Car Insurance, When Should I buy Rental Car Insurance

Car Insurance, When Should I buy Rental Car Insurance?

As you pick up your rental car, you will be asked by the associate if you would like to purchase insurance for the rented vehicle. You may stop and ask yourself, do I really need this insurance? Am I already covered through my current auto insurance policy for a rental car? Won’t the credit card I used provide insurance? Is the rental car company’s insurance the best option? Any consumer may easily dismiss the notion of paying the extra fees for rental car insurance, thinking they are covered and can save that money. However, it is best to know when it is and isn’t necessary to purchase rental car insurance before you get to the counter to avoid paying for duplicate coverage or not having enough.

To know the terms of your auto insurance policy prior to renting a car will save you from worrying and wasting time wondering about your policy. Every car insurance company offers different terms concerning the rental car coverage. It could be offered as a separate coverage that is available for purchase by any driver, or it could be included in your policy at no charge.

There'ss a difference between your policy including the insurance for a rented vehicle and your policy offering to pay for a rental car while your owned car is in the shop for accident-related repairs. If you are confused by what is covered through your policy, be sure to contact your insurance company and get a clear definition of what you have purchased regarding rental cars. In most cases, the policy you purchased applies towards the vehicle you regularly drive as well as any other vehicles — including rentals — you occasionally or very rarely drive. Again, each auto insurance company’s terms vary.

In terms of providing insurance for a rented vehicle, your auto insurance company will provide collision and comprehensive coverage for the vehicle, provided you already have those options on your policy. It is also suggested checking with your insurance company to see if they would be responsible to pay for any fees, loss of use or charges to tow the vehicle if needed. When comparing different means of rental car insurance, place yourself in the situation of an accident and think of the stresses that come with that situation. Don’t leave any room for error in being covered for all charges to prevent yourself from being required to pay for the damages.

Other way to purchase auto insurance for a rental car is by using certain credit cards for the payment to rent the vehicle. Some credit cards include an agreement that when the owner of the card uses it to pay for the rented vehicle in full, the credit card company will instantly insure the vehicle. However, just like different auto insurance companies vary in coverage, so do credit cards. Some credit card companies only offer rental car insurance to clients who have good credit standing. Sometimes the insurance offered for the rented vehicle only covers the rented vehicle and not the additional property that was damaged due to your negligence. Also, medical expenses for you and or the other driver or passengers may not be covered as well, leaving you to foot the bill. Before going to pick up a rental car, have the terms of coverage provided by the credit card company sent to you in writing so you can be very familiar with the terms. You may be able to see where you wouldn’t be covered by the credit card company and purchase rental car insurance from the rental car company for safe measures.

The third option for rental car insurance is by purchasing the insurance from the rental car company for an added fee. While some consumers find this fee to be obscenely expensive and unnecessary, other drivers view it as a must. For instance, if you do not currently own a vehicle and do not have auto insurance, it would be in the driver’s best interest to look into coverage provided by the rental car company, especially if the driver is not using a credit card that offers rental car insurance. The rental car company offers a variety of coverage that will provide drivers with what they can afford. Keep in mind that it is the driver’s responsibility to pay for any damages that occur to the rented vehicle, whether it was the driver’s fault or not. One example includes a valet who accidentally scratches the side of the rented vehicle. The driver would be required to pay for the damages upfront and hope the other party is good to reimburse.

One of the waivers or coverage that a rental car company provides is known as a loss damage waiver. By purchasing this waiver, the renter of the vehicle is not responsible to pay for accident damages or if the vehicle is stolen. Towing, administrative, and loss of use fees are also waived by purchasing loss damage waiver. Just as with a regular auto insurance company, the rental car company expects the driver to operate the vehicle with caution by obeying all traffic laws. If the driver is found in an accident and had been speeding or breaking any of the other traffic laws or conditions of the rental agreement, the waiver becomes void.

The rental car companies also offer liability insurance in the amount that is required by the state. Most often the state requirement liability amounts are rather low compared to what it costs to pay for the expenses of an accident. Check with your auto insurance company to find out whether or not you can apply your liability insurance towards the rental car. If you have it already, you might consider not purchasing this supplemental insurance.

The personal effects coverage will also be offered to you from the rental car company. This coverage will protect your personal items if they are stolen out of the rental car. Check with your homeowners insurance and see if property stolen away from your home is covered, and if it is, you won’t necessarily need to purchase this coverage.

Personal accident insurance is another form of coverage offered by the rental car company that will provide you and your passengers with medical coverage in the event of injuries sustained from an accident while in the rental car. Personal injury protection on your auto insurance policy or your health insurance will also pay for these expenses up to the purchased amount of coverage.

