agreement violation. It also doesn’t reimburse you if your personal effects are lost or stolen.

How to use Capital One car rental insurance

Activating your car rental collision damage waiver is easy — simply initiate and purchase the entire rental with your eligible Capital One card or Capital One rewards. Then, decline the CDW the rental company’s representative offers you at the counter.

Consider reading the rental agreement to make sure you’re explicitly declining extra coverage. If you don’t decline the rental company’s CDW, your Capital One car rental coverage won’t apply.

A rental company representative might insist that you must purchase their agency’s coverage. If you refuse, they may insist you provide a deposit. Before booking a vehicle, confirm that the rental agency will accept Capital One’s CDW without requiring a deposit. If they won’t, find one that will, and try to get written confirmation.

How to make a claim for Capital One car rental insurance

Within 48 hours, call the Capital One benefit administrator at 1-888-324-2363 to report the theft or damage. If you’re traveling internationally, you can call locally or collect at 416-205-4357. A representative will take your information and provide you with a claim form.

What to submit with your claim

You will need to submit the following documentation with your claim:

  • a copy of the driver’s license of the person who was driving the vehicle at the time of the accident
  • a copy of the loss/damage report you completed with the rental agency
  • a copy of a police report required when the loss results in damage or theft over $1,000
  • a copy of your sales receipt, and your statement of account showing the rental charge and/or Capital One reward mile redemption
  • the front and back of the original opened and closed-out rental agreement
  • a copy of the itemized repair estimate, final itemized repair bill and parts invoices
  • original receipt(s) for any repairs for which you may have paid
  • if loss of use is charged, a copy of the rental agency’s complete daily utilization log from the date the vehicle was not available for rental, to the date the vehicle became available to rent.

Who gets to use Capital One car rental insurance?

As an eligible cardholder and the primary renter of the vehicle, you qualify for Capital One car rental insurance. Other drivers you add to the rental agreement also qualify.

Bottom line

Capital One offers car rental collision damage waivers with all of its Mastercard credit cards. If you’re not sure whether your Capital One card has the benefit, call the support number on the back of your card.

If a Capital One card isn’t right for you, consider other cards with car rental insurance.

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