Nab credit card insurance - rental cars

[wjenks]

Hi there

Looking for some feedback re NAB CREDIT CARD insurance for rental coverage in the UK.

I have read the 2011 PDS which seemed very restrictive:

Rental Vehicle Collision

Please note: A policy excess applies to each and every claim made under this section.

Damage and theft excess cover

Additional definition

For the purpose of this section, the following word has a special meaning where shown in this section in bold italic font.

‘Rental vehicle’ means a rented sedan and/or station wagon, rented from a licensed motor vehicle rental agency and shall not include any other style of vehicle.

Description of cover
We will reimburse you for any excess or deductible, which you become legally liable to pay in respect of loss or damage to a rental vehicle during the rental period, not exceeding $2,000.

Conditions
1 The rental vehicle must be rented from a licensed rental agency.
2 As part of the hiring arrangement you must take up all comprehensive motor insurance or waivers offered by the rental agency, whether discretionary or mandatory, against loss or damage to rental vehicle during the rental period.
3 You must comply with all requirements of the rental agency under the hiring agreement and of the insurer under such insurance.


The revised 2013 PDS is much more open and appears less restrictive

Rental vehicle damage and theft excess Waiver

In the event of a loss or damage to a rental vehicle rented by you during the rental period, we will reimburse you for any excess or deductible up to a maximum Benefit limit of $5,000 per overseas journey, which you are legally liable to pay. No excess applies to claims under this Section 4.


Provided that:


(a) You rented the rental vehicle from a licensed rental agency; and


(b) The rental vehicle hiring arrangement includes comprehensive motor insurance against loss or damage; and


(c) You have satisfied all requirements of the rental vehicle’s hiring agreement and the comprehensive motor insurance policy.


Can anyone provide some feedback/advice in relation to this insurance?

The 2013 PDS seems much better than the 2011 PDS and probably reflects a change in underwriter and maybe complaints from NAB customers.

I see my options to be:

1. pay the rental company added insurance costs
2. purchase an alternate insurance policy that covers rental cars
3. use the NAB credit card policy

I rang CHUBB today and they said they would cover claims where the vehicle was fully comprehensively insured. The vehicles in the UK all come with CDW but the excesses are high but should be covered by the policy

Appreciate feedback and comments.

Wayne

 

[AdMEL]

I am not sure why you are looking at 2011 PDS if it has been replaced by 2013?

Based on what you have posted, the 2011 cover is next to useless! 2013 cover appears very good and should be adequate. Just be aware that in the event of damage to the hire car, the car rental company will charge you the excess and you will have to claim it back from the insurer, which usually takes 4-8 weeks!

I am in this situation - Zurich is the insurer, who will not pay until my credit card statement has issued. Excess was charged A week after the last statement issued, so min 3 weeks, plus processing time. Luckily, I submitted the claim a week after it happened, which will speed up he process.

 

[wjenks]

Thanks for the reply.

The reason I was looking at the 2011 PDS was that I was getting conflicting information online - people were saying the policy was very restrictive but it appears such comments were related to the 2011 PDS and were not referenced against the latest PDS (2013). The 2013 reads OK to me, and the call to CHUBB was fine but wanted to get some opinion from people who may have used the CC insurance.

The only point of concern re the Chubb call was he said 'the vehicle needed to be fully comprehensively insured which was the case with most major companies'. From my reading AVIS vehicles are fully covered but the excess is high unless reduced. In this instance the NAB CC insurance would cover the excess that is payable in the event of an accident.

I think I am reading and understanding this correctly.