The American Express Velocity Platinum Card Insurance does not have a benefit for Loss Damage Waiver Cover.

[esseeeayeenn]

Having read the fine print on the insurance included with each of my credit cards (ANZ, CBA, NAB, STG, WPC) in general, they only reduce the excess for hire cars if you have already reduced the excess or taken out some other optional insurance with the car hire company.
I don't have the precise words in front of me though.

 

[kookaburra75]

Having read the fine print on the insurance included with each of my credit cards (ANZ, CBA, NAB, STG, WPC) in general, they only reduce the excess for hire cars if you have already reduced the excess or taken out some other optional insurance with the car hire company.
I don't have the precise words in front of me though.

That's always been the case, even with many 'normal' travel insurance policies. You have to reduce the excess down to a manageable level ($5,000-$8,000), and they will pick up that 'lesser' amount.

 

[fkcn]

Can confirm that AMEX Explorer does cover car rental excess -fairly painless claim for overseas minor collision and damage last year. But T&C does require a police report, which luckily we had.

 

[lovestotravel]

Even the Amex Plat Charge card is limited

"Rental Vehicles with a retail purchase price in excess of $125,000."

Most of the vehicles I hire overseas are more than that, so the insurance is useless for me, except in Australia where most cars are covered.

What makes it even more annoying is you can rent a 5 Series in the UK, which in THEORY would just be under $125K, however option can add on $2,000 to $25,000...

 

[andyrb]

But T&C does require a police report, which luckily we had.

I've just had a quick look through the T&Cs and there's no mention of requiring a police report for the rental excess cover. Where are you seeing this?

 

[fkcn]

I seem to remember that was a requirement, but unsure if it was in T&C or when going through Chubb notification and document submission

 

[antycbr]

As much as I think AI is going to kill us all, I find it very useful to upload the PDS into an AI session and ask it to summarise any major omissions or gaps. It’s really useful for comparing two or more PDS.

 

[andyrb]

find it very useful to upload the PDS into an AI session

I'm with you on this.

Not a fan of AI however I did use it the other day to get info on a card's insurance policy. The terms were so confusing I couldn't make sense of them.

 

[esseeeayeenn]

As much as I think AI is going to kill us all, I find it very useful to upload the PDS into an AI session and ask it to summarise any major omissions or gaps. It’s really useful for comparing two or more PDS.

Reading these sorts of documents is my job, but even I often use an AI a LLM to do a first pass.
But that's all I use it for. After that I check any important clauses myself.
AIs LLMs can and do hallucinate: I have known them to suggest amendments to clauses which don't exist.

 

[Freq Flier 2013]

Reading these sorts of documents is my job, but even I often use an AI a LLM to do a first pass.
But that's all I use it for. After that I check any important clauses myself.
AIs LLMs can and do hallucinate: I have known them to suggest amendments to clauses which don't exist.

Was that in the past? The newer models are much better now.

 

[kookaburra75]

Was that in the past? The newer models are much better now.

They're better, but still not good enough to trust.

 

[esseeeayeenn]

Was that in the past? The newer models are much better now.

A few weeks ago.
Haven't you seen all the cases where lawyers have used them to write submissions, then found they cited cases which don't exist?
Look up the Tasmanian Parole Board case, for example.
The problem is that AIs LLMs are "programmed" to find an answer which "pleases" the user.
It's been shown that if they can't find one, they will often make one up.

 

[lovestotravel]

A few weeks ago.
Haven't you seen all the cases where lawyers have used them to write submissions, then found they cited cases which don't exist?
Look up the Tasmanian Parole Board case, for example.
The problem is that AIs LLMs are "programmed" to find an answer which "pleases" the user.
It's been shown that if they can't find one, they will often make one up.

Our workplace is just learning this - It's hilarious actually

 

[Freq Flier 2013]

Our workplace is just learning this - It's hilarious actually

I have told my ai agent that any reply has to be supported with real actual facts. If it extrapolates anything then it needs to tell me. Has worked so far.

A few weeks ago.
Haven't you seen all the cases where lawyers have used them to write submissions, then found they cited cases which don't exist?
Look up the Tasmanian Parole Board case, for example.
The problem is that AIs LLMs are "programmed" to find an answer which "pleases" the user.
It's been shown that if they can't find one, they will often make one up.

Yes the lawyer cases a funny!

 

[stm1sydney]

Yes, the lack of car rental cover on credit card policies means I don't use them, but have an annual policy with Covermore instead. At significant additional cost.

 

[Happy Dude]

Having read the fine print on the insurance included with each of my credit cards (ANZ, CBA, NAB, STG, WPC) in general, they only reduce the excess for hire cars if you have already reduced the excess or taken out some other optional insurance with the car hire company.
I don't have the precise words in front of me though.

I don't see any exclusion in the ANZ Black/Plat PDS regarding this. It's a dealbreaker for those cards if it's true.

 

[prozac]

Yes, the lack of car rental cover on credit card policies means I don't use them, but have an annual policy with Covermore instead. At significant additional cost.

Is this cover part of the main TI policy or separate or you have not purchased a medical / personal policy?

 

[stm1sydney]

Is this cover part of the main TI policy or separate or you have not purchased a medical / personal policy?

This cover (Rental Car Insurance Excess) is part of the main TI policy (Covermore "Travel Safe Plus"). When I said "additional cost" I meant relative to the "free" CC cover.

 

[esseeeayeenn]

I don't see any exclusion in the ANZ Black/Plat PDS regarding this. It's a dealbreaker for those cards if it's true.

The wording in the ANZ policy is a little different to most.
It means two things.

First, you must have some property insurance included in your rental agreement, which specifies an excess.
However, unlike some other policies, it doesn't specify that you must have reduced the amount of that excess.
So if the standard hire terms include basic property damage cover, then the travel insurance will cover you for the stated excess, no matter how large.

Second, the travel insurance will not cover you for items which are often excluded from the basic rental agreement insurance.
So if you want cover for tyres, windscreen, roof and underbody you will need to add these options to your rental agreement insurance from the vendor.


This is much better than most other policies I have seen.
I apologise for not noticing it before: the ANZ card is my most recent card, which I only acquired in April.
I also note that, since I last checked, the Westpac complimentary policies have been amended to exclude any cover for car rental excess.
That is only provided if you pay for the comprehensive travel insurance policy.

Compare the ANZ terms to the wording in the Commbank PDS, which stipulates that you must have purchased insurance or a collision damage waiver. The insurer interprets this to exclude the basic cover included in the car hire.