When renting a car you’re automatically offered to acquire car insurance. Although your first instinct might be to say “no”, it’s important to make sure you have some kind of car rental insurance coverage first. You don’t want to find yourself in a situation when you need to pay a fortune for some kind of repairs. If you already have a car its insurance can work for a rental car too or your credit card can cover the rental car insurance. If it’s not your case consider saying “yes” to rental car insurance from your rental car company.
Should I get rental car insurance?
Rental car insurance usually covers the costs of the event that the car is damaged in a collision, stolen or vandalized. This costs some extra money but guarantees you will not be in any trouble in case some of these happens. However, if you already have some kind of insurance this might be just extra expenses you don’t want to have. Here are some insurance policies that might already include rental car insurance, allowing you to say “no” to rental car insurance:
Regular car insurance policy
If you are already a car owner you are mostly sure to have insurance. Before making any steps towards renting a car, check out your regular car insurance policy. It may expand to any rental vehicles of yours. To make sure this will work properly for your rental car check out if you have adequate liability insurance, comprehensive and collision coverage, personal injury protection. If the answers are “yes” for all the questions, there is nothing more you need to figure out. You don’t need to buy rental car insurance, your regular one will work just fine.
Health insurance policy
If by any chance, your regular car insurance doesn’t cover the medical costs for you and your passengers if you’re hurt in a rental car crash, you will need to get personal accident insurance to make sure you and your passengers are taken care of, just in case.
Homeowners insurance or renter’s insurance policy
In case of any thieves, you have your homeowners insurance or renters insurance policy that must cover your belongings cost wherever you take them. Make sure you will be reimbursed if your things are stolen from a rental car.
Travel insurance with car rental insurance coverage
If you are traveling and need to rent a car this might be your case. Have you purchased travel insurance? What does it cover? Will it pay for any costs associated with the rental cars?
Credit card rental car insurance
Some credit cards offer a set of benefits to their users. You can read your credit card guide or ask at your bank. Some of them might offer to cover certain expenses if you pay for the rental car with this exact credit card and follow their rules.
If any of these is your case, you don’t need to pay for rental car insurance. If you are left without coverage consider purchasing separate insurance. There are a lot of options available and some of them will work for you. Do the research.