Is Car Rental Insurance Right for You?
When renting a car from any rental company, you automatically assume responsibility for that vehicle from the time you sign your contract until the time you return it. This means that anything that happens to the vehicle while in your possession, such as an accident or damage to the vehicle, you are legally and financially responsible for it. There is a way to help alleviate that responsibility by purchasing or obtaining rental insurance. This insurance works much in the same way as personal car insurance in that it pays a percentage of your financial obligation in the event of an accident or other damage to the vehicle.
Sadly, many people will usually opt out of this because they see it as an added expense that they would rather not pay. This can be to their downfall if they were to get into an accident or damage being done to the vehicle while it is in their possession. You do not have to suffer that fate if you make the responsible decision to opt in for rental insurance. Nearly all rental companies offer rental insurance as an add-on service when renting a vehicle. The amount that you would pay would depend on the coverage type and the period of time you will need to be covered.
There are instances where you may not need to opt for purchasing rental insurance from the rental company. Some major credit card companies offer free car rental insurance when you use their card to make your car rental purchase. This is a perk given by credit card companies as a thank you for being one of their loyal customers but is not available with every credit card company. You should consult your credit card issuing company to determine if you are eligible for this benefit.
Another instance that may exempt you from purchasing rental insurance is if your personal car rental policy covers you for rentals. Many people often make the mistake assuming that they are covered by their personal car insurance when in fact many of them are not. Some insurance policies will cover for rentals while others will not. Before assuming that your personal rental insurance will cover a rental car, talk with your insurance agent to see if you are covered. If you find out that you are not covered through your personal car insurance then be sure to opt for it on your car rental agreement.
Being involved in an accident or sustaining unexpected damage to your rental can be a real drag on your vacation or business trip. You can lift that burden by making the responsible decision to obtain car rental insurance for your rental. Consulting your credit card company and your personal car insurance agent to see if you qualify for rental insurance coverage can save you extra money on your car rental. If you do not, then you can purchase it from your car rental agent.