New or rent for vehicle insurance rate?
Trying to figure out what is going on with all of the vehicle insurance options when you rent a car can be crazy. There’s no one way to go. If you get all of the vehicle insurance that they offer you at the rental car company, you’re could end up paying twice what you were paying before. However, if you don’t get any of the coverage that they offer you, then you’re going to be out of luck, most likely, when you get into a car accident. You have to really think about it before you make a decision.
When you only have the minimum liability on your regular car insurance policy, then you should probably look into buying an LDW or CDW waiver for extra coverage. The company that you’re renting the car from might not offer both. Some companies offer different kinds of waivers, such as Alamo. The way that the Alamo waivers work is that there is one that is most expensive, which makes it to where you don’t have to be liable for any damages done to the rental car. The next level of cost makes it to where you only have to pay for anything under five hundred dollars. And the final level of cost makes it to where you only have to pay for anything under three thousand dollars.
If you already have collision and comprehensive on your personal vehicle insurance policy, then you probably don’t have to get the LDW or CDW. However, you should keep in mind that with your insurance company you have to pay a deductible, so you should weigh the costs.
If you’re renting a car because you don’t own one, then you probably don’t have a back up personal vehicle insurance policy. In this case, what you should look into doing is expanding your rental coverage with the supplement of liability coverage. It’s pretty cheap considering, but before you pay for it you need to check your state insurance laws. A lot of states have it to where you don’t have to pay for the minimum liability insurance on rental cars if you don’t already have personal insurance coverage. If that’s the case for you and you think that you’ll be safe with the car, then you can probably handle the whole thing without having to pay for any kind of insurance at all.
The car company that rents you the vehicle will usually offer you a bunch of other types of insurance that you probably won’t need. They might offer you coverage for property loss, medical, and death coverage. However, you might already be covered for these things under your life insurance, your health insurance, and your house insurance. The house insurance takes cares of anything of your property even if it is in a rental car. The life insurance is good whether you die in a rental car or get swallowed by a whale. And the health insurance takes care of you regardless of how you got injured. Because of all that, purchasing these coverages would just be insuring yourself doubly, and that’s a waste of money.
Cheers,
Fashun Guadarrama.
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