Option 4 is to decline the rental agency insurance even if your personal credit card does not provide insurance. When permitted by a rental agency, collision and loss damage may be declined by you at the time of completing the rental agreement. If your credit card does not provide insurance coverage for vehicle rentals, coverage will be available through the university’s insurance program, depending on the rental vehicle type (must be a private passenger vehicle; not more than $50,000 in value).
All claims incurred must be reported online to Insurance & Risk Assessment. This will ensure that all claims are reported to the university’s insurer in a timely manner.
Please note that in a claim event, the rental agency could charge your personal card for the estimated damage to the vehicle. Depending on the severity of the damage, this could max out your personal credit card. It can take some time to process a claim as the university's adjuster reviews the details of the claim.
Depending on fault, your department will also be assessed a deductible. The cost of the deductible will, in most cases, be more than the rental insurance coverage from the rental agency would cost in the first place.
For these reasons, this option is not recommended.