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Hey Beardoc,
I rent a lot of cars during the year as well - this is the sole reason I have the ANZ card, for the Excess cover.
As you would know, it can cost anywhere from $10 to $25 a day to reduce the excess on a rental to something reasonable, therefore the yearly fee would be just a drop in the ocean compared to all the savings.
I asked quite a few questions to the CSR and from what I understand, if you make a large claim, you will still be liable to the car company for the origonal excess (e.g. $2,500 or whatever), and you then notify ANZ who does the ground work with the rental company to recover the money.
It has been over a year since I signed up for the card and have not had to make a claim so maybe the above details are fuzzy/incorrect.
All I can advise is to ask as many questions as possible to the CSR before you sign up.
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