Accidents seem to have a way of happening unplanned, even on vacations. If you are renting a vehicle for an upcoming vacation, you might want to examine a little closer, the necessity of rental insurance, because there are legitimate reasons why this is very important. Knowing what is covered and why should be covered will not leaving you holding the bills due bag just in case.
Options that rental companies offer regarding damage and collision loss are much like those found in personal vehicle policies. In the event there is loss due to theft, no matter whose fault it is, the vehicle and any necessary repairs will be covered. If a renter decides not to take advantage of one of these policies and if they don't have adequate on their own vehicle, they are fully responsible for any damage that might occur while they are in possession of the rental car. This also holds true if the other driver, even if they don't have insurance and are at fault, the renter could very well be responsible for any and all repairs that are needed. Why take that chance, when you don't have too?
The rental company might also offer an additional liability insurance policy in addition to the damage and collision waivers. It is also important to understand that in the event of an accident and the rental driver is at fault, the liability option added to the rental will cover damages to the other vehicle as well as property and bodily injuries and should be carefully considered. With the rental agreement insurance additions, the insurer is usually covered up to one million dollars. If your own policy limits don't reach this high, getting this coverage could well be a very good investment for your rental time.
Other insurance related things that many car rental agencies might offer include personal insurance for accidental death and cover any medical expenses that might be incurred during the term of the rental agreement related to the vehicle. This will not only cover the driver, but the passengers as well should there be an accident and death or injuries occur due to any accidents. Personal property can also be covered by other policy options should something personal get stolen or damaged. It is especially important to think ahead just in case.
Before you panic and needlessly over insure your rental, you should closely examine your own personal vehicle policy and if you have any questions or doubts schedule a meeting with your insurance agent to clarify any questions you have regarding the coverage your policy on a rental vehicle. Also find out if it will be mandatory by the rental agency for you to purchase additional insurances they have to offer to get the proper amount of coverage. You might be able to supplement your own personal policy to get the extra coverage the rental might require. Car rental insurance can be the difference between peace of mind and risking a lawsuit should there be problems.
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