Auto insurance When Renting a Vehicle

When you rent a vehicle you will be surprised with the amount of taxes and fees that you will pay on top of the rental cost. As you are checking out, you will be asked whether you want an insurance policy on your rental vehicle. This question may throw a person if you are not prepared for it, because the rental agency agents are quite good at making it sound like you need the coverage to save yourself thousands of dollars in the event of a crash. Do you need this particular coverage, or is it simply an extra cost to put more money in the rental agency’s pocket?

What Is Covered?

Answering this question begins with knowing what is covered by the policy. This will vary from rental company to rental company, but there are usually a few similarities to these insurance policies. There are 4 basic types of coverage: loss harm waiver, liability insurance, personal incident insurance, and personal effects coverage.

Loss damage waiver covers your responsibility for damage to the vehicle if it is in the collision.
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This is not actually an insurance coverage product, because it does not pay for the damage. Instead, it takes the liability for the damage off of you, as the tenant, even if you caused the crash. The rental company’s insurance will cover the damage to the vehicle. Some exclusions apply at the waiver, such as accidents brought on by off-roading, drunk driving, or speeding. This particular waiver will also usually protect you from being charged for the loss of use that the rental company suffers while making repairs to the vehicle.

Rental cars immediately come with some liability insurance, because the state law will require it. Nevertheless , the protection is minimal. Since most drivers need more responsibility coverage than what comes with the automobile, rental agencies offer liability insurance coverage.

If you or your passengers are usually injured in a crash while generating the vehicle, your medical care could be protected under personal accident insurance. This really is fairly affordable to add to your plan. However , you likely do not need this if you have health insurance.

Personal effects insurance, the final type of coverage, will pay for virtually any theft of the things you are transporting in the rental car. Keep in mind that your homeowner’s or renter’s insurance policy probably already covers the theft of personal things, even while traveling.

Do You Need Insurance When Renting a Car?

Before you sign up for the car rental company’s insurance policy, make sure you absolutely need it. Some of the insurance products a person already own may cover exactly the same things that these insurance products will cover. Before you head out for your trip, call your own insurance agent and find out what type of coverage you might have when renting a vehicle. If you have crash and comprehensive coverage, you are probably already covered for a rental. However , in case you only have liability coverage, you may want to consider purchasing the loss damage waiver whenever renting a car. When you call your own insurance agent, find out if loss of use, towing, and administrative charges are covered if you were to wreck the particular rental.

Another place to look for current coverage is with your credit card firm. Many credit card companies that offer rewards applications automatically insure the rental cars rented with that card. This coverage is normally only for the rental vehicle by itself, not for the people in it or the other vehicles on the road. However , this coverage combined with your existing liability policy and health insurance plan might be all that you need.

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