LMC Insurance & Risk Management
  • About Us
    • Leadership
    • Wisconsin Office
    • Accessibility
  • For Business
    • Property Casualty
    • Employee Benefits >
      • Iowa Health Insurance Pool
      • Share to Compare
    • Financial Services
    • Surety Bonds
    • Risk Management
    • Cyber Security
    • Executive and Owner Risk Management
  • Industries
    • Construction
    • Healthcare
    • Higher Education and Nonprofits
    • Hospitality
    • Manufacturing
    • Petroleum
  • Personal
  • Contact Us
    • Report A Claim
    • Iowa
    • Wisconsin
  • Careers
    • Open Positions
  • Online Tools
  • Blog
  • About Us
    • Leadership
    • Wisconsin Office
    • Accessibility
  • For Business
    • Property Casualty
    • Employee Benefits >
      • Iowa Health Insurance Pool
      • Share to Compare
    • Financial Services
    • Surety Bonds
    • Risk Management
    • Cyber Security
    • Executive and Owner Risk Management
  • Industries
    • Construction
    • Healthcare
    • Higher Education and Nonprofits
    • Hospitality
    • Manufacturing
    • Petroleum
  • Personal
  • Contact Us
    • Report A Claim
    • Iowa
    • Wisconsin
  • Careers
    • Open Positions
  • Online Tools
  • Blog

Welcome to the LMC Blog

Should you opt for rental car insurance?

3/25/2020

 
Rental Car Insurance
If you are like most people, it's always in the back of your mind when you decline the car insurance when renting a vehicle while away on vacation or business.

If you've ever opted for full supplemental coverage, you've likely noticed that the cost of your rental skyrockets by more than 50% in many cases. But, if you already have insurance for your personal vehicle, you likely don't need it.
​
There are two reasons you may want to forgo agreeing to purchase insurance at the rental counter:

1. Your existing insurance

The insurance policy for your personal car or truck will usually cover you for a variety of risks:
  • Liability - The liability coverage you have on your personal car or truck will extend to damage to other cars or property caused while driving a rental car.
  • Collision - If you have collision coverage as part of your regular policy, it may cover accident-related damage to the rental vehicle as well.
  • Comprehensive - If you have comprehensive coverage on your personal vehicle, it can even cover vandalism or theft of your rental car.

Coverage varies from policy to policy, so check with us before you decide.

2. Your credit card

Some credit cards, particularly gold or platinum ones, include rental car insurance. This applies only if you use the same card to pay for your rental car.

Terms and conditions vary, but generally:
  • Cards offer primary coverage that won't require you to make a claim under your regular insurance policy.
  • Cards offer secondary coverage that will help you out with the deductible and other costs. Typically, you must decline the supplemental insurance offered by the car rental company in order to obtain the credit card company's insurance coverage.

Read up on this in the terms and conditions of your credit card so that you understand exactly what the card covers in terms of rental car insurance. For example, you may not be able to rent certain types of vehicles, or it may not cover certain damage, like from driving on a dirt road.

Card issuers frequently cap rental periods as well. Make sure you know what your credit card company offers before you rent a vehicle.
 
But wait… there's more

If your personal insurance policy doesn't include comprehensive or collision coverage, you may want to purchase liability coverage from the rental company.
​
It may also be wise to do so if you already have a high deductible on your personal auto's insurance policy. Also, if you're renting a car on a business trip, or intend to drive it into another country (other than Canada), you will likely need additional coverage. 

Comments are closed.
    We're here to help.
    ​1-800-677-1529
    ​
    Email Us
    Follow @lmc_insurance

    Categories

    All
    Compliance
    Construction
    COVID 19
    COVID-19
    Cyber Security
    Directors And Officers
    Employee Benefits
    Executive Benefits
    Healthcare
    Higher Education
    Human Resources
    Manufacturing
    News
    Personal Insurance
    Property And Casualty
    Risk Management
    Wellness
    Workers Compensation

    Archives

    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    April 2018
    March 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017

    While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or change circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
LMC Insurance & Risk Management
​About   |   Blog   |   Contact

Iowa
4200 University Ave, Suite 200 
West Des Moines, IA 50266-5945
Wisconsin
8500 Greenway Blvd., Suite 201
​Middleton, WI 53562
 © 2021 LMC Insurance & Risk Management. All rights reserved. Privacy policy.