Do I need separate
rental car insurance?
This is an entirely
different issue than
trip cancellation or
travel insurance.
However properly
insuring a rental
car can be
confusing,
frustrating and an
unpleasant
experience. You�ve
probably spent some
time getting to your
destination and now
all you want is to
get a car and get
going. Sound like
you? Well I know
it�s me give me the
keys and let me hit
the road.
Unfortunately many
of us this party
included do not even
think about car
rental insurance
until we get to the
counter and are
faced with what
seems like 100
options the rental
agent is offering.
If we make the wrong
decision that could
result in costly
mistakes such as
wasting money by
purchasing
unnecessary coverage
or having dangerous
gaps in coverage.
Before renting a car
I suggest that you
make two phone
calls�one to your
insurance agent or
company
representative and
another to the
credit card company
you will be using to
pay for the rental
car.
For domestic US
rentals here are
questions to ask
and/or information
to obtain from your
insurance company:
Determine what type
and how much
coverage you
currently have on
your own car. In
most cases, whatever
coverage and
deductibles you have
on your own car
would apply when you
rent a car providing
you are using the
car for
leisure/pleasure not
for business.
If you have dropped
either comprehensive
or collision on your
own car as a way to
reduce costs, you
will not be covered
if your rental car
is stolen or damaged
in an accident.
Check to see whether
your insurance
company pays for
administrative fees,
loss of use or
towing charges. Some
companies may
provide an insurance
rider to cover some
of these costs,
which would make it
less expensive than
purchasing coverage
through the rental
car company. Keep in
mind, however, that
in most states
diminished value is
not covered by
insurers.
Questions to ask
and/or information
to obtain from your
credit card issuer
for US domestic
rentals:
Insurance benefits
offered by credit
card companies
differ by both the
company and/or the
bank that issues the
card, as well as by
the level of credit
card used. For
instance, a platinum
card may offer more
insurance coverage
than a gold card.
Credit cards usually
cover only damage to
or loss of the
rented vehicle, not
for other cars,
personal belongings
or the property of
others. There may be
no personal
liability coverage
for bodily injury or
death claims. Some
credit card
companies will
provide coverage for
towing, but many may
not provide for
diminished value or
administrative fees.
Some credit card
companies have
changed their
policies, too, so
you may not have as
much coverage as you
thought.
To know exactly what
type of insurance
you have, call the
toll-free number on
the back of the card
you will be using to
rent the car. If you
are depending on a
credit card for
insurance
protection, ask the
credit card company
or bank to send you
their coverage
information in
writing. In most
cases, credit card
benefits are
secondary to either
your personal
insurance protection
or the insurance
offered by the
rental car company.
If you have more
than one credit
card, consider
calling each one to
see which offers the
best insurance
protection. Stay
current with your
coverage and call
your credit card
company before every
trip as items
including insurance
tend to change.
Make a decision on
the data that you
collected. I ask
plenty of �what if
this happens�
questions when
speaking with my
insurer and credit
card folks. Then you
will make an
informed decision
and hopefully will
have obtained the
proper coverage and
peace of mind.
International car
rentals change the
game. Again contact
your insurance
agent, credit card
company and booking
source-your travel
agent, web site, etc
to find out what you
need to do to be
properly insured.
Requirements will
change country by
country so please do
your homework.
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