Rental Car Insurance – Should You Buy Rental Car Insurance?
Are You Buying a Car to Rent? Your flight landed an hour later. Now you will be late for this important meeting. You may already imagine that your clients are sitting at the negotiating table impatiently. You stand in front of a queue at the car rental desk, with six other angry businessmen behind you, who are also late for their meetings. The leasing agent puts the rent in front of you and distributes all rental sites that you need to sign or initiate. Then she looks at you, as if to say, “Hurry!” Printing is small. The verdicts are written for legal reasons. You want to stop and read the fine print, but you may feel that the people behind you are more upset. You thought you were renting a car for $ 35 a day. With all licenses, the cost now is $ 70.00 per day
Oh … the pressure … panic! You surrender, sign and leave your initials in the right places. You take your contract and your keys and get into your car, feeling internally like a failure and crazy because you did not get up.
If the previous story is too familiar, there is hope soon! Regardless of whether you are a permanent renter or just an occasional traveler who should rent a car, you may have to deal with these options at the car rental counter. Some people simply refuse. Some people buy all the coverage offered – car rental insurance.
But … do you spend a lot of money on a useless hedge or are you insecure? Before embarking on a trip, I recommend that you make two phone calls: one for your insurance company and one for a credit card that you will use to pay for a rental car. You will need to know if you have a car cover for the rental of each company and various conditions of this coverage – car rental insurance.
FIRST … INVITE YOUR INSURANCE COMPANY
In your personal account or auto insurance policy, there is coverage for damage to your car. The insurance policy for most policies states: “We will pay direct and incidental losses to your covered car or non-car, including your equipment, less any applicable deductible deductible – Rental Car Insurance.
Another suggestion is very important!
“In case of auto loss & nbsp; & quot; & quot;”, we will provide you with the most possible coverage for any “automatic coverage” on returns. Here is an example of how this will work for you:
You have two cars. One of them – Toyota Camry 2006 with full coverage. It costs $ 24,000. Another is a $ 50,000 Chevy S-10 pickup, which you only use for one round trip to the local store to improve the home, and you only get liability coverage for the van. If you rented a car and it was damaged, your insurance company will fully cover the rental car, which is the broadest coverage of your policy – Rental Car Insurance.
If you usually drive an old car with only liability insurance, there will be no rent damage insurance in a rental car. In that case, you must use a credit card to withhold damage when colliding or purchasing a renter’s CDW.
Ask your insurance company representative how much coverage you have in your car. Ask if there is a cost cap to cover conflicts. If there is a limit, you control a five-year Ford Taurus worth $ 5,500 … and you rent a new $ 55 million from Cadillac Escalade … very important to know … you may need to hire car dozens of companies thousands of dollars to repair or replace the high cost car rental if you are not covered properly.
Open the limits of responsibility. Make sure your limits exceed the minimum limits required by your status. Limitations above $ 100,000 per person / $ 300,000 for an accident with an injury and $ 100,000 for property damage are very cheap. Make sure the limits are not lower than that … it would be better.
Find out more about the collisions and total franchises you have in your car, as these deductibles will be used when renting and using your own insurance to cover the rent.
Make sure you have coverage for Motors uninsured and Selfinsured Motorist according to your personal or business policy. If you are in an accident with an uninsured motorist, and the accident is his fault, recovery will be virtually impossible. Likewise with a driver who is underinsured. Better to have your own coverage protection
Q: What if I do not have a car and do not have car insurance?
R: Do not own a car, you will not have a car policy. You must purchase the car rental coverage, both CDW and liability coverage. Or, you should use your credit card CDW and purchase the optional car hire liability coverage. However, if you are a frequent car renter, you can still purchase a “non-owner” liability policy. This solution can save you money with the coverage available at the car rental company – Rental Car Insurance.
Q: What happens if my personal property inside the car is damaged or stolen? Most collision damage waivers provide coverage for vehicle theft, but not for any personal property stolen or damaged inside the vehicle. Check your landlord or renter’s insurance policy because you may have coverage through them for your personal property stolen or damaged. Some people think that if they bought Collision Damage Waiver or used their credit card CDW, and the rental car was damaged, they do not have to.
Here is a super important tip your own insurance company. They are hoping that because CDW covers the damages, this will not affect their own insurance policy … and they will not receive a rate increase. WRONG!!! Do not be fooled into thinking that you can get away without reporting your accident to your own insurance company. In most accidents, more things are damaged than just the rental car. Even if your accident is just you running on a parapet, whoever owns that handrail will look at you to pay for the damages. In addition, other people may have been injured. You can have a great exposure of liability and may need your personal or commercial auto policy to cover your loss. Your insurance policy includes legal representation if someone files an action against you for damages.
If you are going to use your personal coverage or business personnel, refuse Collision Damage Waiver in the car rental agreement.
NEXT. .. CALL THE CREDIT CARD COMPANY
Ask your credit card company about the benefits it offers. Each company is different and each level of credit is different. For example, an ordinary card may have different insurance benefits from a gold or platinum card. Ask the card company to send you their benefits IN WRITING. If you are in a hurry, ask them to fax or email you.
