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Credit Card Insurance for CDW on Rental Car

Posted by (Mahone Bay, Canada) on

We are planning to rent a car to pick up and drop off in Munich this June. We would like to use the CDW insurance coverage that our Credit Card gives us to rent a wagon. However, the CC insurance says it is only valid to cover cars with MSRP of CDN $65,000 or less.

My question is ... with the exchange rate being what it is, how is the value of the car in Canadian Dollars determined? For example, if we are given a top end Passat Wagon, for example, (depending on options) the MSRP is 45,000 Euro. With today's exchange rate that is equal to approximately CDN $66,000, which would be over the value of vehicle covered by the insurance. In June the exchange rate could be completely different, or we could be given a low-end vehicle and it will be a non-issue.

Does anyone know the answer to this? Any suggestions? We're just trying to make certain there are no loop-holes in our coverage.

Thanks in advance!

Posted by
32318 posts

Chris,

The terms of the credit card insurance seem very specific, with a limit of Cdn$65,000. Rather than worry about the exchange rates at the time of your trip, you might consider renting something other than a "top end" vehicle. I'd suggest having a look at www.gemut.com as they're extremely knowledgeable about car rentals in Germany, and should be able to offer some advice.

Another option would be to use the CDW offered by the rental firm, and then there's no worries about exchange rates. The last option would be to use the trains, which are frequent and very efficient.

Good luck!

Posted by
328 posts

Thanks, Ken. We actually aren't renting a top end car but we have been upgraded to a high end car in the past because that was all they had, so we wanted to cover our bases. We are thinking of getting the CDW through the rental company if we were upgraded but were still wondering how this amount is determined when exchange rates are involved.

Thanks for the advice re: Gemut. Our quote is through them and I was planning to ask Andy the same question to see if he knew the answer.

Posted by
23547 posts

A slightly bigger question is, "Should you rely on credit card insurance?" There has been more than one horrid story posted here about the credit card not stepping up on their "promised coverage" because of a technicality. It becomes a three way match with you in the middle. You really need to be well aware of the fine prints and all of the requirements for the insurance to be enforce.

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