Insurance
Deciding to rent a car is a great way to get around when you’re on vacation or business trip. However, it’s important to understand the associated costs, including rental car insurance. In this article, we’ll cover what rental car insurance is, what it covers, and how much you can expect to pay for it. Read on to learn more.
What is Rental Car Insurance?
Rental car insurance is a type of coverage that can help protect you financially if you were to cause damage to a rental car. It often provides coverage for collision damage waiver (CDW) and loss damage waiver (LDW). CDW covers damage to the rental car due to an accident, while LDW covers theft of the car or damage to it from vandalism or weather-related incidents. Rental car insurance is typically offered through car rental companies, but some credit cards may offer it as a perk.
What Does Rental Car Insurance Cover?
Rental car insurance generally covers damage to the car, as well as theft of the car and its contents. However, it’s important to read the fine print of the policy, as coverage may vary. Some rental car insurance policies may also include coverage for towing and roadside assistance, as well as liability and medical payments. It’s important to note that rental car insurance does not cover personal items that may be stolen from the car, or any medical expenses you or your passengers may incur in the event of an accident.
How Much Does Rental Car Insurance Cost?
The cost of rental car insurance varies depending on the type of coverage you select. Generally, you can expect to pay anywhere from $10 to $30 per day for coverage. Some credit cards offer free rental car insurance as part of their rewards programs, so it’s worth checking with your card issuer to see if you’re eligible. Additionally, some car rental companies offer their own insurance policies, which may be cheaper than those offered by credit cards.
Should I Get Rental Car Insurance?
Whether or not you should get rental car insurance depends on several factors, including the type of insurance coverage you have on your personal car. If you have comprehensive coverage on your own car, you may not need to get rental car insurance. However, if you don’t have comprehensive coverage, it may be worth it to get rental car insurance, as it can provide financial protection in the event of an accident or theft. It’s important to weigh the risks and benefits before deciding whether or not to purchase rental car insurance.
What Other Options Are Available?
If you decide not to purchase rental car insurance, there are other options available. Some credit cards offer free rental car insurance if you use the card to pay for the rental. Additionally, many car rental companies offer their own collision damage waivers (CDWs). These waivers may provide coverage for damage to the rental car, but not for theft or vandalism. It’s important to understand the coverage offered by the rental company before deciding whether or not to purchase a CDW.
Conclusion
Rental car insurance can provide financial protection in the event of an accident or theft. The cost of rental car insurance varies depending on the type of coverage you select, but you can expect to pay anywhere from $10 to $30 per day for coverage. Alternatively, you may be eligible for free rental car insurance through your credit card rewards program, or through the rental car company’s own collision damage waiver. It’s important to weigh the risks and benefits before deciding whether or not to purchase rental car insurance.