Do you need to know the terms and conditions of American Express Gold Card’s Auto Collision Damage Waiver? We read through the fine print and found the key information for you!
This article will compare the Collision Damage Waiver terms from the American Express Gold credit card to other popular travel benefit credit cards. Keep reading to compare the perks offered by the American Express Gold Card!
What’s Covered with American Express Gold Card’s Auto Rental Collision Damage Waiver?
The Collision Damage Waiver (CDW) offered by American Express Gold Card is secondary coverage. This CDW is designed to cover the deductible from other insurance.
Situations where the CDW coverage comes in handy include:
- Loss or theft of rental vehicle
- Damage to the rental vehicle
Pro Tip: Even if you’re not at fault, an uninsured or underinsured motorist could leave you with the bill for expensive damage to the rental car.
If you want to know the specific value of American Express Gold’s Collision Damage Waiver, that will depend on the deductible of your regular automobile insurance. Your benefit is limited to a maximum amount of $50,000.
What is Excluded with American Express Gold Card’s Auto Rental Collision Damage Waiver?
Rental car customers need to know that not every rental vehicle is covered by American Express Gold Card’s Collision Damage Waiver.
Here’s a list of several important exclusions to be aware of:
- Liability for third-party property damage isn’t covered.
- Liability for third-party medical expenses is not covered.
- The driver and passengers’ medical expenses in the event of an accident.
- Antique cars and recreational vehicles are not covered.
- Motorbikes, mopeds, and limousines won’t have coverage.
- Cargo vans, large passenger vans, or open-bed trucks are not covered
American Express Gold Card’s vs. Other Cards’ Rental Car Insurance Offers
Other credit cards also offer Collision Damage Waivers. It’s important to note that many of these other cards offer to pay the cash value of the rental car with a limit of around $75,000, but American Express’ Gold Card caps this benefit at $50,000.
Here we created a table for readers to compare other factors of credit cards with Collision Damage Waivers like annual fees.
| Credit Card | Rental Car Insurance | Location Provided | What is covered? | Annual Fee |
|---|---|---|---|---|
| American Express Gold Card | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $250 |
| American Express Platinum Card | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $695 |
| Bank of America Travel Rewards | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $0 |
| Capital One Venture X Travel Rewards Credit Card | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $395 |
| Chase Freedom Unlimited | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle, Loss of Use Charges | $0 |
| Chase Sapphire Reserve | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle, Loss of Use Charges | $550 |
| Costco Anywhere Visa Card by Citi | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | Costco Membership, $60/Person |
| Ink Business Cash by Chase | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $0 |
| Ink Business Preferred by Chase | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $95 |
| Southwest Rapid Rewards Premier | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $99 |
American Express Gold Card Travel Benefits vs. Other Cards’ Benefits
American Express cardholders get travel perks above and beyond the Auto Renewal Collision Damage Waiver. These perks include bonuses like Trip Delay Insurance and Baggage Insurance.
Pro Tip: The American Express Gold Card has the highest reward amount for the dining out category of travel-minded credit cards.
This table will compare several benefits of popular credit cards at a glance.
| Credits Card | Purchase APR | Gasoline Rewards | Restaurants/Bars | Other Travel |
|---|---|---|---|---|
| American Express Gold Card | 19.74% to 26.74% | 1x Points | 4x Points | 3x Points for Flights Booked through AmexTravel and Other Credits Available |
| American Express Platinum Card | 19.74% to 26.74% | 1x Points | 1x Points | 5x Points for Flights and Hotels Booked through AmexTravel Plus Credits for Hotels, TSA Precheck and More |
| Bank of America Travel Rewards | 16.99% to 26.99% | 1.5 Points per $1 | 1.5 Points per $1 | 1.5 Points per $1 |
| Capital One Venture X Travel Rewards Credits Card | 19.99% to 26.99% | 2x Miles | 2x Miles | 10x Miles for Rental Cars and Hotels, 5x Miles for Flights, Plus Credits through Capital One Travel, Other Bonus Miles |
| Chase Freedom Unlimited | 18.74% to 27.49% | 1.5 % Cash Back | 3% Cash Back | 5% cashback for Flights, Hotels, Rental Cars, Activities, and Cruises |
| Chase Sapphire Reserve | 20.74% to 27.74% | 1 reward point per $1 | 3x Points on Dining Out, 10x Points on Select Dining | $300 Annual Travel Credits, 5x Points on Flights, 10x Points on Cars and Hotels, 3x Points on Other Travel |
| Costco Anywhere Visa Card by Citi | 18.99% | 4% on Gas and EV Charging First $7,000 then 1% After | 3% Cash Back | 3% on Eligible Travel Purchases |
| Ink Business Cash by Chase | 16.24% to 22.24% | 2% Cash Back on First $25,000 Annually | 2% Cash Back on first $25,000 Annually | 1% Unlimited Cash Back on All Purchases |
| Ink Business Preferred by Chase | 18.99% to 23.99% | 1x Points | 1x Points | 3x Points for Select Travel Purchases, Travel Insurance |
| Southwest Rapid Rewards Premier | 19.74% to 26.74% | 1 Reward point per $1 | 1 Reward point per $1 | 3 Points for Every $1 on Southwest, 2 Points for Every $1 on Rapid Rewards Hotel and Car Partners |
Frequently Asked Questions
Do credit card companies offer car protection for rented cars?
Some credit cards, like the American Express Gold credit card, have an Auto Rental Collision Damage Waiver as a cardholder benefit. The Collision Damage Waiver helps cover the value of the rental car if it’s damaged or stolen.
How do I learn if my credit card has rental car insurance?
You may read your Guide to Benefits or call your credit card customer service line to determine if your credit card offers rental insurance.
References
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Jesse Cunningham V is a professional writer and licensed insurance agent. He has worked in the insurance industry in different capacities, starting as a customer service representative and working his way up to an independent agency owner. He is licensed in the states of Maryland and Pennsylvania for Property, Casualty, Life, and Health products. Jesse has worked with many national carriers, including Nationwide, State Farm, Travelers, and Liberty Mutual, and specializes in car and home insurance and health, life, accidental death, and disability insurance. He writes for multiple publications including FIXD and Bauple.com. All articles by Jesse are opinion-based. Speak with your licensed insurance agent about the particulars of your insurance before making any decisions.
