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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Each time you rent a car, you might wonder whether to purchase the optional rental car insurance that's offered with your agreement. It's logical to think that your existing personal auto insurance has you covered, and the extra charge at the rental counter might make you want to skip it.
Before you decline coverage, though, take some time to review how rental car insurance works so you can make an informed decision. The differences in coverage between a rental policy and your regular auto insurance might make you reconsider your initial choice.
When you rent a car, you'll typically be offered a few different kinds of insurance on your rental. These include:
The costs of the different types of coverage will vary, but it's crucial to weigh the total cost of coverage against the potential costs of paying for repairs, replacements and medical expenses.
If you already have auto insurance, your policy may include coverage for car rentals. However, it's important to understand exactly what your auto policy covers and its limits.
For example, you'll need to assess your deductible, whether or not your current policy has collision coverage and if you'll be covered for diminished value or loss of use. The answers to these questions are important because they'll help you determine what to look for in your rental car policy.
When you're speaking with the rental car company, make sure you ask about these three types of coverage:
Depending on the nature and length of repairs, these costs can stretch into the tens of thousands of dollars, so it pays to do your research upfront. Ask the rental car company to send you documentation that explains their coverage so you have it in writing.
Considering all of the above, is it necessary to buy rental car insurance? Individual circumstances vary, but generally, it's a good idea. Here are some situations where purchasing rental car insurance may be a necessity:
In contrast, supplemental rental car insurance might not be necessary if:
While there's no one-size-fits-all answer to whether you need rental car insurance, there's substantial risk involved if your rental is damaged or stolen and your coverage comes up short. Despite the additional upfront cost, you might find that a few extra dollars a day helps put your mind at ease, so you can enjoy your rental experience knowing you're protected from the unexpected.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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