Why you need rental car insurance
(MoneyWatch)With the holiday season upon us, you may soon find yourself renting a car . Before you go to the counter to pick it up, think carefully about one of the first questions you'll be asked: Will you be purchasing rental car insurance?
Many consumer reporters will say to never buy it. But I think that advice is shortsighted. Paying a few extra bucks for rental car insurance may be one of the smartest ways to spend your money.
But before you do, you should first call your current insurance agent and ask how your existing insurance covers damage to a rental car and the loss of personal property.
If your auto insurance includes collision and comprehensive coverage , then this should also cover the rental car within the limits of your current coverage. Also, if you charge the cost of the rental car on a credit card, your credit card may include rental car loss damage waivers as a cardholder benefit.
But don't stop there assuming that because you have auto insurance with collision and comprehensive coverage, or charge your rental car on a credit card, that rental car insurance is a waste of your money. Here are my three reasons why buying rental car insurance can be worth it.
-- In many states, auto insurance policies do not pay for the rental car company's " loss of use. " This is the cost the rental car company incurs due to the loss of rental fees while the car is in the shop for repairs. If you want to cover this, then you need to buy the rental car insurance.
-- Are you planning to drive the car out of the country? You need to check the insurance limits required by those countries and you may find that your current insurance does not meet the limits.
-- Another thing to consider is coverage for personal effects . When traveling with digital cameras, laptops and iPhones, there is a greater chance something will get lost or stolen. The costs to replace these items can really add up. If you have homeowners or renters insurance, particularly the form that includes replacement value coverage for personal property, then your current insurance should cover this. But many folks have increased their deductibles to $1000 or more to offset rising insurance costs. If you are in that position, you have to pay for losses up to the amount of the deductible. Only a loss in excess of the deductible will be covered by your existing insurance. Given the relatively low cost of personal effects coverage offered by rental car insurance, which averages about $2 a day, the additional insurance is worth it.
Rental Car Insurance Il - News
With the holiday season upon us, you may soon find yourself renting a car. Before you go to the counter to pick it up, think carefully about one of the first questions you'll be asked: Will you be purchasing rental car insurance?
The survey, for car hire comparator Carrentals.co.uk, questioned drivers across the country on their motoring expenditure in the current financial climate, and also found that over 1 in 10 have now changed their car insurance from comprehensive to
This week: insurance for hiring a car. By Gill Charlton The question of car hire insurance has become ridiculously complicated. The relatively low cost of hiring a car has left rental franchises with little profit margin after they have paid fees to
So is it wise to take out rental guarantee insurance? I asked our expert panel for advice. The Residential Landlords Association says: Firstly, rental guarantee insurance is not as expensive as you might think. Premiums start at less than £100 per year
Others, who say they declined the rental company's expensive insurance, report they were assessed steep charges to repair damage found after they turned in the vehicle. Still others complain of getting misinformation about costs from company personnel
Car Rental Insurance Auto Insurance Information – Car Coverage ...
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