At some time, most people will do some traveling, either for business or pleasure, and will need to rent a car. At the point of signing the contract, the car rental company will offer automobile rental insurance to them. Should this be purchased? Where can the best rates be found?
There are several questions you should investigate before approaching that rental counter.
Am I covered with my personal auto insurance?
An insurance association survey was taken and determined that 42% of consumers do not understand what auto rental insurance really is. Further, it is estimated that over one third of those people renting cars will buy the insurance just to make sure that they are covered.
What Exactly is Auto Rental Insurance?
Auto rental insurance is offered by the car rental company at the time the car is rented. If the car is damaged, this insurance will cover any repairs that may be needed. But what if your car insurance covers the rental? Is it still needed? The leasing agency will inform the renter that if the car is damaged, personal car insurance will not pay for the daily car rental fee that will be charged while the vehicle is being repaired. So what is the best course of action?
Should I Sign Up for That Additional Rental Coverage?
Many people believe that buying auto rental insurance is a waste of money because personal car insurance usually will cover any damage that may occur to the rental. It is always best to check with your agent to understand what exactly the policy will cover. Generally, if an accident does occur, the renter is responsible for the amount of the deductible and the daily rental fee that the company would lose. If this would happen, the car insurance cost would be worth the investment.
Some people believe that the price of auto rental insurance is too high. Since the car rental companies have a captive consumer, they can inflate the price. To most car rental companies, this is an important profit center. The auto rental insurance is a critical piece to the profit of their business.
The best advice that can be given on whether to take the insurance is to find out exactly what your personal car insurance policy covers. Then, the decision will need to be made on if the additional cost is worth spending the money.
Purchasing insurance when the car is rented may save hassles if the vehicle is damaged. In the event of an accident, dealing with various insurance companies along with the car rental company will create a lot of headaches. Buying car rental insurance, will avoid working through multiple agencies, perhaps having insurance premiums increased, and paying for car repairs in advance.
Where Can I Find the Best Rates for Rental Coverage?
Thanks to great improvements in technology, comparing auto insurance rates and finding the best deal is no longer a difficult, time consuming proposition. There are numerous insurance agencies and carriers that are prevalent on the internet. In addition, many agencies are now offering policies from multiple insurance carriers which will make the rates more competitive.
Comparing quotes online is easy and quick. There are many web sites available that offer insurance comparisons but, one of the best is the free car insurance rate finder tool. In a matter of seconds, rates and coverage can be viewed and compared along with options for car rental insurance.
There are no aggravating trading of phone calls or pressure to buy a policy when the car insurance rate finder tool is used. Simply log on to your computer from the comfort of your home and find the best insurance at the lowest rate. It is that easy. Not carrying enough insurance can result in catastrophic results; it can cost a lot of money. Become well versed with auto insurance coverage and carefully analyze your needs. Do not hesitate; purchase the policy that is needed.
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