Should I Buy Rental Car Insurance?

The Rules Are A Little Unclear When It Comes To Rental Car Insurance…Here’s What You Need To Know

No matter how many times you take a flight and end up at the car rental counter, you face the same question: Should I buy insurance when I rent the car? The answer is unclear because there are many different thoughts on who needs to purchase coverage, when to buy it, or if you need it all. After all, the last thing you want is to be in the hook for an auto accident in someone else’s car. Car rental companies want you to sign up for expensive coverage, known as a collision and damage waiver. It is relevant that you know how you’re protected when driving a rental car. So before you book your next vacation, explore the options available to you.

What Is Rental Car Insurance And Who Needs It?

Car rental insurance is otherwise known as a Collision and Damage Waiver (CDW). The optional insurance waiver covers most damage or theft to the rental vehicle during the rental period. It does not cover personal liability damages. So who should purchase this type of coverage? Here are some instances to consider purchasing a CDW policy when renting a car:

• You do not own a car or have car insurance
• You have insurance, but your policy does NOT include car rental coverage, comprehensive or collision.
• You do not have a credit card with rental car coverage to pay for the rental

People are often surprised that their credit card company provides collision and damage coverage. They are also pleased to learn that their personal auto coverage can provide damage coverage when renting a vehicle. However, buyer beware: the cost of taking out a CDW can add up to $30 or more to the daily rental rate!

Why Should I Purchase Car Rental Insurance?

In most cases, the answer is peace of mind. Purchasing a Collision and Damage Waiver can offer situations that make choosing this worthwhile. Here are some things to consider:

• You want to be sure you’re not responsible for any extra charges if there is damage to the vehicle
• You may be responsible for loss of rental income to the rental company while the rental is being repaired.
• You don’t want to pay for damages out of pocket if there is an accident. Credit card companies usually pay you back after assuming the payment for damages upfront.
• You have auto insurance but don’t want your rates to rise if there is an accident
• When declining CDW, the rental car company may charge more for damages, and in some cases, you may be required to buy the agency a new car.

It is critical to weigh the pros and cons before purchasing rental car insurance, saving you thousands of dollars. To verify your coverages, call your auto insurance carrier and your credit card company to verify in advance the coverages you already pay for.

Have You Had An Accident While Renting A Car? Contact The Law Office Of Teresa P. Williams Today

If you are unsure about this or have been in an auto accident while renting a vehicle, immediately contact Attorney Teresa Williams to discuss your accident. Call (727) 796-2706 now for a free consultation or contact us on our website here to get the answers you need.