If you’re wondering if your Bank of America credit card offers insurance for your rental car, you’ll find it depends on the card. BofA recommends contacting customer service to find out if the card you have offers rental insurance as a perk.
Bank of America advertises auto rental collision damage waivers (CDWs) with only the Bank of America® Premium Rewards® Credit Card. However, it may offer the benefit, depending on the card. For example, Bank of America® Travel Rewards Credit Card‘s benefits guide includes auto rental collision waivers — even though its application page doesn’t list the benefit.
A BofA rep we spoke to was unable to confirm whether every card included auto rental CDWs. He suggests cardholders reach out to Bank of America to confirm if your card includes this perk.
The information in this article covers standard Visa car rental insurance benefits. Visa is the card network for products such as the Bank of America® Premium Rewards® Credit Card and Bank of America® Travel Rewards Credit Card.
Where is Bank of America car rental insurance available?
You can use Bank of America car rental insurance throughout the US and most countries. However, the benefit isn’t valid in Jamaica, Israel, the Republic of Ireland or Northern Ireland.
It also isn’t valid where it’s barred by law, when it conflicts with an auto rental agreement, or when individual merchants don’t allow it.
With a Bank of America credit card that offers auto rental CDWs, you’re covered for:
- Physical damage to the rental vehicle
- Theft of the rental vehicle
- Eligible loss-of-use charges from the rental company
- Administrative charges and reasonable towing fees
How much am I covered for?
The maximum reimbursement is the actual cash value of your rental vehicle. This is the replacement cost of the stolen or damaged vehicle, less depreciation costs.
What does Bank of America car rental insurance not cover?
Your Bank of America rental car CDW is invalid for:
- Exotic or expensive vehicles. These might include Aston Martin, Bentley, Bricklin, Daimler, DeLorean, Excalibur, Ferrari, Jensen, Lamborghini, Lotus, Maserati, Porsche and Rolls Royce. Still, some models of BMW, Cadillac, Lincoln and Mercedes-Benz are covered
- Antique vehicles
- Certain vans
- Antique vehicles
- Vehicles with open cargo beds
- Trucks
- Motorcycles, motorbikes and mopeds
- Limousines
- Recreational vehicles
Your auto rental CDW doesn’t cover everything. For example, it doesn’t apply if your vehicle is damaged or stolen because you violated the rental agreement. It also doesn’t cover your personal items if they’re damaged or stolen.
Bank of America collision damage waivers are secondary or primary depending on where you’re renting your vehicle.
- Inside your country of residence, coverage is secondary. You must make a claim through your personal insurer before going through the BofA benefit administrator.
- Outside your country of residence, coverage is primary. Make a claim directly through your Bank of America collision damage waiver policy after a covered incident.
Whether you have personal auto insurance affects your Bank of America policy as well:
- If you don’t have personal auto insurance, your auto rental CDW reimburses you for covered theft or damage, as well as loss-of-use, administrative and towing charges.
- If you do have personal auto insurance, your auto rental CDW reimburses you for the deductible of your personal insurance. It also covers you for unreimbursed portions of valid administrative, loss-of-use and towing charges.
To activate your collision damage waiver policy, here’s what to do:
- Decline the coverage offered by the rental car company.
- Pay for the entire rental with your Bank of America card.
- If the rental company’s representative says you must purchase coverage, call the support number on the back of your BofA card and asked to be transferred to the collision damage waiver benefit administrator. Then, the benefit administrator will advise you on what to do.
How to make a claim for Bank of America car rental insurance
Call the Bank of America benefit administrator within 45 days after damage or theft to your vehicle. A representative advises you on next steps, and tells you which information to submit for your claim.
What to submit with your claim
Collect the following information from the rental company:
- A copy of the claim document and accident report form, which show the costs you’ve incurred and what you’ve already paid toward the claim.
- A copy of the initial and final rental agreements, front and back.
- A copy of the repair estimate and itemized repair bill.
- If possible, a police report
In your claim, submit the information above as well as the following:
- The auto rental CDW claim form, completed and signed.
- Proof that you charged the entire rental to your card — for example, a receipt or your monthly billing statement.
- A statement from your insurer detailing which costs you must pay and what you’ve already paid toward your claim.
- A copy of the declarations page of your primary insurance policy, which shows your deductible.
- Any other information your benefit administrator requests.
Submit this information within 365 days of the incident. If you’re having trouble obtaining certain documents within 90 days of the incident, submit what you have available to the benefit administrator.
The cardholder is covered by your BofA card’s auto rental collision damage waiver. So are eligible drivers you list on each rental agreement.
Bank of America offers an auto rental collision damage waiver with the Bank of America® Premium Rewards® Credit Card. It also offers the benefit with its other cards, albeit on a case-by-case basis. If you’re unsure whether your card offers an auto rental CDW, contact BofA to make sure.
If these cards aren’t what you’re looking for, compare other cards with car rental insurance.
Kevin Joey Chen was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com.