Perhaps you’ve been waiting in line for over an hour, and you’re just eager to get on with your travels, whether they’re for pleasure or for business. You’re getting ready to finish signing the rental papers, when they pop the question: would you like insurance? Suddenly, you’re overwhelmed with doubt.
Trust us. We’ve been in your shoes many times before. That’s why our team here at the Andy Mohr Collision Center created this guide to whether your car insurance will cover your next rental car!
If you have any further questions, please don’t hesitate to get in touch with us. We’re just a few miles down the road from Bloomington, Fishers, Indianapolis, Plainfield, and the other Indiana communities.
The Cardinal Rule: Ask Your Insurance Company!
The most important thing to remember when it comes to figuring out whether your car insurance will cover your rental car is that you need to simply ask your insurance company! Essentially, it depends on your coverage. Once you know exactly what they do and don’t cover, you can make an informed choice.
After all, you don’t want to be underinsured, as you could end up paying the massive costs associated with an accident. However, you also don’t want to be overinsured, and paying for duplicate coverage…
4 Key Insurance Categories
Here are the top four categories that you need to think about when it comes to renting an automobile.
- Liability Coverage: This is the bread-and-butter of car insurance, covering the costs of repairs.
- Personal Accident Insurance: This area extends into your personal medical bills after a crash.
- Collision Damage Waiver (CDW)/Loss Damage Waiver: Rather than an insurance product, per se, this type of waiver would take the financial responsibility off your shoulders, putting it onto those of the rental company. It also sometimes covers the rental costs of the repair days, too.
- Personal Effects Coverage: In the event that your personal items are stolen out of the rental…
What You Might Already Have
Generally speaking, #1 and #2 are covered for rental cars by most drivers’ pre-existing insurance plans.
In other words, you might not need to worry about adding extra liability coverage and personal accident insurance at the counter. However, as always, check with your insurer, fully weighing the pros and cons.
Furthermore, #4 (personal effects coverage) is typically included under homeowners’, renters’, or condo policies. Once again, though, make sure that you fully review your policy documents before deciding.
What You Might Need to Add
#3, the Collision Damage Waiver (CDW)/Loss Damage Waiver: this is something that lots of Indiana drivers consider if they don’t have comprehensive coverage. here are a few other reasons to purchase additional coverage for your next rental car, as well. Here are some of the main reasons:
- You have a high deductible, and you want to avoid paying that in the case of an accident.
- You’d rather not use your own insurance, thus avoiding any potential rate hikes/increases.
- You want to either add missing coverage or temporarily increase your coverage limits.