Is Rental Car Insurance Worth It? – Beating the Odds
When you rent a car, it’s important to think about insurance. Is rental car insurance worth it? There are many insurance options available to the renter of the vehicle. You can get insurance from your own personal insurer or purchase one at the time of rental. If you opt for an in-person insurance purchase, be sure to read all terms and conditions before agreeing to anything in order not to waive any coverage that is necessary for your trip.
Do some research on whether or not rental car insurance is worth it based on what type of traveler you are.
Why Is Rental Car Insurance Important?
Rental car insurance is important because you want to make sure that your insurance works when it’s needed most. For example, if you are involved in an accident while driving a rental car and don’t have coverage for the specific vehicle, you’ll be responsible for all damages incurred during the incident—and that could get expensive quickly. For that reason, insurance is an important factor to consider when renting any vehicle.
How Much Does Rental Car Insurance Cost?
The cost of insurance varies depending on the rental car company you use and the type of coverage you purchase (liability only vs liability with loss damage waiver). You can expect your insurance premium to fall between $20 – $50 per day; however, rates may be higher for exotic or luxury vehicles. The good news is that most credit cards offer secondary auto insurance—which means there’s a chance you won’t have to pay out-of-pocket at all if your policy covers rentals. However, you should remember that they usually offer limited coverage.
Is It Possible To Use My Vehicle Insurance To Cover a Rental Car?
Your insurance policy may have a clause that allows you to use your insurance in different ways. Some insurance policies allow for this type of use, while others don’t. Make sure that the coverage is appropriate and meets state requirements before using it for this purpose. Besides, bear in mind that most auto insurance policies have a deductible that can be really high depending on the policy; this can be hard on your pocket in case you have to make a claim.
You will want to check if your insurance policy has any clauses that allow you to use it for other purposes, such as covering a rental car. Some insurance policies will cover this type of thing already, but others may not be able to do so or only under certain circumstances. Check the state requirements before using insurance in this way just to make sure everything is covered properly and legally.
Is Buying Rental Car Insurance Worth The Price?
Rental insurance can be an expensive add-on to your rental car, but if something happens while you’re renting the vehicle, it may save you hundreds of dollars in damages. It’s a good idea to consider insurance if you’re renting a car for an extended period of time and you don’t drive often. It can be more beneficial than the price tag suggests, especially if something happens while on vacation or you simply aren’t responsible enough behind the wheel.
The Bottom Line
Rental insurance is an option that should be weighed carefully before purchasing. The odds of something happening to your rental car are not high, but you certainly don’t want to end up paying for damages out of pocket if it does happen. Make sure that you have rental car insurance especially when you’re going for travelling.