What Is Car Rental Insurance?
Car rental insurance is yet another optional type of coverage available to drivers who rent or lease cars. That said, most dealers may require full coverage for a leased vehicle before you can leave the lot. Standard policies cover collision damage, but some advanced options can provide additional coverage.
What Does Car Rental Insurance Cover?
Perhaps the last thing you want to happen is getting into a collision accident while driving a rental car. That is why it is advisable to opt for a minimum coverage package, often offered together with a rental car. In any case, it is best to contact the rental company and clarify what is covered by a rental insurance plan before you rent a car. Additionally, the terms of the insurance can differ depending on where you rent a car. When it comes to picking rental insurance, your standard coverage options are:
- Damage coverage: This type of coverage can limit the costs that rental companies can charge you for any repairs.
- Theft coverage: As the name suggests, this kind of coverage will protect you if the rented car is stolen or damaged in a theft attempt.
- Third-party coverage: This coverage option will provide reimbursement in case a rental car causes injury or damage to the property of any third party or persons.
How Much Is Car Rental Insurance?
The costs of car rental insurance can differ depending on the vehicle you are renting as well as your location. However, it is pretty expensive, to put it mildly. The average price for a car rental insurance policy varies from $30 to $60 per day based on the state you rent a vehicle in.