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Health & Fitness

Rental Car Insurance Myths

At one time or another, you will probably need to rent a car in the U.S. in your life time.  When you rent a car you do NOT need to take out the car rental companies insurance if you have your OWN auto insurance (if you have a company car and rent personal, you need to take rental coverage).  A coverage we all have is called "property damage".  Your property damage  covers you for damage to the vehicle if you have an accident, not your own collision coverage.  You are not subject to your own deductibles under the property damage coverage.  Property damage coverage also covers the "diminished value" of the vehicle along with the cost of repairs to the other vehicle (if you are at fault).  You pay your auto insurance premium for this, don't pay it a second time.  Do make sure you have adequate PD amounts.  NYS minimum is $10,000.00.  I think everyone should have at least $100,000.  The cost difference might be only $10.00 more per year on your premium.  Keep in mind that you should purchase the rental insurance coverage if you are traveling abroad.  Happy Travels!

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