Renting a vehicle while on vacation, for business purposes, during a move, a major life change or a temporary transportation gap? Whatever the reason, knowing what protection you have can help prevent unexpected expenses if something goes wrong.
What's Included in Your Rental Agreement?
Rental companies often offer insurance-related options, but the coverage varies. Some agreements include basic liability protection, while others offer additional coverage for damage to the rental vehicle, theft or personal belongings.
Be sure you understand exactly what's included and what may cost extra.
Does Your Existing Auto Insurance Cover Rental Vehicles?
Depending on your policy, your personal auto insurance may extend certain coverage to a rental vehicle. However, this isn't automatic, and limitations may apply. Coverage can depend on the type of vehicle, how you use it, where you're travelling, and your policy terms.
Understanding Collision Damage Waivers
When renting a vehicle, you may be offered a Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW). These aren't traditional insurance policies. Instead, they are agreements that may reduce or waive your financial responsibility if the rental vehicle is damaged or stolen, subject to specific conditions and exclusions.
Before accepting or declining this option, find out what protection you already have and what additional costs you could face.
Don't Overlook Deductibles and Exclusions
Even when coverage is available, deductibles, exclusions and coverage limits can affect how much you pay following an accident. Certain types of damage, unauthorized drivers or prohibited vehicle use may not be covered under the rental agreement or applicable insurance.
A Quick Check Before You Drive Away
A quick conversation with your insurance broker can help you understand your options and make a more informed decision.
Before picking up a rental, be confident in your coverage, liability protection, damage coverage, deductibles and any exclusions that could leave you responsible for unexpected costs.
At Gibb Insurance, we're happy to help you understand your coverage so you can travel, work or manage life's unexpected changes with greater peace of mind.
Please reach out to us if we can help you. 519-736-8228