We then scored and ranked the networks based on three general criteria: the likelihood that cardhold

When most people mahwah new jersey hotels think of credit card perks, their minds turn to rewards, low interest rates, and the like. However, credit cards naturally provide a number of far-reaching standard benefits that help protect cardholders from both monetary loss and unnecessary hassle. Two of the most important such benefits are rental car collision protection and extended warranties. This study, mahwah new jersey hotels together with the 2012 Credit Card Extended Warranty Study , provides an in-depth examination of the policies of the four major credit card networks mahwah new jersey hotels as they relate to these important benefits.
To provide context, roughly 20% of consumers always purchase supplemental insurance coverage when renting a car, according to a study from Progressive Insurance, and another 20% do so on occasion. Sitting atop the list of reasons for such purchases is confusion as to whether personal auto insurance extends to rental cars. Indeed, 62% of consumers do not believe their personal auto insurance automatically covers rental mahwah new jersey hotels cars, according to a survey conducted by the National Association of Insurance Commissioners. mahwah new jersey hotels Similarly, 24% aren't sure whether their credit cards provide any sort of coverage either.
In this study, we will address what type of rental car insurance coverage consumers automatically receive through their credit cards, how they can take advantage of it, which credit cards offer the best insurance coverage, and whether any other forms of supplemental insurance are therefore needed.
Key Findings All four major card networks provide some form of rental car insurance coverage. MasterCard mahwah new jersey hotels is the only network that does not provide coverage to all cardholders. mahwah new jersey hotels VISA's rental car insurance mahwah new jersey hotels received mahwah new jersey hotels the highest mahwah new jersey hotels cumulative score (87%), while Discover ranked second mahwah new jersey hotels (85%), American Express ranked third (82%), and MasterCard last (73%). All four major networks necessitate that cardholders charge the entire rental car purchase on their credit card and decline supplemental mahwah new jersey hotels insurance/Collision Damage Waivers (CDW) offered by the rental company in order to be eligible. None of the four major networks provides coverage for the rental of exotic, expensive, or antique cars; trucks; vehicles with open beds; or off-road mahwah new jersey hotels vehicles. mahwah new jersey hotels VISA and MasterCard are the only two networks that do not cover accidents occurring on dirt and gravel roads. As if that weren't enough, MasterCard also has a confusing stipulation that excludes accidents occurring on roads that aren't regularly maintained. VISA, MasterCard, and American Express exclude from coverage rentals in certain countries as well as rentals mahwah new jersey hotels that exceed specified time limits. Discover is the only network to provide coverage in all of the countries that its cards are accepted. American Express is the only network not to provide coverage for renting certain popular SUVs, including the Suburban and Tahoe from Chevrolet, GMC Yukon, mahwah new jersey hotels Ford Expedition, Lincoln Navigator, Toyota Land Cruiser, Lexus LX450, Range Rover, and full-sized Ford Bronco. Overall, the fine print and level of complexity of card network insurance policies mahwah new jersey hotels makes it difficult for consumers to understand and count on them.
Visa Discover MasterCard American Express Likelihood of Coverage 52% 60% 40% 47% Ubiquity 20% 20% 10% 20% Vehicles Excluded 17% 20% 20% 12% Events Excluded 15% 20% 10% 15% Quality of Coverage 25% 15% 25% 25% Logistics 10% 10% 8% 10% Activation 5% 5% 5% 5% Claims Process 5% 5% 3% 5% OVERALL SCORE 87% 85% 73% 82% Methodology
mahwah new jersey hotels In compiling this report, we contacted Visa, MasterCard, mahwah new jersey hotels Discover, and American Express in order to answer the following six important questions: 1) Who is eligible for network rental car insurance coverage? 2) What vehicles are excluded? 3) What events are not covered? 4) What is covered? 5) How does one activate mahwah new jersey hotels the benefit? and 6) How should claims be filed?
We then scored and ranked mahwah new jersey hotels the networks based on three general mahwah new jersey hotels criteria: the likelihood mahwah new jersey hotels that cardholders will be covered when and if they have to file a claim with their credit card company, the quality of coverage they will receive in such an event, and the difficulty of the claims process. The breakdown of the scoring is as follows:
Likelihood of Coverage: 65% Ubiquity on Network mahwah new jersey hotels Cards (i.e. likelihood of coverage with network card): 20% Vehicles Not Covered: 25% Events Not Covered: 20% Quality of Coverage: 25% Logistics: 10% Activation: 5% Claims Processing: 5%
Likelihood of coverage was given the most weight for the simple reason that nothing else matters if a consumer isn't eligible for coverage. The claims process was given relatively little weight both because little difference exists between mahwah new jersey hotels the claims processes of the different networks and given that a consumer who files a rental car insurance mahwah new jersey hotels claim with his or her credit card network mahwah new jersey hotels generally will not be deterred by a requirement to submit an extra document or two, for example.
