An Independent Look at Rental Car Insurance

When you arrive at the Rental Car Counter the Rental Agent is going to ask you to buy insurance for the rental vehicle. If you decline, they will then ask you to sign next to every insurance policy you decide to not purchase. The decisions that you make within these moments can have a huge effect on the financial position. Deciding if you must purchase auto insurance in the Rental Car counter before you arrive is a good way to avoid incurring a serious financial loss or wasting your money on insurance that has already been purchased or do not require. One of the most frequent questions we get most often asked as auto insurance agents is “Do I need to purchase the auto insurance offered at the rental car counter when I rent a car?” The answer to this question could be. You might be able to offer coverage for your rental vehicle using the insurance policies you already have or you might decide that you should purchase additional insurance. In this article , we’re going to provide you with the necessary information to make these important decisions.

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Transfer Coverage Coverage From Your Existing Auto Insurance Policy – If you’re planning on renting a vehicle and have an existing auto insurance policy you should take your insurance I.D. card along when you rent the vehicle. The rental company could require it . It could help you save time and aggravation if you are pulled over by the police in your rental vehicle. The coverage and deductibles in your personal auto insurance policy will automatically transfer to cars that you rent as they are not renting the car to conduct business or rent in a different location. You should check the declarations page on your auto insurance policy to determine if currently have Property Damage Liability, Comprehensive and Collision coverage. Keep track of the Limit for Property Damage Liability limit, as well as your Comprehensive or Collision Deductible. If you are renting a car in another country you should definitely take a look at purchasing insurance at the counter at the rental as many personal insurance policies for automobiles only cover their owners within the country where the policy was written.

Damages to your rental car will be covered under the property Damage Liability portion of your personal auto insurance policy , if you’re renting the car to use for pleasure. If however, you were involved in an accident that is covered by your auto insurance policy, and your vehicle is in a repair shop, it will be repaired. Damages to the replacement car that you rent are covered under the Comprehensive and Collision coverage part of your Auto insurance. This means that you’ll have to pay the deductible for these coverages if you cause damage to the rental vehicle.

Utilize the coverage provided by your Credit Card – Many major credit cards promote rental car coverage as one of the advantages that come with having their cards. But the reality is that the insurance that these cards offer usually pays only after your auto insurance policy limits are exhausted and only if were using their cards to pay the full price of the rental. The level of protection provided by credit cards can change each day so we recommend calling the credit card company to determine your exact level of protection for rental cars. When speaking with the credit card company representative, ask for details about Liability, Comprehensive and Collision protection for rental cars. It is best to ask for this information in writing because it is not unheard of to get a variety of answers for the same company. Also ask whether there are any restrictions. Many credit cards exclude coverage for exotic or luxury car rentals.

Buy A Non-Owned Auto Insurance Policy If you are a frequent renter of cars frequently but you don’t have your own auto insurance coverage, you can reduce your money by purchasing an “Non-Owned Auto” Liability policy. The policy offers the same kind of security as the Excess Liability insurance offered by the counter at the rental car. These types of policies usually cost $300 per year and will cover you when you are driving any private vehicle. The policy will only provide protection for Bodily injury as well as Personal Damage Liability. It will not pay for damages to your rental car which is why you’ll still have to purchase the Collision Damage Waiver or use one of the coverage methods we mentioned earlier.

If you’re unable obtain coverage through one of the options listed in the prior chapter, you should seriously consider purchasing coverage from the Rental Car Counter. It isn’t easy to get a straight answer about these coverages from a rental car agent because they earn a commission every time they offer it to you. Don’t worry; we have given you all the information you require in the following article.

Collision Damage Waiver (CDW) The CDW is also known as the loss-damage waiver (LDW) by some rental car companies. It is commonly referred to as insurance, but this is incorrect. It’s actually a waiver. If you buy this insurance the rental car company releases your liability for damages or theft of the rental car. If something were to happen to your car, you’ll simply fill out a simple claim when returning the vehicle to the company that rented it. The rental vehicle will be able to fix or replace it. The cost of this protection typically ranges from $15 to $25 depending on where you’re renting.
A word of caution: This insurance policy could become void if you cause an accident while breaking the law. This includes speeding excessively, driving off road or drinking and driving, so be careful when you are driving a rental car or any car for that matter.

 

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