Rental Vehicle Insurance Excess Cover

TID policies automatically includes rental vehicle insurance excess coverage. You'll still need to take out insurance for the vehicle but you don't have to pay the hefty daily rates to the car rental company to reduce your excess. 

Read on for more detail about what's covered.

What does the Rental Vehicle Excess benefit cover?

If your rental vehicle is damaged or stolen while it's in your care, the policy covers the lower of the excess (also known as a deductible) the rental company requires you to pay or cost of repairs. This means that you may not need to pay the rental company to reduce your excess, but you may still need to pay for the physical damage insurance for the rental vehicle and the liability insurance they offer you (that is, any insurance covering injuries to other people or damage to property not owned by you). Although TID policicies provide cover for Personal Liability, we won't cover you if you injure someone or damage anyone's property while you are driving any motor vehicle, are a passenger, or are otherwise responsible for the motor vehicle.

If the expected rental vehicle excess is more than the amount covered by the policy, we won’t pay any amount exceeding the policy limit.

What types of Rental Vehicles are included?

The only vehicles that the TID policy covers are those listed in the definition of "Rental Vehicle" within the PDS.

A rental vehicle means any 4-wheeled vehicle with a gross vehicle mass less than 4.5 tonnes that you hire from a registered rental vehicle company and have a rental vehicle agreement in writing.

You won't be covered for Rental Vehicle Insurance Excess Cover for Rental Vehicles other than those mentioned in the definition.

Good to know

CDW/LDW - Collision Damage Waiver/Loss Damage Waiver are terms used to describe the physical damage insurance for the vehicle itself.

This is a brief summary of cover only and does not include the full terms, conditions, limitations and exclusions. Read the PDS before purchasing.

Last updated: 21 December 2021

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