Here’s an age-old question – do you really need rental car insurance? Is it worth it to pay the extra $15-$30 a day on an already expensive rental? Many people believe themselves to be safe drivers and don’t see much of a risk when they’ll only have the vehicle for a day or two. But there are literally hundreds of car accidents every single day, is it really worth the risk, no matter how miniscule? Without rental car insurance, you could be looking at paying thousands of dollars in damages, even if you’re not the one at fault. Sure, you’re regular car insurance policy may offer some sort of rental car insurance as well, but it is almost certainly a very limited coverage. You may also get rental car coverage from your credit card, but it too may not be comprehensive and it may only be secondary coverage. So is rental car insurance worth your money? Ultimately, it’s a decision you have to make for yourself, but there is more than enough compelling evidence to support it – even if it is completely overpriced.
Things to Consider Before Declining Rental Car Insurance
- You won’t be paying for just the damages if you get into an accident with a rental car, as most companies will throw in some extra fees. “Loss of use” and “administrative” fees are just a couple of the various fees you may get charged – most of which are probably not covered by your regular car insurance.
- Even if you have some form of rental car insurance included with your regular insurance policy, it more than likely has a much lower cap, meaning you won’t have all your expenses covered in a major accident.
- No matter the size of the accident, a claim against your standard insurance policy will almost certainly mean in an increase in your premium. This could be disastrous if you’ve been involved in a major accident before. Your insurance will likely stay the same if you have rental car insurance.
- Some rental car agencies may demand immediate payment if you there are damages to the car. Even a minor dent could end up costing you thousands and who can really afford to pay that?
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