Collision damage waiver is also referred to as loss damage waiver. It is an insurance cover that provides protection for damages occurring to rented vehicles. The rental companies protect their cars through this cover as there is less risk of money being lost for them. It is more or less similar to collision insurance. The only difference is that this insurance cover is used for rented cars only and pays for damages caused to rented vehicle in case of accidents.
In many countries, it comes along with the rental price of the vehicle. Some rental companies may include premiums in their hire price while some may charge extra from the renter. There are countries which have third party insurance that does not cover damages in case of accidents. Damages in such cases will have to be borne by the driver.
CDW insurance policies might exclude damages to certain parts of your rental vehicles
Some CDW insurance policies might exclude damages to certain parts of your vehicle like wheels or windows. In case of accidents, these parts could be severely damaged and all the charges will have to be borne by your personally. CDW insurance might provide cover only up to a certain amount and it could involve some deductibles also. There is doubt that it is not very expensive.
It is important to read and understand the policy conditions and features very carefully before signing any policy document. Most car rental companies offer this insurance cover. Apart from car rental companies, general insurance companies also provide this cover. You can by CDW insurance through the websites of insurance providers. You can buy your CDW insurance online as the payment systems are secure and your privacy will be protected.
Advantages of having CDW insurance cover
There are many advantages of having CDW insurance cover.
- This policy provides protection in case of accidents and damages
- You can buy the CDW cover by making a single low payment.
- It is an easy to obtain insurance cover.
It Gives protection in case of accidents/damages:
Having collision damage waiver insurance for your rental car gives protection to you as well as your family in case of any accidents/damages and you can have peace of mind while going on trips/vacations/holidays in rental cars. The charges for CDW insurance are quite nominal.
Single low payment to be paid:
CDW insurance is generally taken for rented cars. When you go on short trips, vacations or business trips, you are most likely to use rental cars. They are used only for a short period of time. In such a case, there is no hassle of paying monthly premiums for your insurance. There is only a single low payment to be paid to the rental company when you rent the vehicle. Moreover, there is just a low risk involved as vehicles are used for a short period of time.
Saving money by taking CDW insurance:
By taking CDW insurance, you will be able to save money. Since the rental car is insured, you will not be paying the full amount for the damages in case of any accidents. Some portion will be borne by your insurer. It helps you in saving money as well as protecting you against any damages.
CDW cover is easy to get:
Collision damage waiver insurance is quite easy to get as it is available through many insurers or car rental companies.
Collision damage waiver insurance has lots of advantages. Once you take this cover, there is no worry and you can be peaceful while traveling on vacations with family in rented cars.