Why Buy Car Rental Insurance
Buy car rental insurance is the best way to make sure that if you damage or total a rented car, you won’t face dire financial consequences. Still, many drivers who rent cars for travel do not take advantage of this policy and assume they are covered by other policies they may have. Their assumption might be wrong and cost them dearly, without proper analysis of their coverage and rental requirement. Find out why buy car rental insurance and use our website to get an online auto insurance quote if you plan shopping around for car insurance.
Car rental insurance protects you from substantial out-of-pocket expenditures related with loss or damage to the vehicle, including stealing. Rental car insurance can cost roughly $20 to $40, depending on what plan you select. The collision damage waiver, also known as optional vehicle protection or loss damage waiver, can cost as much as $19 per day and shifts liability for collision damage from the person renting the car to the car rental company.
Liability insurance, which provides protection for up to $1 million, costs between $7 and $14 a day. However, your personal auto insurance should already include liability insurance. For an additional $1 to $5 a day, personal accident insurance covers medical and ambulance bills for the driver and passengers in the event of an accident.
Taking the rental company’s insurance can be helpful is to avoid loss-of-use charges if you wreck a rental vehicle. This is a fee the rental company charges to cover the income it loses while a vehicle is in the repair shop. Companies used to absorb this cost, but in recent years they have begun to charge consumers for it. You should know that the coverage you have through your regular auto insurance or your credit card may not pay loss-of-use charges.
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