Should I buy Collision Waver Insurance on my Rental Car?

Question

My car insurance says they will cover me if anything happens. Am I wasting money?

Answer 1

How long will you have the rental & how much is your collision deductible? Some people buy it according to this: if the total cost is LESS THAN the deductible, they buy it. Others have this view: I don't want my insurance company to pay for a car I'm driving that doesn't belong to me, and even others have this thought: you can total out the thing, have it towed in on a flatbed and walk away from the damage free & clear. There are other thoughts on this too.....but in the end know this....if you wreck it or bring it back damaged (it doesn't matter if it's your fault or not) YOU WILL pay your collision deductible right there on the spot when you return the car. Can you afford it?
I can and I still buy it.

Answer 2

Should I buy Collision Waver Insurance on my Rental Car?

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Answer 3

I buy it when I rent a car, even though I have collision coverage on my car. I don't think it is a waste of money. I get asked this question all the time by my insureds. I tell my insureds to buy it & here's why:
You have a contract with the rental car company & you have to abide by it, your insurance company does not.
Your insurance company will only pay actual cash value of the vehicle, less your deductible listed on your policy. The rental car company may want replacement value.
Your company reserves the right to inspect the vehicle & if the rental car company just fixes the car immediately, your company can deny coverage so you would pay for all damages out of pocket.
Your company will not pay excessive labor rates.
Your company will not pay administrative fees or excess towing charges.
Your company will only pay loss of use if the rental car company can prove all the vehicles of that type were rented off their lot while the car was being repaired & the rental car company will want loss of use for the whole time.
The rental car company may just charge your credit card for the damages & you have to contact your insurance company to try to collect.
If you get past all this & your company pays, you will have to pay your collision deductible. If your company pays over a certain amount, it is a CHARGEABLE accident on your policy which could increase your rates by hundreds of dollars (for 3 years usually) & if you have other claims on your policy, could result in nonrenewal. Is it worth the chance to be out all that money to save a few dollars when you rent the car???
Also, to have any coverage on your own policy for a rental, you MUST be the named insured, you cannot just be a listed driver.
Now, word of advice, DO NOT let ANYONE drive the car that is not listed on the rental agreement. ONLY the owner of the vehicle can give someone permission to drive & the owner is the rental car company. We recently had a rental car claim that was denied because the person that rented the car let someone else drive that was not on the contract. He has to pay the entire damages out of his pocket, collision, liability, everything.
Also, inspect the vehicle with a fine toothed comb with the rental car agent. Write down EVERY scratch, EVERY ding on the car & both of you sign this. I have seen rental car companies try to blame damage on one of my insureds that they are positive they didn't do, so, this is in your best interest to be sure the car is in the same condition when you return it as when you got it. If everything is written down before you get the car, you have the proof.

Answer 4

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RE: Should I buy Collision Waver Insurance on my Rental Car?

Answer 5

I ALWAYS deny the collision damage waiver insurance offered by rental car companies. The credit card I use to rent the car provides that coverage.

I have only had one indecent where the rental car company claimed "the windshield was chipped while in my possession", and the credit card insurance covered the claim with out any problems.

Answer 6

Its always good to read the small print no matter how long it takes with insurance and see if the rental car accepts what you present insurance says it will do also check your present one closely .~~

Answer 7

i always get the coverage. makes life far easier when it comes to them blaming you for scratches and stuff. also, i take my digital camera with me and snap photos of the entire car. Only once have i had to use them, but it came in handy when we went to court. Pictures dont miss the scratches i did on the pre rental inspection.

Answer 8

yes............wave the collision insurance ..............this is just something the rental company trys to add on ..........usually for $9.95 or $14.99 ..................check your contract afterwards sometimes they will tack it on regardless if you said no.

Answer 9

No but hell no ................