Have you ever read the details of your TD Auto Rental Collision / Lost 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 TD credit card.

The following credit cards have TD Auto Rental Collision / Lost Damage Insurance:

 

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

 

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:

  1. You must use the credit card to pay for the entire rental from the rental agency.
  2. You must decline the rental agency’s damage waiver coverage.
  3. Coverage will be extended if you use the credit card rewards to pay for your car rental. If the credit card reward will not cover the full amount, then any remaining amount must be put on your TD credit card. For TD, this will either be using your TD First Class Travel points or Aeroplan Points.
  4. 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.
  5. Coverage will be extended for free rentals as a result of a promotion where you had to make previous vehicle rentals, provided, if all previous rentals were paid entirely with your credit card.

Coverage is also extended to all additional drivers who legally drive the rental vehicle and who follow all the terms of the rental contract. In addition to that, a few additional notes that apply specifically to TD:

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

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. The differences are listed below:

  • TD Platinum Travel Visa, TD Aeroplan Visa Infinite, TD First Class Travel Visa Infinite, TD Cash Back Visa Infinite have a maximum MSRP of C$65,000.
  • TD Aeroplan Visa Infinite Privilege have a maximum MSRP of C$85,000.

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 TD Auto Rental Collision / Lost Damage Insurance:

  • 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.

Conclusion

TD has a very standard Auto Rental Collision / Lost Damage Insurance policy provided for holding selected TD Credit Cards.