Everything drivers need to know about rental car insurance
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Renting a car from a traditional car rental company or using a peer-to-peer car-sharing service is becoming increasingly popular. Different types of car rental services offer different types of insurance, and requirements vary from state to state. In many cases, the personal auto insurance policy can even cover the rental of a vehicle. To find out if their insurance policy covers rentals, policyholders should contact their insurers. However, drivers who do not own a car will likely not have their own car insurance and will need to purchase insurance from the rental service.
When looking for rental insurance, drivers will likely see the same types of rental coverage no matter where they’ve been. The most common types of rental car insurance are:
Collision Damage Waiver, also known as Loss Damage Waiver. Although not actually a form of insurance, this waiver is intended to release renters from liability if the car is damaged or stolen. This waiver is very useful if the value of the policyholder’s personal car is less than the value of the rented vehicle.
- Personal accident insurance. This option covers both the driver and the passengers for any type of medical expenses incurred during a car accident. Depending on the policyholder’s personal health insurance or auto insurance, this option may not be necessary. However, if this option is needed, it usually costs around
- Personal effects insurance. This cover is used to reimburse the policyholder if any of their property is stolen or damaged in the car. In some cases, the owner’s or renter’s insurance may reimburse the policyholder if personal effects are stolen or damaged in the rental car. This option may cost
- Liability insurance. This coverage is the minimum amount of coverage required by the state. This policy could provide coverage if the policyholder is sued for damaging property or injuring another person while driving the rental car.
Before relying on their personal auto insurance policy, drivers should check the coverages offered by their insurance policy. If it includes rental car coverage, drivers will not have to purchase additional insurance when renting a vehicle. Additionally, drivers should check to see if their insurance policy includes comprehensive and collision coverage. If not, drivers are advised to obtain these options from the rental company. To cover the cost of rental car coverage, policyholders can use their credit card. Sometimes credit cards offer additional auto insurance as an added benefit.
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