Most rental car companies sell their car insurance at premium rates. However, you may be able to lower the rates by ignoring coverage you already have from other forms of insurance. For example, these three forms of insurance usually include the same forms of insurance that the rental car companies also include in their offers:
Rental car insurance often includes personal effects coverage, which pays for your lost or damaged personal effects. For example, if a thief breaks your car's window and steals your iPhone, your rental car coverage will pay you to get a similar iPhone.
However, the off-premises coverage part of your homeowner's or renters insurance may also offer the same coverage. This is because homeowner's or renter's insurance follows you from home, and they will replace or cover your damaged or lost belongs. Therefore, you don't need this coverage included in your rental car insurance if you have off-premises coverage.
Another coverage that is usually included in rental car insurance, but might be duplicated elsewhere, is personal accident insurance. This coverage pays your medical bills and the medical bills of your passengers in the case of an accident. Therefore, if you crash your rental car and get cuts on your face, it's the personal accident insurance that will pay for you to be patched up.
At the same time, conventional health insurance will also pay for the same medical bills. Therefore, you may not need personal accident insurance if you have valid health insurance coverage. This is especially true if you won't be carrying any passengers in the car.
When a family loses one of its members through death, they not only lose the deceased's companionship, but also the financial contribution of their loved one. This is why many forms of insurance coverage, including rental insurance, include death benefits coverage. Death benefits coverage pays a certain amount of money to your designated beneficiaries upon your death.
If you have life insurance, however, death benefits may already be part of your coverage. Therefore, if the coverage is part of your life insurance policy, you won't be exposing your loved ones to financial risk if you don't buy it a part of your rental car insurance.
Therefore, take your time, analyze your situation and other insurance coverage you carry when buying rental car insurance. The analyzing will help you to avoid duplicating other forms of coverage you already have. Take note of the limits and terms and conditions so that you don't leave yourself exposed to other risks by ignoring some forms of coverage. If the high cost of coverage is your main concern, consider buying non-owner car insurance that may be relatively cheaper than buying coverage from the rental company. To learn more, contact an insurance agency like Able Insurance Agency .