Do you need to know the terms of your rental car insurance coverage included with your Costco Anywhere Visa? We sorted through the nitty gritty terms and conditions, so you don’t have to!
Keep reading to find out what is included and excluded in your rental insurance, compare your Costco Anywhere Visa travel benefits with other popular cards, and find answers to frequently asked questions.
What is Covered with Costco Anywhere Visa’s Auto Rental Collision Damage Waiver?
Auto Rental Collision Damage Waiver covers your rental vehicle’s loss, theft, or damage. To use this benefit, you must follow the policy guidelines. These are the guidelines:
- Coverage is primary when outside of the United States
- Coverage in the United States is secondary to your automobile insurance policy
- Rental vehicle must have four wheels and be legal for use on public roads
- You need to opt out of the rental company’s insurance plan
Additional coverage available through Costco’s partner, Zurich
What is Excluded with Costco Anywhere Visa’s Auto Rental Collision Damage Waiver?
This benefit only covers the rental vehicle. It would not cover all the costs if you were in an accident. The following situations are excluded.
- Liability for other vehicles or property damage
- Your personal property
- Medical expenses for anyone inside or outside the vehicle
Costco Anywhere Visa vs. Other Cards’ Rental Car Insurance Offers
Your Costco Anywhere Visa Card by Citi may not be the only option for rental car insurance in your wallet. Our table compares popular credit cards with a collision damage waiver policy and their annual fees.
|Credit Card||Rental Car Insurance||Location Provided||What is covered||Annual Fee|
|Costco Anywhere Visa Card by Citi||Provided||Worldwide||Damage or Theft of Rental Vehicle||Costco Membership, $60/Person|
|American Express Gold Card||Provided||Worldwide Except Australia, Italy, and New Zealand||Damage or Theft of Rental Vehicle||$695|
|American Express Platinum Card||Provided||Worldwide Except Australia, Italy, and New Zealand||Damage or Theft of Rental Vehicle||$0|
|Bank of America Travel Rewards||Provided||Worldwide||Damage or Theft of Rental Vehicle||$250|
|Capital One Venture X Travel Rewards Credit Card||Provided||Worldwide||Damage or Theft of Rental Vehicle||$395|
|Chase Freedom Unlimited||Provided||Worldwide||Damage or Theft of Rental Vehicle, Loss of Use Charges||$0|
|Chase Sapphire Reserve||Provided||Worldwide||Damage or Theft of Rental Vehicle, Loss of Use Charges||$550|
|Ink Business Preferred by Chase||Provided||Worldwide||Damage or Theft of Rental Vehicle||$95|
|Ink Business Cash by Chase||Provided||Worldwide||Damage or Theft of Rental Vehicle||$0|
|Southwest Rapid Rewards Premier||Provided||Worldwide||Damage or Theft of Rental Vehicle||$99|
Costco Anywhere Visa Travel Benefits vs. Other Cards’ Benefits
The Costco Anywhere Visa Card by Citi offers 3% cash back on travel-related expenses like dining and gasoline. Other credit cards may provide additional travel perk options. Our table also includes a column with their purchase Annual Percentage Rate (APR.)
|Credits Card||Purchase APR||Gasoline Rewards||Restaurants/Bars||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|
|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|
|Ink Business Preferred by Chase||18.99% to 23.99%||1x Points||1x Points||3x Points for Select Travel Purchases, Travel Insurance|
|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|
|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 Costco Anywhere Visa Card by Citi, include an auto rental damage collision waiver in their terms and conditions.
How do I know if my credit card benefits include rental car insurance?
You can find out if your credit card benefits include rental car insurance by reading your terms and conditions, or you may call the customer service line.
Does the name on the credit card name have to match the driver for the rental car?
The cardholder must be listed on the rental agreement for the Costco Anywhere Visa’s car rental benefit.
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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.