If you are planning to rent a car on your next vacation, take the time to find out whether you will need to buy additional insurance. The last thing you want to do is make your holiday more expensive by paying double for auto insurance. Many drivers sign up for the rental company’s optional insurance, without realizing their insurance policy or credit card already provides rental car protection. When you apply for auto insurance quotes, make sure you ask for enough coverage to meet your family’s needs.
What types of rental car insurance are there?
Collision and comprehensive coverage
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. Also ask if you have “waiver of deductible” coverage. With this type of coverage, policyholders do not have to pay the deductible, if they are in an accident that is not their fault. This waiver may not apply to rental cars, 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.
Rental agency insurance
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. It may also cover towing and administrative fees. In many states, auto insurance policies do not cover the rental car company’s “loss of use.”If you don’t want to worry about a flat tire, an overheated engine or a broken headlight, sign up for a roadside assistance plan.
The rental company may also offer you coverage for your personal belongings, if they are stolen from the rental car. However, your homeowners or renter's 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. However, if you have a high deductible, it may make sense for you to buy the rental company’s insurance. Make sure you ask for enough coverage, when you apply for home insurance quotes and auto insurance quotes.
Credit card features
If you charge your rental car on your credit card, the company may offer a “waiver of deductible” coverage. Ask your card issuer if it provides this benefit as well as “loss of use” coverage. This covers you in case the insurance company asks you to reimburse it for the amount of income lost while the rental car is being repaired. 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.
Once you have done your research, you are ready to shop around for lower auto insurance rates. 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.