The Murphy Monitor

Do I Really Need Rental Insurance on a Rental Car

Posted on: 17-08-2017 by: The Murphy Insurance Group

man-handing-woman-car-keys-in-parking-lot.jpgRental insurance on a rental car starts at about $10 and often climbs to a figure that leaves you with a pause.  Noticing the rest of the rental expenses adding up, most people ask themselves if they really need rental car insurance coverage.

Reasons to skip:

- Your regular personal auto policy will typically extend to any rental car.  

- After paying your deductible, your insurance will cover any payments required for damage done to the rental car, or to another person's property. 

- Your typical health insurance will cover any injuries you incur.  You are able to see your own doctor without filing an additional claim.

- If your renter's or homeowner's policy has off-site coverage it extends to destroyed personal items.  This is especially valuable if you rented a car for vacation.  

- A credit card offering primary insurance coverage can mirror the insurance available on a credit card.  Many cards now offer some form of rental insurance coverage, so it's vital to check the details before using this service.

Reasons to buy:

- Your car insurance will not cover many fees associated with a car for hire.  These fees include "storage fees" and any remediation for loss of business.

- Your health insurance may reach personal limitations quickly when severely injured.

- Both credit cards and car insurance, as well as health insurance, often do not work in foreign countries.

- You must keep all of your information (credit card policy, insurance policy, homeowner's policy, etc) at hand in order to produce it easily.

Deciding the risks of not taking out rental car insurance vs the expense is a tricky task to navigate.  If you need help navigating the world of insurance or personal finance, we'd be happy to help.

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