Need Rental Auto Insurance on Your Vacation?
August 30th, 2010
Before you sign up for the rental company’s optional insurance, do some homework to determine if you need additional coverage. You may not have to shell out more money to protect yourself against losses. Your auto policy may already provide sufficient coverage for rental cars. When you apply for auto insurance quotes, make sure you ask for enough coverage to meet your family’s needs.
Most drivers usually make the decision to buy car rental insurance when they’re picking up the keys at the counter. Unfortunately, many will either buy unnecessary insurance or decline coverage that will leave them at financial risk if they are in an accident, according to the Insurance Information Institute. If you’re not sure if your policy provides rental car protection, call your insurance agent or insurer. Here are a few questions to ask before you rent a car:
Auto policy
If you plan to rent a car while on vacation, find out what kind of collision, comprehensive and liability coverage you have on your policy. If you have enough coverage, you may not need to buy rental car insurance. Many states also allow “waiver of deductible” coverage. Under this type of coverage, policyholders do not have to pay the deductible when they are in accidents that are not their fault. This waiver may not apply to a rental car, so check with your insurer. Remember that if you do get in an accident, you may wind up paying higher premiums. Figure out your family’s needs, before you apply for auto insurance quotes.
If you decide you need additional coverage, rental companies offer a “loss damage waiver.” While this is not technically an insurance policy, it does relieve drivers of financial responsibility if a rental car is damaged or stolen. The waiver may also provide “loss of use” coverage. This covers you in case the rental company asks to be reimbursed for the amount of income lost, while the rental car is being repaired. A loss damage waiver may also cover towing and administrative fees.
Credit card
If you charge your rental car on your credit card, the company also may offer a “waiver of deductible” coverage. Ask your card issuer if it provides this benefit as well as “loss of use” coverage. Remember to call your credit card company before you leave on your trip. Your card issuer may have changed its coverage since the last time you rented a car.
Home insurance
The rental company may also offer you coverage for your personal belongings, if they are stolen from the rental car. However, your homeowners or renters insurance may protect you, if you have off-premises theft coverage. Check your home insurance policy to make sure you have this coverage for your possessions when you travel. Make sure you ask for enough coverage, when you apply for home insurance quotes and auto insurance quotes.
When you are ready to buy a new car policy, you can call agents in your local area, contact insurance companies directly or use InsuranceQuotes.com to instantly get competitive auto insurance quotes from the nation’s leading insurance providers. Simply fill out an online form on InsuranceQuotes.com to find the right insurance coverage at the best possible price. Take the time to protect you and your family today.
View full post on InsuranceQuotes.com
Tags: 