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Car Insurance On Rentals
by Joseph Kenny
When it comes to car insurance, there are a couple of traps you
can fall into. The contracts are complicated and extremely
difficult to understand, and that's if you even have the time to
read them. The fact is that most people don't read insurance
contracts and there is a significant information shortage when
it comes to consumers and the contents of their own insurance
contracts.
One of the problems with this information gap is that it can
lead to wasted money. Every time you rent a car you are asked
what kind of insurance you would like. The options are generally
to take none, which costs nothing, or you could cover liability
insurance, which should cost about $10 per day. Then you have a
variety of options to cover the rental cat itself, prices
Cars at up to 90%
off the book value!
for
which vary from company to company and state to state. The full
coverage option, which includes liability, passengers, and the
rental car usually, comes to about $25 to $30 a day. Most people
genuinely don't know what option they should be taking.
Liability
Liability insurance is the only insurance you are required by
law to take out. All the others are optional. That's the first
and most important thing to remember when you're at the rental
desk, and the total price for your two-week vacation car is
quickly adding up and up. The other thing to know is that in
many cases, you will be covered, to some extent by your existing
car insurance. You will have to check your insurance policy to
make certain, but for the vast majority of drivers,
Get a free
brand new car!
they will
have liability insurance by virtue of their own car insurance,
and this will carry over to the rental car.
It is however, unlikely that full or comprehensive coverage will
carry over from your own car insurance. This is because
comprehensive insurance is calculated based on the value of your
car. Insurers don't want to be in a position where they set your
policy based on your say, $15,000 vehicle, and then have to pay
out when you crash a $40,000 rental. So your policy will state
that only liability insurance is provided when you rent.
Credit Card Cover
You may still require no insurance from the rental company
however. This is because many credit card companies, including
both visa and MasterCard, offer this insurance
if you pay for
the rental with one of their cards. This is a major benefit of
using a credit card and should not be wasted. Again you should
check with your credit card provider what they cover, but the
bottom line is, if your own insurance covers liability, and your
credit card covers the rental car, why pay a couple of hundred
dollars for extra insurance when you're already covered?
If you are in doubt as to your insurance, it is wise however to
take the rental company's policy, especially liability.
About the author:
Joseph Kenny is the webmaster of the insurance site
http://www.insure121.com/ where you will find information, news
and links to the leading providers of car insurance in the UK.
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