The next time you rent a car, you will be faced with a question that is asked of everyone who rents cars have to answer: do you want rental car insurance? Even if you decline their coverage, they will oftentimes try to convince you to buy their insurance. You may see this as a waste of money, but it may not necessarily be. However, if you waive the insurance, you will be responsible for damages to the rental car.
If you were involved in an accident with the rental car, you will have to make sure it gets repaired or replaced. If you opt out of the rental company insurance, you may or may not be covered by your auto insurance policy. If you maintain full coverage on your own vehicle, the chances are pretty good that your insurance company will also cover a rental vehicle. However, they may have different coverages and deductibles, so you will have to contact your insurance company or check their terms and conditions.
If you chose to use your own insurance and were involved in an accident that was ruled to be your fault, you will go through your insurance company rather than the rental car insurance company, which may be a lot less hassle for you. However, going through your insurance company also means that your policy premium will go up. Your insurance company may have a higher deductible for rental cars than your standard policy. Additionally, the rental car company will probably charge all repairs to your credit card and you will be responsible for getting the reimbursement from your insurance company.
Getting insurance from the rental company may prevent some of these problems. If you use the rental car insurance, your insurance premium will not go up. Also, you will not need to pay a deductible or worry about the car rental company charging your credit card for any bills. The car rental company will simply take care of everything.
But rental car insurance is generally very expensive. Unlike your insurance company that calculates rates based on statistics about drivers like you, the rental company charges a flat rate for everyone based on the overall likelihood that their car will be involved in an accident. It is usually calculated on a daily basis, so having the car for an extended period of time (even a week) can be extremely expensive. You will have to weigh the cost of insurance and not having a deductible with the money you might have to pay for a deductible.
It will be important for you to determine if rental Ontario auto insurance is what you really want. If you are traveling to an unfamiliar area with different laws, weather, and more traffic, you are statistically at a higher risk of having an accident. You may be more likely to accept rental insurance in a case like this. Additionally, a majority of personal insurance companies will not provide coverage in foreign countries.
On a final not, you may have one other option. Some credit card companies offer limited protection on rental cars that covers loss or theft. They do not provide coverage for property damage or injuries, only the car. Make sure you read the terms and conditions provided by your creditor or contact them if you have any questions.
If you are going to rent a car, it is certain that they will try to persuade you to get rental car insurance. Having all of the information about the type of coverages that are available to you from them, your insurance, or the credit card company will ensure that you can choose the best coverage for you.
Everyone faces car trouble at one point or another – luckily, Ontario Roadside Assistance is there to provide you with the services you need. From Ontario Car Insurance to other essential services provided, you’re always covered!
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