It is important to know what insurance is already provided to you through your credit card company and your auto insurance company before you get to the rental car counter. You can prevent duplicating your coverage and needlessly spending extra money to insure the rental car by knowing your insurance and knowing how you want to be covered by insurance.

Car Insurance, A Declarations Page

Car Insurance, 

what is a Declarations Page?

The auto insurance declarations page while discussing the topic of auto insurance, or while looking through the policy papers, new terms and information used can be confusing and add to the stress of understanding auto insurance. When reading through the policy, you’ll notice what’s known as the declarations page. This page is of vital importance, as it contains the most pertinent information you will need regarding your auto insurance policy. As you read through it, you will be given a basic outline of your policy, along with the insurer’s information and the driver’s information.

To break the declarations page down further, we’ll discuss each aspect presented on the page, and this is done in no particular order, meaning your declarations page may or may not have the same information in the same order listed here. First we’ll mention the auto insurance company’s information on the page. The declarations page will have the name of the insurance company, as well as their contact information including a phone number and address. If you need to contact the company, the information is readily available here and also on the insurance card that you should have somewhere in your car in case it is immediately needed.

 Your policy number is a way the auto insurance company can identify you without using your name. This lessens confusion as there is typically more than one client sharing the same first and last names. A policy number can include numbers and letters together, or just numbers. You will need to know your policy number any time you want to contact the insurance company. You can also find your policy number on the insurance card.

The information regarding the coverage you have purchased is also included in the declarations page. The coverage you purchased will include the minimal requirements provided by your state, as well as any additional coverage options you felt the need to purchase. Bodily injury liability, property damage liability, personal injury protection, and uninsured motorist bodily injury may be some of the coverage options you purchased that will be listed on the declarations page.

The cost of each coverage you purchase for your auto insurance policy will also be listed on this page. The price of your policy is determined by individual factors, including the cost of coverage you added to your policy. If you carry additional coverage options past the state’s requirements, you can look at these “extra” options and decide if they fit into your budget, or if you can add more coverage for added protection.

The deductible amounts may also be listed in the declarations page. A deductible amount is the amount of money you are willing to pay, out-of-pocket, when you make a claim to the auto insurance company. Any time you file a claim and expect the insurer to cover an accident-related cost, the insurer requires you to pay upfront a deductible. This amount can range from $250, to $1,000 or higher. The lower deductible you choose for your policy, the more expensive your policy premium will be.

Look for the policy periods on the declarations page to find out when your coverage begins and when it ends. You should also be aware that you have the option with the insurer to automatically renew your policy when it expires. This helps to avoid any time period of not carrying auto insurance, known as a policy lapse. It is illegal to drive a vehicle without proper auto insurance so it is vital that the policy always be in effect.

You will also notice your information, or the policyholder’s information, listed on the declarations page. Your name, address, and phone number will be listed on the page. It will also have information regarding the vehicle(s) you have insured with the company, such as the year, make and model of each vehicle. Always keep this information up-to-date with the auto insurance company so they can contact you easily with any questions they have or information they need.

Any changes, or endorsements, will also be listed here. Sometimes changes are made to a policy by the insurance company. If you have any questions regarding changes that were made to your policy without your knowledge, contact your insurer immediately. Supplemental coverage that is included in the policy may be listed here as well.

When you receive your policy information in the mail, it is important that you read through the declaration page and put the proof of insurance card in your vehicle. Reviewing the declarations page will help you better understand your policy (if you don’t already have an understanding of it). If you decide you want to purchase more coverage, give your auto insurance company a call and see what they can provide you. It is always best to carry more coverage than less, as this will protect you and your assets if you are ever the cause of a major accident.

Other importance of reviewing your declarations page is to make sure it states you have the coverage you wanted to purchase. Just because an agent over the phone says you have such-and-such coverage doesn’t mean it will apply if that coverage is not marked on your declarations page. Whatever is written on your declarations page is the policy you have for the vehicles listed on the declarations page. Check the information provided on the page is correct before you are put in a situation (like an accident) where you need to file a claim and are expecting certain coverage.

You may think the declarations page is just one more nagging piece of paperwork, but in actuality it is the most important piece of paper that you have for your auto insurance. You will need to review your declarations page every time your policy renews to make sure no coverage was accidentally dropped or so you know your information is correct. Don’t disregard your declarations page as it comes in the mail or think of it as worthless because you think you already know what coverage is on your auto insurance policy.

Conclusion: To learn more about declarations page visit our Auto Insurance Declaration page or if you would like to start saving on auto insurance today visit our main site at Online Auto Insurance to compare qutoes from multiple companies.