Collision Damage Waiver

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You hate being strong-armed at the automobile rental counter. It's enough to say an automatic "NO!" to all those add-ons they want to use to separate you from your money (or credit.) Besides, you'd rather upgrade your dining from hamburgers to steak than have to fork over the cash to them. Stifle the knee-jerk reaction and figure out what you really need to protect your family and your finances before you even get there.

Automobile Rental Companies: Collision Damage Waiver

Many people mistakenly believe that the collision damage waivers offered by car rental companies is insurance alike to your car insurance. Don't believe it! A collision damage waiver offered by companies with rental cars is a provision on your car rental contract that explains your liability in the event you're in an accident with the car.

The waiver will cover the price of damages on rental cars involved in accidents, as well as "loss of use". Car rentals that cannot be rented after an accident cost the car rental companies lost cash. So they charge you for this loss. For this coverage alone, the collision damage waiver is worth its weight in gold!

Your Credit Cards

Did you know that many credit cards offer coverage for rental cars? If your credit card includes coverage for car rentals that have been damaged in an accident, you don't need to buy any other additional insurance coverage the car rental company offers you.

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On the other hand, you conclusively will want to purchase additional coverage if your credit cards don't have the coverage for car rentals. You aren't going to want to pay out of your own pocket for damages and 'loss of use' on a car rental that you're not using!

Be sure to carefully go over the credit card policy for insuring car rentals. If the policy is too limited and includes exclusions, be sure the coverage you do receive is akin to that which you would receive from the car rental company. Sometimes a credit card policy will only provide coverage for rental cars that are rented from specific car rental companies.

If you have any questions at all regarding what your credit card policy will cover and what it will not, talk to your credit card purchaser service representatives. Wouldn't you hate to decline the car rental policy because you think you have coverage under your credit card, only to find out it doesn't cover as much as you had idea? Better safe than sorry.

Your Regular Car Insurance Policy

What you presumably didn't know is that many car insurance policies include all-inclusive and collision coverage to damages to rental cars. No sense paying for more if your policy includes this coverage, right? Just verify the details with your insurance agent before you decline the car rental company's additional insurance options.

In addition, typical car insurance policies provide liability coverage that extends to car rentals. If you injure someone in an accident while driving a rental car, your policy will often cover you. If your car insurance policy does not provide these coverages when you are driving car rentals, be sure to purchase additional insurance from the car rental company to protect yourself.

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