Rental Car Insurance

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Consumers can get coverage that will pay for a rental car while their car is in the shop.

On average it would cost drivers about eighteen dollars per year. Many people wonder what sort of insurance they need when renting a car. You may have a collision damage waiver offered by your auto rental company, but you must decide if it is worth the cost? A rental company’s collision damage waiver can be expensive, there are other alternatives.

The collision damage waiver, also referred to as loss damage waiver, may possibly add fifteen to twenty dollars a day or more to your rental cost. It often comes with exclusions.

For example, it may not provide protection while you drive on unpaved roads. Your alternative options are as followed; you can go through your credit card company or your own car insurance policy. They may cover damage to a rented vehicle. Most credit card companies offer this benefit. To be qualified, you must charge the whole amount of the rental to your card while declining the collision damage waiver offered by the rental company. This option does have exclusions. Some credit card companies may deny coverage if the rental period is longer than forty eight days and/or you rent to vehicles at the same time. Only one of the vehicles may be covered. Some vehicles may not be covered, such as; trucks, trailers or vehicles towing trailers and anything with a retail price of sixty five thousand dollars or more.

If you would like to use your insurance policy, check to see if you have an endorsement that covers damage to rented vehicles. Some companies offer this at no extra charge, though others offer it as an alternative for twenty five to fifty dollars a year. Ask your broker, agent or insurance provider whether you currently have it already or see if you can add it to your policy. The endorsement covers you every time you drive a rented car in Canada and the United States.

If you are planning on driving internationally, you will have to purchase coverage elsewhere. The car rental agreement must be in your name. People who may drive the rented car who are not listed as being insured on your policy are not covered. If you get into an accident where you are at fault, it may be counted against you if you rely on your insurance policy.

Your insurance company may also take action if you rely on the rental company's or credit-card company's coverage for damage. Your rates may go up and you must disclose any accidents when renewing your insurance policy or changing insurers. It may become part of the public record and available to your insurance company if you are charged. If you cause damage to another vehicle or cause injuries to other while driving a rented car, your car rental company’s third-party liability insurance may pay.

They cover damage to other cars and injuries to you or other people. The protection is built into the rental agreement and cannot be waived or denied. Still, the rental company's liability coverage may not be enough. For example, say you are at fault and the other driver wants to sue you for two million dollars. First, the driver must sue the legal owner of the vehicle, (the car rental company). If the company has only one million dollars in liability coverage, the driver can go after you for the rest. This is where your car insurance policy comes into play. If you have two million dollars in liability coverage, the amount will be fully covered in a successful lawsuit. If you do not have the full amount in your liability coverage, you will be responsible to pay the difference. If you do not own a vehicle or have car insurance, the rental company will pay up to its liability limit if you have an accident while driving a rented vehicle and there is damage or injuries to others. Even if you were driving your own car, you would still be personally liable for the amount that exceeds the liability coverage under your insurance policy. Liability coverage is important, especially if there is a lawsuit.

Find out how much coverage the car rental agency has under its insurance policy and how much you have under your own policy. Unless you know exactly what you're covered for under your credit card or your own car insurance policy, never turn down the car rental company's damage waiver.

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