Should I Buy The Rental Insurance?
Posted on: 9 April 2015
When you rent a car, the car rental company will often ask you if you need car rental insurance. This will protect you in the event that your car rental is damaged, lost or stolen. By paying an extra fee on top of your rental fee, you will not be responsible for paying for the rental company's losses:
Verify That Your Insurance Company Will Cover You
If you have car insurance, you will likely be covered for any loss that your car insurance company experiences. However, you should check your car insurance policy before renting a car to make sure. Be sure to read the fine print because not every policy covers rentals.
If you have purchased the minimum required insurance, there is a good chance that your car rentals will not be covered.
However, if you do not own a car insurance policy, you should strongly consider paying the extra fee for the peace of mind of having your car insured. Otherwise, you might find yourself paying an incredible amount if your rental has an accident. You need to consider everyone who will drive your car because if someone else drives the car and is not on your insurance policy and there is an accident, you might be left without coverage for it.
Know Your Deductible
Another factor to consider is how much of a deductible your insurance company would require you to pay. If you pay a high deductible, the typically much smaller car rental insurance fee will be worth it.
Find Out If Your Credit Card Will Cover You
If you own a credit card, you should find out whether your credit card provides car rental protection. This is usually only offered to elite card holders. The credit cards will usually kick in after your other insurance policies will no longer cover the damages up to the value of the car.
This provides you with an extra layer of protection, but you should contact your credit card company to verify that you will receive this protection. To receive the credit card protection, you will also need to pay for the car rental with your credit card.
Strongly Consider Buying the Insurance
If you do find yourself responsible for paying for the car, you will not only need to pay for the cost of repairing the car, but you will also need to pay for the lost profits the company would have received if the car was rented out to someone else. When in doubt, you should really get the insurance.
To learn more, try contacting a company like Xpress Auto Rental Inc. with any questions you have.
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