Rental Car Insurance Bank Of America Travel Rewards
If you are planning a trip and looking to rent a car, it is important to know the options available to you for insurance coverage with your Bank of America Travel Rewards card. While rental car insurance may seem like an optional expense, it can save you a significant amount of money in case of an accident, theft, or other unexpected event.
What is Rental Car Insurance?
Rental car insurance is a type of insurance that covers you in the event of an accident or theft while you are renting a car. This insurance can be purchased through the rental car company or through your credit card. Many credit cards, including the Bank of America Travel Rewards card, offer rental car insurance as a perk to their cardholders.
How Does Rental Car Insurance Work with Bank of America Travel Rewards?
If you have a Bank of America Travel Rewards card, you are eligible for rental car insurance coverage. This coverage is provided through the Visa Signature program, which offers secondary auto rental collision damage waiver coverage up to the actual cash value of most rental vehicles.
In order to be eligible for this coverage, you must decline the rental car company's collision damage waiver (CDW) and pay for the entire rental with your Bank of America Travel Rewards card. If you have multiple credit cards, it is important to use the Bank of America Travel Rewards card for the entire rental period in order to be covered under this benefit.
If you are involved in an accident or your rental car is stolen, you must file a claim with your own auto insurance company first. The rental car insurance from Bank of America Travel Rewards will then provide secondary coverage for any remaining costs, up to the actual cash value of the rental car.
What Does Rental Car Insurance Cover?
Rental car insurance coverage with Bank of America Travel Rewards includes the following:
- Secondary auto rental collision damage waiver coverage up to the actual cash value of most rental vehicles
- Physical damage and theft
- 24-hour emergency assistance
- Towing and emergency transportation coverage
- Lost or stolen baggage coverage
It is important to note that rental car insurance does not cover personal injury or liability. If you are at fault in an accident, you may be responsible for any damages or medical expenses incurred by other parties. In this case, it is important to have adequate liability coverage with your personal auto insurance or through the rental car company.
How to Activate Rental Car Insurance with Bank of America Travel Rewards
In order to activate rental car insurance coverage with your Bank of America Travel Rewards card, you must:
- Decline the rental car company's CDW
- Pay for the entire rental with your Bank of America Travel Rewards card
- Use the Bank of America Travel Rewards card for the entire rental period
If you meet these requirements, you will be automatically enrolled in the rental car insurance program provided by Visa Signature. This coverage is secondary, which means it will only kick in after you have filed a claim with your own auto insurance company.
Conclusion
Rental car insurance can be a valuable perk for Bank of America Travel Rewards cardholders. By declining the rental car company's CDW and using your Bank of America Travel Rewards card to pay for the entire rental, you can be eligible for secondary auto rental collision damage waiver coverage up to the actual cash value of most rental vehicles.
It is important to understand the coverage provided by rental car insurance and to have adequate liability coverage with your personal auto insurance or through the rental car company in case of an accident. By taking these steps, you can have peace of mind while enjoying your travels.
