If you are planning on taking a vacation this year and you are going to rent a vehicle, before you go out and spend too much money on rental car insurance coverage, find out what your options are. Doing the research beforehand can save you hundreds of dollars. Start out by first calling your current car insurance company to find out if they have can assist you. Most people will find out that their current policy will provide adequate rental car insurance coverage.
Rental Car Insurance Coverage
Collision insurance will actually cover any damage caused by you to any automobile you are driving and this includes rental cars. Along with collision, you may have comprehensive coverage on your policy which would apply to the rental vehicle, as well. However, you must also take into account what your deductible is on this policy, as this could play an important factor in the decision you make.
Credit Card Rental Car Insurance
Another option to you may want to consider is getting rental car insurance coverage through your credit card company. Many credit card companies will offer free rental insurance through the company. To be certain that the coverage they offer to you is adequate, you will want to have all of the details sent to you in writing. While their coverage could save you money, it may not be sufficient enough to give you peace of mind.
Of course, the business you are renting a vehicle from will also have rental car insurance coverage that you can purchase through them. Truthfully, it is not really insurance coverage, but their actual “version” of it. Before you sign anything, there are several things to consider. One of the first is the Loss Damage Waiver. This basic relieves you of responsibility if the car is stolen or you wreck it. The main thing to look at with this coverage is whether or not the coverage will still cover it if you are found to be the driver at fault. In many instances, if the renter is the one at fault, it will not cover the damage.
Make Sure You Have Rental Car Liability Insurance
Many individuals who find that saving money on this is not a top priority will often combine the coverage from two or more of these options. You can do this, too. If you find that your current insurance policy will cover most of the damage, but you are worried it wouldn’t be enough, consider taking out partial coverage from the rental agency or look at the various aspects your credit card company’s policy would cover. You will want to make sure that you are at least getting rental car liability insurance so that you are insured if you get into an accident with another driver.
Consider The Rental Car Insurance Cost
To determine which coverage is going to be best for you, there are several things to look at. First, consider the cost. Remember, free doesn’t mean better. Second, you have to look at what your deductible is on your own insurance and figure this into what would happen if you did do damage the vehicle. Last, you have to look at the actual coverage and what exclusions there are on each particular policy.
Most people when renting a vehicle automatically assume they need to purchase rental car insurance coverage from the rental company. The fact is, you have many options for your insurance. Each one will have its own advantages and disadvantages and you will need to spend some time to determine which coverage is going to be best for you. If you already have a fully comprehensive car insurance policy, you may not need to worry about paying extra for your rental car.