BMO Car Rental Collision / Loss Damage Insurance

April 26, 2024

In this post Hide

Coverage Eligibility
Vehicles Covered
What is not covered?
Additional Drivers
Claims Information
Conclusion

Have you ever read the details of your BMO Car Rental Collision / Loss Damage Insurance provided by your credit card?

I have summarized important details as you evaluate whether you need to purchase car rental insurance directly from the rental car company or you can rely on your BMO credit card.

The following credit cards have BMO Car Rental Collision / Loss Damage Insurance:

Other insurance benefits information for being a BMO credit card holder is available here:

BMO Out of Province Emergency Medical Protection Insurance

For other credit card issuers, information about their car rental policy is available here:

The information listed below is my interpretation of the insurance policy.

Coverage Eligibility

For all credit cards, the following conditions apply prior to using your credit card car rental insurance:

You must use the credit card to reserve the rental car vehicle with the rental agency.
You must use the credit card to pay for the entire rental from the rental agency.
You must decline the rental agency’s damage waiver coverage.
Coverage will be extended if the car rental is part of a prepaid travel package, and the travel package was paid in full on your credit card.
You will be covered for any rentals up to 48 consecutive days.

Coverage is also extended to all additional drivers who legally drive the rental vehicle and who follow all the terms of the rental contract, regardless if they are listed in the rental contract.

Vehicles Covered

All vehicles that are used to transport a maximum of 8 people, including the driver. The vehicle must also:

Exotic brands are not covered. However, luxury brands, such as BMW, or Mercedez Benz are covered, or,
Replacement vehicle for which your personal automobile insurance is covering all or part of the cost of the rental, or,
Pick-up trucks are not included.

Even though luxury brands are covered, the maximum manufacturer suggested retail price (MSRP) for the vehicle will differ depending on the credit card.

Most BMO credit cards have a maximum MSRP of C$65,000. The BMO eclipse Visa Infinite Privilege card has a maximum MSRP of C$85,000.

A few additional notes that apply specifically to BMO:

Car sharing programs are not explicitly called out as being covered by BMO.
Even though car sharing programs are mentioned, Turo or Turo like services are not explicitly called out as being covered by BMO. If you are renting a vehicle from Turo, I would recommend purchasing rental car insurance directly from the platform.

There are more conditions, most of which are irrelevant, that are listed in the certificate of insurance.

What is not covered?

The following are not covered when using the BMO Car Rental Collision / Loss Damage Insurance:

Any rental that was paid for by BMO Reward points, or,
Any free rentals, or,
Third party liability, or,
Personal injury or damage to property, other than the rental vehicle.

There are more conditions, most of which are irrelevant, that are listed in the certificate of insurance.

Additional Drivers

All additional drivers that are listed in the rental agreement and must be legally licensed to operate the rental vehicle will be covered.

Claims Information

If there is an accident with the rental vehicle or the rental vehicle is vandalized, you must obtain a police report. If a police report is not legally required in the jurisdiction in which the loss or damage occurred, you must provide the name, badge number and division address of the police officer you contacted.

All claims must be made within 48 hours of the loss or damage occurring by calling +1-855-603-5568.