Renting a car for a weekend getaway or perhaps while you wait for your car to be shipped to you can be a fun experience. Rental insurance is often not considered important, and only really thought about at all when you are asked whether you want it by the rental agent. Instead of waiting until that point to quickly think about the pros and cons, decide in advance with a little bit of research. Who knows, you may agree with the industry leaders and decide it is a superfluous expenses.
What do you already have?
Esurance maintains that those who already have normal coverage on their car can safely decline rental insurance. A big percentage of people are already covered for rental liability insurance through their existing car insurance policy. This means that adding the car rental insurance that can cost an extra fourteen dollars a day is redundant. You would be wasting your money by opting to purchase renters insurance.
Don’t just cross your fingers you are in that big percentage though. Call your agent directly and see if your coverage naturally extends to rentals or not. If you do look into your current car insurance coverage and find it to be disappointing, get a quote here. If the rental car is being used for personal reasons, the answer is almost always yes. If the car is being used for a business trip or any commercial purpose, then coverage usually does not extend.
Personal accident coverage
This may not be necessary if you have a good health insurance policy. This usually costs about five dollars a day, and can be worth it if you have a high health insurance deductible or poor coverage. Some health insurance policies however will pay for medical expenses related to injuries caused by accidents, and the same goes for some full automobile insurance policies.
Purchasing loss-damage waiver or collision damage waiver with your car rental insurance will typically waive any financial responsibility in the event that the car needs repairs or is stolen as well as covers any charges for towing or loss-of-use. This can be a helpful purchase for some, but it does cost around nineteen dollars a day.
What about coverage for personal belongings?
When it comes to wanting to protect your personal belongings that will be kept in the car, you are probably already covered there too. The options available usually only costs about four dollars a day, bit your valuables that you would put in your car are most likely covered by your homeowner’s or renter’s insurance policies. Yes – even if these possessions are stored outside the home such as in the trunk of car.
In many cases the coverage available at the rental counter is redundant at best. It can be a good idea however if your current car insurance only covers the bare minimum or if it has a really high deductible. This is the only case where it would really make sense though, so know where you stand before being asked by the sales person.