Rental Car Insurance - Do I Need It?

You may think of purchasing an best rental car insurance whenever you get a vehicle on lease from a rental company. There could be obvious reason for that as normally, fleet car insurance policies do not cover unlisted drivers. In such a situation, rental car coverage can protect your finances.

It is possible to get auto insurance for rental cars directly from insurers or through third party car insurance providers or as a special benefit with some credit cards. FreeCarInsuranceQuote could assist you in finding the best as well as the cheapest coverage for your rented vehicle within minutes online.

Know About 4 Different Types Of auto insurance rental coverage

  • Personal accident coverage - This type of a rental car insurance coverage pays damages caused to driver and fellow passengers in insured car at the time of an accident
  • Insurance for theft of items - With this kind of rental auto insurance coverage, you can receive reimbursements within specified limits for all stolen items which are in the insured car.
  • Loss damages waiver cover - If the rental car gets stolen or damaged for whatsoever reason, this coverage will pay charges for damages caused. Towing charges may also be reimbursed.
  • Supplemental liability cover - The coverage will pay expenses incurred on medical costs to other driver or persons in the event of an at-fault accident involving the insured car.

Here’s Why You Should Purchase Rental Car Insurance Coverage

It is worthwhile to buy a separate rental car insurance coverage when leasing a car as most of the car lease companies have fleet insurance policies with Collision Damage Waiver (CDW) or Loss Damage Waiver (CDW) coverage features. However, to get guaranteed financial protection, it could be vital for you to make sure that the coverage limits on your existing personal auto insurance policy are sufficient. If not, it could be better to purchase a rental vehicle insurance cover separately so that your finances are totally protected against any eventuality.

Certain Situations In Which You Can Cheap Car Rental Insurance Coverage

You can buy collision damage waiver feature along with minimum liability coverage as is prescribed by your state’s insurance law. It will definitely help if:

  • You are without personal or property car insurance policy.
  • You don’t have coverage which covers non-owned vehicles.
  • The current market price of rental car is more than your purchased coverage limits.
  • You want to stay away from selecting a high deductible.
  • You are travelling overseas.

Know What We Cover in auto car rental insurance

Majority of the auto insurance rental coverage policies have similar types of contents in terms of features and limits. But still, when exploring your options, it could be desirable to check out whether your driving needs are adequately covered or not. If they are not, you can decline such coverage.

  • Liability coverage for bodily injuries and property damages.
  • Personal accident insurance covers for driver and fellow passengers
  • Loss Damage Waiver/Collision Damage Waiver (CDW).
  • Special coverage for precious items that is likely to be stolen from inside the insured rental vehicle.
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Determine Your Reasons For Buying Best Rental Car Insurance Policy Now

Having an auto car rental insurance policy over and above your existing car/home insurance covers can be advantageous in more than one ways as under:

  • There are no deductibles on rental car insurance- In case, you already have an auto insurance policy with a deductible, you may not be required to spend any money out-of-pocket for settling a rental car insurance claim.
  • Avoid filing claims on existing car insurance policy - You can prevent a probable insurance rate hike in future as with rental auto insurance cover, you can prevent filing claim on existing policy
  • Get protection despite your policy not having all features - Even if your current car insurance policy doesn’t have comprehensive and collision coverage features, damages to leased car will be covered by adding loss damage feature to rental auto insurance policy.
  • Raise coverage limits for a short term or temporary time period - Rental car company doesn’t have to worry about damages even if you meet with an at-fault accident.

Rental Car Insurance - How It Differs From A Regular Auto Insurance Policy?

It is mandatory for all drivers to carry valid car insurance coverage when on road regardless of whether they own cars or get them on rents. Rental car companies will just have you covered with loss damage waivers or collision damage waiver features. By signing these waivers, you can protect your finances from damages arising from car thefts or accidents.

Many of you may think that your existing auto insurance policy also covers rental cars. Nevertheless, it may prove to be a myth as your personal car coverage may only cover your vehicle, not a rented one. And it is advisable to make doubly sure that you enjoy peace of mind on road if going out on with your family on vacation by leasing car from a rental company. There is always a probability that the rented car may meet with an accident and cause as well as get damaged.

Nevertheless, if you have personal auto insurance policy, it may also cover rental cars. The coverage might include the following:

  • Third party bodily injuries liability - Coverage pays costs for treatments of bodily injuries suffered by other persons by insured car during an at-fault accident.
  • Third party property damage liability - Coverage pays costs for repair of other person’s car or property due to an accident caused by insured car.
  • Comprehensive vehicle coverage feature - Coverage pays only some portion of costs for damages caused to rented car because of fire, vandalism or natural disaster.
  • Collision coverage vehicle insurance feature - Coverage will pay some portion of costs towards damages caused to the rental vehicle on account of an accident.
  • Does my insurance cover a rental car?
    Maybe, even though this depends on the services included in your personal policy. The best thing to do is to read and understand your policy prior to renting a car. Talk directly talk to your insurance agent to get the right answer to your questions.
  • Can an accident in a rental car have an effect on my insurance? How?
    An accident can affect your insurance premium, regardless of whether it is in a rental car or your car. This is particularly true if yours is rental car insurance through a credit card company or an auto insurance provider. Every time you file a claim connected to your auto insurance policy, the insurance company will know that you had an accident, and they will probably raise your rate accordingly.
  • Does the rental car insurance cover extra people driving the car?
    The superb thing to do is presume that the individual written in the insurance plan is the only person permitted to drive the rental car. Any other person can have their own cover for their own vehicles, although this does not mean they will be covered for rental cars, particularly those that are not written on the insurance plan.
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