Should You Buy Car Rental Insurance?
San Jose Mercury News:
It’s a question many of us wrestle with at the counter of a car-rental agency: Do I really need rental insurance? Unfortunately, there is no simple answer. For some, it’s a waste of money; for others, it can mean the difference between paying out thousands of dollars for repairs and walking away free of any obligation.
If you’re confused about the level of coverage you need when renting a car, check these tips from the National Association of Insurance Commissioners:
Review your policies. Rental agencies typically offer four types of insurance: collision damage waivers (also called loss damage waivers), liability insurance, personal accident insurance and personal effects coverage.
Drivers who have comprehensive and collision coverage on their cars can usually forgo collision damage waivers. If your auto policy already offers liability protection, you can probably afford to skip the liability insurance, too. Personal accident insurance should be purchased separately only if you are not adequately covered by your auto, health or disability insurance. And personal effects coverage is generally not required if you have renters or homeowners insurance.
Buy a low-fee insurance rider. If your auto insurance policy does not provide rental-car coverage, you could save money by requesting an ‘insurance rider’ from your insurance company rather than purchasing additional coverage from a rental agency, according to the NAIC.
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