The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance
here it comes across the counter: the contract you have to sign to get your rental car. The salesperson is pressuring you to buy rental car insurance as his pen hovers over the paper. collision damage waiver? personal accident insurance? do you need all these things? what does it even mean?
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don’t check any boxes yet! Regardless of what the seller says, these coverages are optional and, if you get them all, can add up to $30 a day to your rental bill. If you want to be protected, but there’s no point in paying more for coverage you already have. We will explain the different types of rental car insurance and we will tell you what you really need.
Reading: What is collision damage insurance for rental cars
what is collision damage waiver?
Collision Damage Waiver or Loss Damage Waiver offered by the car rental company means that if your rental car is damaged or stolen, you don’t have to pay to repair or replace it. however, these exemptions typically include a deductible.
do you need a collision damage waiver?
It is advisable to purchase this type of car rental insurance. Although your regular auto insurance policy may include collision coverage for rental cars, it will most likely include a deductible and may not pay all of the rental car company’s charges, such as loss of use ( charges for money the company loses while your car is in use). the store).ii Your credit card may include free collision damage coverage, but credit card car rental insurance is typically secondary coverage, meaning any claims will go to your auto insurance company first .
The cheapest way to ensure adequate protection in the event of a collision or theft is with third-party rental car insurance. allianz global assistance car rental damage protector offers affordable collision loss/damage insurance coverage up to $75,000.
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Unlike waivers sold by rental car agencies, Rental Car Damage Protector is real insurance that can protect your rental car almost anywhere in the world.
what is supplemental liability insurance?
Liability insurance generally covers damage to other people’s property (for example, their cars), as well as medical costs for other people’s injuries in an accident for which you are legally responsible.iii ee In the US, all states require a minimum amount of liability insurance on auto insurance policies, so you may already have liability coverage through your personal auto insurance.
do you need additional liability insurance?
Someone trying to sell you rental car insurance may say your liability coverage is too low and encourage you to purchase supplemental insurance. If you’re worried about liability, there’s a better way to protect yourself. The Insurance Institute of America suggests purchasing “general liability insurance,” a low-cost policy added to your auto and homeowners (or renters) insurance that can provide additional protection while driving your car or a rental.iv
US car insurance policies often do not provide any coverage abroad, so you may want, or be required, to purchase liability insurance when traveling abroad.
what is personal accident insurance?
While liability coverage covers property damage and injuries to others in an accident, personal accident coverage includes medical, ambulance, and death benefits for you (the rental car driver) and your passengers .
do you need personal accident insurance?
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probably not. According to Consumer Affairs, the benefits provided by personal accident insurance may already be included in your health, life or auto insurance policies, or may be included in the coverage provided by the car rental company. if you travel abroad, where u.s. health insurance may not be accepted, then you must have travel insurance with emergency medical benefits and emergency transportation benefits. These benefits are broader than personal accident insurance, because they can cover your medical expenses in an emergency abroad, whether or not it was caused by a car accident.
what is personal effects coverage?
Personal Effects coverage covers theft of belongings from the rental car, up to a set dollar limit.
do you need personal effects coverage?
probably not. If you have a homeowners or renters insurance policy, you may also be covered for the loss of personal items stolen from your car. check your policy documents to be sure. And if you have travel insurance with baggage loss/damage benefits, you can be protected if your baggage is lost, damaged or stolen while traveling.
If you travel frequently, an annual travel insurance plan may be your best option to protect your rental car, your luggage, and your finances. the alltrips premier plan, for example, includes rental car collision damage waiver, $2,000 in lost or damaged baggage benefits, and a host of other travel insurance benefits that cover you for a 365-day period .
The easiest way to find out what car rental insurance you need? do your research before standing at the car rental counter. check your auto insurance coverage and credit card coverage options. purchase low-cost collision loss/damage insurance early. And if you impulsively check “yes” on every insurance option the car rental company offers, don’t let buyer’s remorse ruin your vacation (and your budget). the company may allow you to cancel coverage if you return to one of their offices the following day.vi