Do you want to understand the terms and conditions of American Express Platinum Card’s Auto Collision Damage Waiver? We’ve got you covered! Keep reading to understand the major points from the fine print.
This article will cover the important points about American Express Platinum Card’s Auto Rental Collision Damage Waiver. We’ll also compare it to other travel credit cards with similar benefits and related travel benefits!
What’s Covered with American Express Platinum Card’s Auto Rental Collision Damage Waiver?
The Collision Damage Waiver (CDW) offered by American Express covers most rental vehicles valued at or below $50,000 when new.
Pro Tip: It’s important to have some type of rental car coverage because renters are financially responsible for the rental car. Even if the car is stolen and you’re not at fault, you’re financially on the hook!
CDW coverage is secondary coverage in the United States. That means you would file a claim with your regular car insurance first, and the Collision Damage Waiver would cover your deductible.
For the Collision Damage Waiver from American Express to be in effect, the rental car must be paid with the American Express Platinum Card. You must also waive any rental car coverage from the rental car company itself (otherwise, the CDW coverage will be forfeited).
What is Excluded with American Express Platinum Card’s Auto Rental Collision Damage Waiver?
Rental car customers need to know that a Collision Damage Waiver(CDW) is not liability insurance. CDWs also don’t cover medical expenses for the driver or passengers.
American Express Platinum Card also will not cover the following types of vehicles:
- Cars valued over $50,000 when new
- Antique or expensive cars
- Moving trucks or vehicles rented from moving companies
- Cargo vans or large passenger vans (seats 9 or more)
- Recreational vehicles, motorbikes, or similar vehicles
- Pickup trucks and full-size SUVs
American Express Platinum Card’s vs. Other Cards’ Rental Car Insurance Offers
The American Express Auto Rental Collision Damage Waiver (CDW) covers vehicles valued under $50,000 when new, but most Visa CDWs cover vehicles up to $75,000 when new.
This table will compare the rental car insurance benefits and the annual fee for the most popular travel credit cards with Collision Damage Waivers.
| Credit Card | Rental Car Insurance | Location Provided | What is covered? | Annual Fee |
|---|---|---|---|---|
| American Express Platinum Card | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $695 |
| American Express Gold Card | Provided | Worldwide With Few Exceptions | Damage or Theft of Rental Vehicle | $250 |
| 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 Travel Benefits vs. Other Cards’ Benefits
In addition to the Collision Damage Waiver, American Express customers also have access to travel insurance. One of the travel insurance benefits, Platinum Travel Assistance, includes up to $100,000 for emergency medical transportation.
The following table compares some of the other travel benefits in the form of reward points or miles as well as the interest rates for the credit cards.
| Credits Card | Purchase APR | Gasoline Rewards | Restaurants/Bars | Other Travel |
|---|---|---|---|---|
| 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 |
| American Express Gold Card | 19.74% to 26.74% | 1x Points | 4x Points | 3x Points for Flights Booked through AmexTravel and Other Credits Available |
| 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 protection for rented cars?
Some credit cards, like the American Express Platinum credit card, offer rental car insurance in the form of an Auto Rental Collision Damage Waiver. This only covers the value of the rental car.
How do I learn if my credit card has rental car insurance?
The best way to verify coverage for a rental car is to contact the benefit line of your credit card with the specifics of the rental vehicle. That way, you will know whether that specific vehicle is eligible for a Collision Damage Waiver through your credit card or not.
References
(2022). Additional Card Benefits. American Express. Retrieved December 13, 2022, from https://www.americanexpress.com/content/dam/amex/idc/benefits/pdf/LAIDCC%20NAC%20Platinum%20-%20NAC.pdf
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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.
