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Usually, no credit card would cover the car rental insurance when you redeem points.
Check your card’s insurance policy, for example, Amex only covers when you “pay for the entire rental”: https://www.americanexpress.com/us/credit-cards/features-benefits/policies/car-rental-loss-and-damage-insurance-terms.html
Also when “You use Your Eligible Card to reserve and pay for the Entire Rental and decline the personal accident insurance and personal effects coverage at the Rental Company counter, You and Eligible Car Rental Claimants can be covered for losses related to Accidental Death or Dismemberment, Accidental Injury, and Damage to Car Rental Personal Property as a direct result of a Car Rental Accident or Theft of Car Rental Personal Property from a Rental Vehicle.”
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Car Rental Loss and Damage Insurance | American Express
Learn More About American Express Car Rental Loss and Damage Insurance Related for Your Eligible American Express Card and How to File a Claim.