Rental Auto Insurance
Those who are in the market to purchase rental auto insurance should take some facts into consideration. The act of purchasing all of the offered plans from a rental company might seem like a good course of action, however, once the costs come in the total price of the rental could exceed over half of the amount otherwise required. However, at the same time, if the plans are not purchased and an accident were to occur a person could end up with exorbitant fees and no means to pay. A person should carefully consider the benefits and weigh the pros and cons in order to make an educated decision on which policies to purchase and which might be unnecessary.
Most policies should cover any and all damage that occurs to whatever vehicle a person is driving at the time of an accident. Despite offering comprehensive coverage however, some plans will require a driver to have additional rental auto insurance depending on the policies set by the rental company. Several companies offer an array of coverage options that serve to expand the coverage of a driver's existing liability insurance so as to provide extra protection in the case that a wreck occurs with a rented vehicle. An important fact for those looking to rent a vehicle to keep in mind is that many of these plans are not actual insurance policies but rather waivers. Genuine insurance policies must be purchased through a legitimate insurance agency. The cost of applicable waivers depends upon the type of vehicle to be rented, but is generally low, on average between seven to twenty-five dollars a day.
Before anyone makes the decision to purchase rental auto insurance they should check with their existing automobile coverage and determine how much is actually covered in the event of an accident. Various plans extend to rental s but not all, so careful thought and consideration should be had before a person makes a purchase. Not all types are required but some are recommended more than others such as liability coverage. A form of liability coverage is usually available which will cover up to one million dollars in damage and bodily injury costs. Most rental companies also offer additional packages which can be purchased at an additional fee which cover accidental death or medical costs. Most offer additional coverage for loss or damage to personal items within a vehicle as well.
The process of purchasing the proper coverage for a rented vehicle can be confusing if a person is unfamiliar with the process and unaware of the different types that are available. A lot of time and money can be potentially wasted during the process of purchasing rental auto insurance that could be saved by following some simple rules. First of all, experts say that before any purchases are made, a person should call not only their current insurance company but also the carrier for their credit card advisor as well. The call to an insurance company should include questions such as how much and what sort of coverage is already in play and how much deductibles a person has available that could go towards a rented car. A person should look into whether or not the current provider covers towing and administrative costs in order to gain a better sense of how much is covered. The call to a credit card provider should involve any and all questions pertaining to what types of insurance are offered by the provider, if any. Different cards carry different benefits, not all are the same. Credit card providers commonly cover any loss or damage to a rental car, however a person should make certain as the extent of the coverage.
The costs and types of rental auto insurance vary from state to state. Despite variance, most companies usually offer similar options for coverage. Several options are offered in the form of waivers and are not full coverage, only partial. The most common type offered is a Loss and damage waiver, also known as a collision damage waiver. Waivers by nature do not necessarily cover damages and loss under all conditions, such as if a collision were to occur as a result of speeding or driving on an unpaved road, the driver would not be covered and subject to any fees that ensue. If a renter undergoes an accident within the specified conditions, then the fees that a rental company would charge the driver are waived, or dismissed.
Another type of rental auto insurance commonly offered is liability coverage. This type is required by law, however is usually low and will not necessarily cover all the possible costs. People can look into an umbrella policy which covers not only auto costs but home and rental insurance as well. People can also look into purchasing personal accident and effects coverage which would provide protection in the case that a vehicle were broken into and personal items were stolen. This is a good idea for people who travel with expensive items such as cameras, musical instruments, jewelry or lap top computers. More often than not those who rent automobiles do not even realize they need rental auto insurance until the time that coverage is required. Such a situation should be avoided if possible.
People who invest in rental auto insurance are able to have the peace of mind that comes with knowing that there is a level of security available in the case of an unforeseen accident or other unfortunate circumstance, "And thou shalt be secure, because there is hope; yea... and thou shalt take thy rest in safety" (Job 11:13).
Non Owner Auto InsuranceNon owner auto insurance would certainly be called for if someone does not own an automobile but rents or borrows another's car often for various reasons. It would also be quite essential if one borrows a friend's car often to run errands or take trips. It is liability insurance, in essence, not comprehensive insurance. It will cover one's own medical expenses should the driver be hurt and help cover possible liabilities should the non owner be sued for negligence or carelessness resulting in an accident. The coverage is actually quite reasonable and can relieve a friend's mind that worries about you borrowing her car on a regular basis.
More and more commuters use public transportation when the price of gas climbs and that results in either their autos remaining in the garage most of the time or actually being sold. When person needs a car and doesn't have one, most of the time it's either mooch off a friend's goodwill or rent from an agency. In either case one should consider purchasing non owner auto insurance as an investment in good will and good sense. It's goodwill because one's friend who is kind enough to loan her car ought to be able to look at that policy and smile while you are out running around. And the non owner auto policy is also good sense insurance because when the time comes to secure car rentals, a driver can nix those super high coverage costs in lieu of already having the more reasonable non owner policy.
When a person gets to use the car of a friend or relative not in the household, he is riding on the cushion of the owner's policy coverage. The owner's indemnity policy does cover other drivers, but the actual coverage of her policy may be the bare minimum. Should an accident occur, the liability limits may be so low that when the offended party sues for damages, the one borrowing the car could lose everything he owns. Non owner auto insurance is all about the other guy and having protection against what legal claims he might have after you have caused him harm. Forgiving someone for harming you can be hard. Jesus told a parable about a man who would not forgive and was eventually tossed into torment because of his attitude. Jesus then said, "So likewise shall my heavenly Father do also unto you, if ye from your hearts forgive not everyone his brother their trespasses." (Matthew 18:35)
Before a person does get non owner auto insurance, he should look at how much coverage is provided from the credit card company that covers his rental car transactions. The question should always first be about liability coverage. The credit card company's protection will probably include collision and comprehensive, but make no assumptions until checking with the card company's policy. The policy may not cover liability, and that's where the big money expenses will lay in case of an accident. Credit card company policies for rental cars may also not cover certain kinds and makes of autos. A non owner auto insurance policy might cover these niche rentals.
While these very specialized auto policies may seem like a luxury at three to five hundred dollars a year, financial experts say that if a person rents an automobile more than ten times a year, the choice is economically sound to purchase the non owner policy. The purchase will make money by the end of the year. While each policy is different, many non owner policies will cover liability issues in Canada and Mexico. Of course when one travels overseas, all things have changed in terms of using one's non owner auto insurance policy. In fact, forget driving on one's own regular policy for that matter. Insurance people say to bite the bullet and drive on the rental car insurance that is offered. And again, check with the coverage one gets through the credit card used.
Getting non owner auto insurance does not assure that a person will then get better insurance rates when buying his own auto. In other words, there are no discounts for getting the lower coast insurance first. On the other hand, if someone thinks he might be buying a vehicle in the next year, look into the non owner auto insurance policy's ability to transfer to an owner policy without any added on fees. In fact, see if an unpaid balance on the non-owner's coverage will just move over to the owner's policy. So take the advice of shopping around for any specialized policy such as the one being discussed here.
One thing that needs to be made very clear: the non owner coverage under consideration in this lens is not for members of one's household. In other words, the policy cannot be purchased for a teen, grandma or aunt living under a car owner's roof. The policy will not cover someone driving a commercial or company vehicle and must only be used for unplanned and unexpected use by someone who only uses the car infrequently. In some ways, it may be proof of someone's genuine thanks to another who offers the use of their car. But it also may be a revelation of wisdom in that the holder of the non owner policy is very aware that though someone else has insurance, it could easily fall far short of real protection in the event of a catastrophic accident.