If you’ve ever had to rent a car and wondered if you should check the box for rental insurance, here’s what you should know.
Personal effects covers the theft of possessions from the rental car, up to a set dollar limit. If you have a homeowners or renters insurance policy, you’re most likely already covered for loss of personal items stolen from your car but, check your policy documents to be sure.
Collision damage and loss damage waiver offered by the rental car company is not insurance instead it means that you’re not responsible for rental car damage or theft. But, if you need collision damage, you may be able to add this coverage with your regular car insurance policy. Ask your agent for assistance and more information.
Liability insurance typically covers damages to other people’s property as well as medical costs for injuries you’re responsible for. Every state requires a minimum amount of liability insurance on car insurance policies, so if you’re already insured, you’re covered. But, if you are concerned that your coverage isn’t enough, consider the umbrella liability insurance coverage.
Personal accident is one other overage to consider, which includes medical, ambulance and death benefits for the rental car driver and your passengers. Question is, do you need it? In all probability no, according to Consumer Affairs, the benefits provided by personal accident insurance are already included in your health, life or car insurance policies or, in the coverage of the car rental company’s which they are required to provide by law.