Some cards can only cover collisions and comprehensive and leave you uninsured for liability. Some cards only offer coverage when you rent from a particular rental company. Some restrict the number of days of coverage. Some cards do not automatically cover and require you to sign up for a certain program. Still others limit the types of vehicles you can rent. (see below for some exclusions)
If you have more than one credit card, call each one and find the card with the best benefits. Then use that credit card to pay for your rental car and use its benefits.
If you are planning to use your credit card company coverage, you must decline the collision damage waiver shown in the car rental agreement. Otherwise, the coverage of the credit card company will become excessive in relation to the coverage of the Collision Damage Coverage. “Excess” means that any other available coverage would pay first, and the credit card coverage would pay any remaining portion of the loss.
Credit card Collision damage insurance:
loss of use
Consult the CDW in writing from your credit card company for all the details.
Loss or damage to anything inside or outside the vehicle
Loss or theft of personal belongings
o Loss due to intentional acts like DUI, drug use or other illegal activities.
Off-road operations. If you rent an SUV and take it off-road without coverage.
o Lease periods of more than 15 days in your country of residence or more than 31 days in a foreign country.
– Other vans
– Other vans
– Other vans
– Other vans
– Vehicles which do not meet the definition of “covered vehicles”, such as:
– Expensive, motorcycles and quadricycles
See the CDW written by your credit card company for all the details
CAR RENTAL RENTAL
Most of the major rental companies of offers these four toppings. (CDW). This covers a rented vehicle damaged by an accident, vandalism, theft or loss of use. Costs range from $ 9 to $ 20 per day.
The most misunderstood part of car rental coverage is Collision Damage Waiver, or sometimes called a “Rental Car CDW.”
car rental company is not safe. Insurance is regulated by each state. Coverage of collision damage is a waiver. Car rental companies agree not to hold the renter responsible if the rental car is damaged or stolen, and guarantee that they will pay for certain damages listed in their coverage agreement – Rental Car Insurance.
In many cases, the waiver also provides “loss of use” coverage, which pays the rental company if the damaged or stolen car can not be rented. In most states, car insurance policies do not cover loss of use. So if you choose not to buy the Collision Damage Waiver, you may have a loss of exposure if the rental car is damaged. But if you are using automatic coverage of your credit card, it will pay for that loss of use – Rental Car Insurance.
Some car rental companies will require you to pay for repairs or replacement costs in your own pocket, and then to be repaid by your own insurance company. Being forced to get thousands of dollars in cash right away could ruin your vacation. You are protected from these initial costs by CDW. Read your rental agreement carefully
Personal Effects Coverage. This provides coverage for theft or damage to personal items within the rental car. Costs range from $ 2 to $ 5 per day.
Supplemental Liability Insurance. This provides liability coverage of up to $ 1 million. Costs range from $ 7 to $ 9 a day – Rental Car Insurance.
o Insurance against personal accidents. This covers you and the passengers in your vehicle for medical expenses. If you already have personal health policies or travel policies, you do not need to purchase this optional coverage. It usually costs between $ 3 and $ 5 a day.
Corporate Travelers. If you are a frequent business traveler, do something else. Check with your company to find out if they have a corporate travel policy. If they do, find out what this policy covers and simply do not buy duplicate coverage in the car rental agreement – Rental Car Insurance.
Car rental outside of your country of residence. Some insurers exclude coverage if you are driving in a foreign country. Some will cover you, but only a limited time. Some credit card companies cover car rentals outside of their country of residence. Check with your insurance company and credit card company for specific details and GET IT WRITTEN
Q: Can I allow others to drive my rental car
If you are using your personal or business cover to cover your rental car, probably all “authorized drivers” are covered. An “authorized driver” is anyone listed in the policy. However, here is a BIG GOTCHA! If your teenager drives your rented car and he allows his girlfriend to drive the car, you are covered. If the girlfriend allows someone else to drive, NO COVERAGE! – Rental Car Insurance.
Some car rental companies have exclusions for young drivers. Some charge extra for young drivers. Discover this information BEFORE arriving at the car rental counter – Rental Car Insurance.
Q: How do I file a claim in case of an accident? A: If you suffer damage or theft, immediately get a camera and take many pictures of the damage, including any other vehicle or property that is damaged. Save these photos! Notify the rental company IMMEDIATELY of the damages.
Report damage to your own car insurance company if you have personal or commercial coverage.
When returning the vehicle to the car rental company, immediately request:
a copy of the accident report and any claim documents, which must show the amount you are liable to pay, as well as any amounts that have been paid for the claim.
o A copy of the initial and final lease contracts.
o A copy of the repair estimate or repair invoice paid.
o A police report, if there is one.
If you have personal auto insurance, commercial auto insurance or corporate travel coverage, you generally do not have to pay for the Collision Damage Coverage or extra coverages offered to you under the car rental agreement. Your situation may vary – Rental Car Insurance.
Get everything in writing and make an informed decision. So enjoy your car rental experience!