The scores for each category are based on our subjective opinion of how each network's policy compares to an ideal policy. In our opinion, mahwah new jersey hotels an ideal policy would be one based on common sense, where the average consumer would know what to expect without having to read the fine print. For example, an ideal policy would apply to all car rental agencies that accept one's card, rather than providing coverage in only a select number of countries where the card is accepted. Finally, it is important to note that the objective of this study is to help consumers make informed decisions about which credit card to apply for. As a result, the study only takes into account credit cards – both general-consumer credit cards and business credit cards – that are accepting new applicants. While we acknowledge that some consumers may be subject to older policies than those presented in this study, and that is a risk that consumers should keep in mind, it would be unfair to judge networks based on outdated mahwah new jersey hotels policies for cards no longer being offered. Detailed Card Network Results
This benefit is available on all Visa Traditional Credit, Visa Rewards Credit, mahwah new jersey hotels and Visa Premium Rewards cards. You are eligible only if you are a valid cardholder whose name is embossed on an eligible U.S.-issued Visa card. Only you as the primary renter mahwah new jersey hotels of the vehicle and any additional drivers permitted by the auto rental agreement are covered.
The majority of MasterCard cards offer MasterRental/CDW (rental coverage). It is available for MasterCard Gold, Platinum, World and World Elite products (business and consumer). Issuers (banks) may also include the benefits on standard MasterCard cards, as well. The covered MasterCard cardholder and those designated in the vehicle rental agreement/contract as authorized drivers.
All US Consumer and Small Business American Express Cards feature the Car Rental Loss Damage mahwah new jersey hotels Insurance (CRLDI).The Basic and any Additional Cardmembers that have an eligible Card issued in his or her name are eligible for coverage.
Score Justification:  VISA, Discover, mahwah new jersey hotels and American Express give rental car insurance coverage to all of their credit cardholders and as such received perfect scores in terms of ubiquity. MasterCard followed with a 10/20, mahwah new jersey hotels as cardholders have to check whether their cards are covered and cannot benefit from the peace of mind provided by blanket mahwah new jersey hotels coverage.
Excluded worldwide are: expensive, exotic, and antique automobiles; certain mahwah new jersey hotels vans; vehicles that have an open cargo bed; trucks; motorcycles, mopeds, and motorbikes; limousines; and recreational vehicles. Certain Vans: This benefit [rental car insurance] is provided for only those vans manufactured and designed to transport mahwah new jersey hotels a maximum of eight (8) people including the driver mahwah new jersey hotels and which is used exclusively to transport people. Examples of excluded expensive or exotic automobiles are the Aston Martin, mahwah new jersey hotels Bentley, Bricklin, Daimler, DeLorean, Excalibur, Ferrari, Jensen, Lamborghini, Lotus, Maserati, Porsche, and Rolls Royce. However, selected models of BMW, Mercedes-Benz, Cadillac, and Lincoln are covered. An antique mahwah new jersey hotels automobile is defined as any vehicle over twenty (20) years old or any vehicle that has not been manufactured for ten (10) years or more.
Off-road, antique, or limited edition motor vehicles; trucks, recreational vehicles, campers, pickup trucks, and mini-buses; limited edition motor vehicles or high-value, exotic, high performance or collector type. High value motor vehicles are motor vehicles whose replacement value exceeds $50,000. Antique vehicles defined as any vehicle over 25 years old, or any vehicle which has not been manufactured for 10 or more years.
All trucks, pickups, full-size vans mounted on truck chassis, cargo vans, campers, off-road vehicles, and other recreational mahwah new jersey hotels vehicles. All sport utility mahwah new jersey hotels trucks. These are vehicles that have been or can be converted to an open, flat bed truck (including, but not limited to, Chevy Avalanche, GMC Envoy, mahwah new jersey hotels and Cadillac Escalade EXT). Trailers, motorbikes, motorcycles, and any other vehicle having fewer than four (4) wheels. Antique vehicles (vehicles that are more than twenty (20) years old or have not been manufactured for at least ten (10) years), or limousines. Any rental vehicle that has a manufacturer's suggested retail price that exceeds $50,000 USD.
Expensive autos, which means autos with an original manufacturer s suggested retail price of $50,000 mahwah new jersey hotels ($75,000 for all Platinum, Centurion, small Business Platinum and small Business Centurion) or more when new. Exotic cars regardless of year or value, including but not limited to Chevrolet Corvette, Toyota Supra, Mazda RX-7, Dodge Viper and Stealth, Plymouth Prowler, Mitsubishi 3000 GT, Nissan 300 ZX, Jaguar XJS, Acura NSX, Mercedes SL, SLK, S Coupe and E320, Coupe and Convertible, BMW M3, Z3 and 8 series, Cadillac mahwah new jersey hotels Allante. All Porsche, Ferrari, Lamborghini, Maserati, Aston Martin, Lotus, Bugatti, Vector, mahwah new jersey hotels Shelby Cobra, Bentley, Rolls Royce.  Trucks, pick-ups, cargo vans, custom vans; full-sized vans, including but not limited to Ford Econoline, or Club Wagon, Chevy Van