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When you rent a car, you often think you do not need insurance. However, it is required by law. As a driver, you should know that it is illegal to drive a vehicle without having a valid insurance policy on it. Rentals are usually taken up on leisure trips to various places. Often time’s, the renter will be traveling a far distance, and anything can happen. It is in the renters best interest to get insurance for his/her rented vehicle. Depending on your current insurance policy, it may be able to cover your rented vehicle. If you currently have an insurance policy for your vehicle, it could be used to cover the rental vehicle. The rental company will be able to let you know if this is the case. If this is indeed the case, you will be saving about thirty dollars per day. When you are at the rental counter, you really do not have hours to decide on what to do. It is that one answer you give in those few minutes, which will make a difference. Let’s take a look at the various options that are available for you, in terms of insurance.

When going to rent a vehicle, bring your insurance card with you. This will have all the necessary information the rental company requires. They will be able to check with your insurance company to see if they can cover your rental. It is also important to hold onto while driving in case you are pulled over by the police. It can save you some time in the end. If you are renting the vehicle in the same country you live in, your deductible and insurance terms will be placed onto the rented vehicle as well. The same terms and conditions that apply to your own vehicle will be applied on your rental. If your rental does get into an accident, your insurance company will be taking care of the costs involved. In return, your insurance premium will rise. You may have to pay the deductible on your policy, depending on the situation.

If you do not have your own insurance policy, you will need to obtain it from the rental company. All rental companies have different types of insurance policies. However, there are two main types of policies; Part Liability Insurance and No Liability Insurance. Part Liability Insurance will only cover part of the damages that occur on the vehicle. Often time’s there is a limit that rental company will pay, and after that you will be required to pay the rest. If a company says, the limit is $300; they will pay up if the damages are less than $300. The later choice is No Liability Insurance; which does not hold you liable for anything. You could get into an accident and you will not be responsible for any of the damages. There are other small insurance options that take care of you as well. For a small fee, rental companies will pay for a hotel if something happens to your vehicle. This will include towing your vehicle and providing a new one as well. As you can see, it is quite beneficial to have rental insurance.

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This entry was posted on Tuesday, February 16th, 2010 at 6:58 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.