Most of the people are of the opinion that if you have auto insurance there is no necessity to purchase rental car insurance. By not purchasing separate rental car insurance they may save a few dollars. But think again.
How to get Rental car Insurance
But it is advisable to have a back up to be prepared for the unknown as an accident means you end up losing thousands of dollars.
When a consumer is shopping for rental car insurance, the field is wide open to the rental car operators, the insurance providers and the credit card companies to compete for business. This competition is in fact advantageous for you the consumer. The rental car insurance is likely to cost an additional 20 dollars per day.
When you contact a rental car company they will offer several insurance coverage options that can increase your basic rental rate. But you should know that these are already covered by your personal auto insurance policy. So before hiring a rental car check with your insurance provider and find out what is covered by the policy that you have. This could save you avoid unnecessary spending on what is not required. So ask what is covered and what is not by the coverage you plan to buy.
Your credit card provides rental car insurance as part of a deal when you use the credit card to pay for your rental car. You can verify the different types of coverage offered such as collision, medical payments etc. The mount of coverage differs with each credit card company. When there is an accident or theft, your credit card company will compensate for the loss incurred due to repair or replacement for the rental car. This also covers the charges on towing if need be. They may have deductibles and caps so you should find out how much coverage you get from your credit card. If this coverage is inadequate you will end up paying out of pocket expenses. If you feel that you need more coverage, you should purchase additional rental car insurance.
If you are renting a car for only a day, your driving time is less which means less risk of an accident. There fore if you have a good bank balance in the bank you can in the event of an accident. If you are confident of driving safely, you can save money by avoiding the extra expense on rental car insurance.
You should weigh the pros and cons of buying your rental car insurance from the rental car company. They come with lots of exclusions and other stipulations and vary from company to company.
When you have auto insurance policy you should check if it includes rental car insurance. You must also make sure it includes collision and liability insurance and the amount should be adequate for covering damage to your own are and the other vehicle as well. If your auto insurance was purchased with minimal coverage for an older car and are renting a new and more expensive car, you should make sure to know the consequences. So if you already have collision and comprehensive coverage in your auto insurance policy it will cover the rental car also.