How to Buy Rental Car Insurance

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Buying rental car insurance requires you to keep a few key things in mind. Find out how to buy rental car insurance with help from a fee-based insurance and risk management consultant in this free video clip.

Part of the Video Series: Auto Insurance
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Video Transcript

Hi, I'm Dan Weedin. I'm a nationally recognized insurance consultant, and today I've got a fun topic one of my favorites. It's how to buy rental car insurance. This may be one of the most asked questions I have on a personal insurance level. I hear it all the time, Dan I'm going on vacation we're going to get a rental car. How does that work for me? Well, here's my answer in all cases. Number one, your insurance that you have, your personal insurance is going to cover a large part of your rental car situation. So in other words the liability coverage you have transfers over to that rented vehicle. I highly, highly recommend that you do not purchase liability insurance on rental vehicles because your insurance without deductible on liability carries completely over. Just make sure that you have your insurance card and your insurance information to show to the rental car company when your there and have it with you at all times. Again, that's the liability part only. You have coverage on all vehicles that you're driving that are rentals with that liability coverage. As you can tell I can't emphasize that enough. The issue comes in with comprehensive and collision often called physical damage. So when you're looking down that rental form and you see physical damage, now is where you want to start paying attention. This is where I recommend you do buy insurance from that and, and what's called a comprehensive situation from the rental car company. Here's why, number one is you do not have to deal with any deductibles in that situation. With your personal insurance even though it does carry you over to rental cars you might have a deductible and when you're on vacation, that can become an issue. There are other problems to deal with that the rental company may have. Number one is loss of use. If you get that vehicle damaged, especially if it's your fault and they can't use it, they can actually come back against you for the days that they didn't have use. So think if you get in to, in to an accident and it causes extensive damage and they can't use that vehicle for a week while it's getting fixed. They may be able to come back after you under loss of use. The other problem is something called diminution of value, diminution of value, kind of hard to say, but here's what it is. Maybe you have a brand new vehicle you're renting, I mean it's right off the lot, it has three miles on it. The minute it gets damaged all the sudden what is owed on it and what the value is has changed and that difference can come back on you. When you sign off and get their full comprehensive coverage on physical damage that saves you from all that. You can drive the car with full confidence, that you can just return it the way it was, any scratch, ding, mark, anything no problem it's taken care of. I guarantee you it's worth the, the, the cost of that, it's well worth the investment. You can drive that car knowing, with full peace of mind that you don't have any worries. So again, I want to review what I just said. Liability coverage, don't buy it. Bring your auto ID card and the auto information from your policy, keep it with you at all times, but do buy their full comprehensive physical damage. In the end it will be money well spent. I'm Dan Weedin. We were just talking about how to buy rental car coverage. Thanks for watching.


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