Bank Of America Travel Rewards Credit Card Car Rental Insurance
If you’re a frequent traveler, the Bank of America Travel Rewards credit card should be on your bucket list. The card offers various benefits, including car rental insurance coverage. Bank of America’s travel rewards credit card is designed to meet the needs of travelers, including car rental insurance. In this article, we’ll discuss what this card offers, how to qualify for the car rental insurance coverage, and other benefits associated with using the card.
What is Bank of America Travel Rewards Credit Card?
Bank of America Travel Rewards credit card is a travel rewards credit card offered by Bank of America. As a cardholder, you earn points for every purchase made using the card. These points are redeemable for statement credit towards travel purchases such as flights, hotels, rental cars, and vacation packages.
The card has no annual fee, and you can earn unlimited points with 1.5 points for every dollar spent on purchases. You also get a promotional bonus of 25,000 points if you make at least $1,000 in purchases within the first three months of opening an account.
What is Car Rental Insurance?
Car rental insurance provides coverage when renting a car, protecting you from potential financial loss due to theft, accident, or other covered events. When renting a car, you can choose to purchase collision damage waiver (CDW) or loss damage waiver (LDW) insurance from the car rental company. However, these insurance policies can be expensive. That’s where car rental insurance provided by the Bank of America Travel Rewards credit card comes into play.
What Does Bank of America Travel Rewards Credit Card Car Rental Insurance Cover?
When you use the Bank of America Travel Rewards credit card to rent a car, you are eligible for car rental insurance coverage. The coverage includes reimbursement for damages due to collision or theft of the rental car up to the actual cash value of the rental car. The coverage is secondary to any other insurance policy you may have, such as your own car insurance.
In addition, the car rental insurance provided by the Bank of America Travel Rewards credit card covers reasonable towing charges related to a covered loss, and any reasonable and customary charges related to theft or damage i.e., loss-of-use charges assessed by the rental car company while the car is being repaired.
How to Qualify for Bank of America Travel Rewards Credit Card Car Rental Insurance
To qualify for the car rental insurance provided by the Bank of America Travel Rewards credit card, you must use your card to pay for the full rental car cost and decline the CDW and LDW insurance policies offered by the car rental company. If you decline the car rental company’s CDW or LDW insurance policies, and the rental car is damaged or stolen, you may be covered for the damages or theft.
It’s essential to note that the coverage provided by the Bank of America Travel Rewards credit card is secondary to any other insurance policy you may have, such as your own car insurance. Therefore, the coverage kicks in only after your primary insurance policy has been utilized.
Other Benefits of Bank of America Travel Rewards Credit Card
Aside from the car rental insurance coverage, the Bank of America Travel Rewards credit card offers other benefits when traveling. These benefits include:
- No foreign transaction fees
- Chip technology for enhanced security when traveling internationally
- 24/7 fraud monitoring system
- Fraud liability protection
- Free FICO credit score monitoring
- Lost luggage reimbursement
Conclusion
If you’re a frequent traveler, the Bank of America Travel Rewards credit card is an excellent card to have. It offers various benefits, including car rental insurance coverage. By using the card to pay for the full cost of the rental car and declining the CDW or LDW insurance policies offered by the car rental company, you may be eligible for the car rental insurance coverage provided by the Bank of America Travel Rewards credit card.
When traveling, it’s always good to be prepared for unexpected events. With the Bank of America Travel Rewards credit card, you can enjoy your trip with peace of mind, knowing you’re covered in case of theft or damage to your rental car.