Rental car agents are trained to pitch insurance as hard as possible. One major downside to relying on your personal auto insurance to cover a claim on a rental car is the fact that your insurance rates will probably go up afterward.
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Often this type of cover or insurance will reduce your security deposit and your insurance excess.
Should i get car insurance for a rental. Car rental insurance policies can also include personal accident insurance which covers medical costs for you and any passengers due to injuries sustained in an accident with your rental car. Most car rental insurance policies carry personal effects coverage which covers any personal items damaged in a collision or stolen from the rental car. However using the rental car.
If youre someone who has collision insurance on your personal vehicle that insurance is likely to apply or extend to a rental car too. Car rental companies in most countries are required by law to include liability insurance. First a fact.
You also dont have to purchase rental car insurance through your rental. That said youll need to understand the details of the policy. The rental company would also be your insurer.
Yes you can use your own car insurance for a rental car as long as your trip is for personal travel. Most car rental companies will include some sort of basic insurance within your hire rate known as a Collision Damage Waiver CDW or Loss Damage Waiver LDW. Your personal coverage limits and deductibles will apply.
If you have an existing current auto policy or a premium credit card you may already carry enough coverage for your car rental needs. If anything happens to the car you wouldnt have to pay first and then claim it back. Thats because those stories about car rental customers paying for a new vehicle are.
In other words buying rental car insurance coverage may duplicate what you already pay for. If you get into an accident you will certainly have to pay the deductible on your insurance policy. This basic insurance is limited and can still put you at risk of huge out-of-pocket expenses in case something goes wrong with your rental.
Note that rental car insurance is not the same as rental car reimbursement coverage an auto policy option that covers the cost of a car rental if your vehicle is being repaired as part of a claim. These days we all assume our credit card is enough but as you said we should continue to make sure we understand the terms. Ii Your credit card may include free collision damage coverage but credit card rental car insurance is typically secondary coverage meaning any claims will go first to your auto insurance.
Do I need rental car insurance to get my car. While your regular car insurance policy may include collision coverage for rental cars it most likely includes a deductible and may not pay for all the rental car companys charges such as loss of use charges for the money the companys losing while its car is in the shop. Before you rent a car its worth reviewing the coverage on your personal car insurance policy.
Photo by alexfan32Shutterstock You are not obligated to purchase any of the above types of rental car insurance from your rental agency. When you hire a car in Europe cover called Collision Damage Waiver CDW or Loss Damage Waiver LDW insurance is usually included in America you are required to have this cover but it wont be included in the price of the rental. In some cases the coverage you have on your own car extends to a rental car.
I should know I used to do it for a living. Then a rental car company will offer its employees a commission on sales of coverage. If you meet the terms of the insurance you will not be out of pocket while waiting for a claim.
You wont find a single expert who recommends not getting insurance for your rental car. With these factors in mind it should be easy to decide how. Insurance companies will often incentivize rental agencies to offer their coverage.
Car insurance on rental cars is a scary topic both because it is so important to have it and because it is so confusing and expensive. In the US required coverage can be ludicrously small usually only the minimum required by the. I think that you have done a great job highlighting both of these issues.
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