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Auto Insurance
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7 Considerations When Buying Commercial Auto Insurance
Cheap Auto Insurance for Your Cars
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Report Recommends Checking with Auto Insurance Before Renting a Car
When at the car rental counter, it is not uncommon for the representative to (forcefully) recommend the company's auto insurance coverage, but according to a recent report, it's better to check with your auto insurance company before paying for coverage.
According to the Insurance Information Institute (III), consumers may be wasting their money on coverage they have already paid for in their auto insurance policy.
The Complications Car Rentals and Insurance
Renting a car can be a bit complicated because so many coverage options are often thrown your way. According to the III report, many drivers end up feeling the pressure of the representative and purchasing coverage that totals up to $35 a day when they already have enough insurance to cover the car.
On the other hand, some drivers don't purchase enough coverage to insure the car fully, leaving dangerous gaps in coverage in the event that an accident occurs.
Because each insurance company can decide if it will even cover a rental car, the III recommends that all drivers inquire with their company to ensure that the car will be fully covered with their insurance.
Additional Coverages
According to III,sometimes rental car companies willrecommendoptional coverages that you may not need.Here are a couple to keep in mind:
- Supplemental liability: This coverage is usually presented to renters as an option to pay for the other driver's expenses in the event that you are sued. Most supplemental coverages far exceed those found in a standard liability policy (usually around $1 million). However, since 48 states require drivers to carry liability coverage, unless your state doesn't require it, you should not need this added coverage. Of course, to be sure, it's good to check with your insurer.
- Loss/Damage waiver: This coverage will help recover the full price of the car in the event that it is stolen or damaged. While many rental companies will tell you that your coverage can't protect their vehicle like the loss/damage waiver, many insurance policies and even credit cards will.
- Lost Items: Other coverages offered by rental agencies may recover items stolen from vehicles or damaged in an accident. Before buying this optional coverage, however, keep in mind that some home insurance policies will cover items stolen from a vehicle.
When renting a vehicle, the last thing you probably want is to spend too much on the car, leaving an insufficient amount left for the vacation and/or emergencies. So before you spending a dime renting a car, take time to contact your insurance company for information on just what would be covered.