Cheap rental car insurance is not mandatory, although it has its advantages. There are instances when this type of coverage is unnecessary. Every individual situation is different, and the choice is up to the individual.
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The best time to rent a car is on the weekends. This is when most promotional deals are available. For around $12 to $15 per day, a rental car can be picked up or delivered to you on Friday and returned on Monday. At this rate, cheap rental car insurance may be worth the extra expense. Sometimes credit card companies offer incentives to use your credit card to rent. In exchange they will offer the rental free.
When renting a car, it seems there is a charge for every little thing, which seems to add up pretty quickly. It is a good idea to jump on a good rate when you can, because as with airlines, prices go up as your date of travel or need approaches.
During the week business travelers take advantage of the wider choice of available cars, so as the weekend approaches it is important to the rental agency to promote what is left over.
Do I need rental car insurance?
If you do not have a car, or enough insurance on the car you have, you could be responsible for 100% of the damage to the rental if rental car insurance coverage is not purchased. To protect yourself, there is such thing as non-owner car insurance that you can purchase to supplement or replace cheap rental car insurance coverage.
If you do have a car that is insured, your policy may offer liability and personal injury, as well as comprehensive coverage. If there is a deductible on your personal policy, it must be met first. You can also add rental car coverage as a rider to your existing coverage if you find there is none.
In the case where an insured driver rents a car and purchases additional rental car insurance coverage anyway, the rental car coverage supersedes personal car coverage. In essence, your rental insurance kicks in first in the event of an accident.
Cheap rental car insurance is not needed unless there is not enough coverage on the personal vehicle. However, if you use the rental coverage and therefore do not have to file a claim on your personal policy you don’t have to worry about your rates being raised as a result of the accident.
Is rental car insurance the same as personal car insurance?
No. Rental car insurance is slightly different from your current policy. The rental car insurance agency usually offers coverage slightly above the average state required minimum. Otherwise, there are strong similarities. The rental agency offers coverage in different terms than what the driver is used to, such as:
- CDW – Collision damage waiver
- LDW – Loss damage waiver
- PAE – Personal accident and effects
Although different terms are used they basically cover some of the same things with limitations in terms and conditions.
What is covered by cheap rental car insurance?
CDW normally covers around $35,000 to the vehicle for loss of use. LDW covers around $35,000, while PAE is available with $1,000,000 to $2,000,000 worth of coverage.
For as little as $9 extra dollars, you could relieve the stress of the possibility of being responsible for damages, death benefits, or other expenses.
Other options are also available for specialty vehicles, trucks and exotic cars such as SDW which stands for super damage waiver for those major fees associated with damage and loss.
Can I get cheap rental car insurance in a foreign country?
With an international driver’s license you can rent and drive a car anywhere in the world. This benefit comes in handy for business travelers who want to be self sufficient while traveling abroad. Comprehensive car insurance for driving abroad may have different provisions although the basics are the same.
When an accident happens abroad many rental agencies try to have the driver pay for damages up front with the promise to reimburse the driver later. This can be a nightmare for some. Because laws differ from one country to another, there may be slight differences in what is offered. Most personal car insurance companies cover the rental and the driver abroad, although it is best to ask before the assumption is made.
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