When renting a vehicle, many individuals overlook car rental insurance. They believe that they are renting a vehicle for a day or two and nothing can go wrong. But you don’t know what might happen in the very next minute.
This is why you must purchase rental car insurance without any hesitation. The experts believe that the insurance offers coverage for the damages on the rented vehicle.
Apart from that, the insurance also covers up all the medical expenses when you are entangled in a mishap while driving the rented vehicle. You can click here to learn more about car rental insurance and take a look at the information provided below.
Types Of Rental Vehicle Insurance
Experts say that many different types of car rental insurance are available in the market these days. They have also provided some of them below! Please take a look!
1. PEC or Personal Effects Coverage
Purchasing car rental insurance can surely protect all your belongings. When something gets lost or damaged when it’s in the hands of the rented company, you will get some type of compensation for those losses. If you have a renters or homeowner’s policy, the personal effects will be a part of that policy. But there is a deadline on how much can be covered for an accident involving a rented vehicle. This limit might be between $500 to $1000.
2. PAI or Personal Accident Insurance
This is an optional policy, but you must purchase it because the liability insurance of the rental firm doesn’t cover your accident. If an uninsured driver hits your rented vehicle, you will be entitled to a reimbursement. But, this type of insurance will be different from one city or state to another and will have high deductibles, which can go up to $1000. So, you must always look at the type of protection the Personal Accident Insurance or PAI is offering, and then you can decide whether or not it matches your requirements right before you buy it.
3. SLP or Supplemental Liability Protection
You can buy this type of insurance to cover the excess amount for your main coverage. For instance, you purchased $100,00 in property damage and personal injury from the vehicle insurance firm and got to incur an accident, which costs around $200,000. In this situation, your SLP insurance will cover up the rest of the cost, like lodging expenses or medical bills, while you wait for a brand-new rented vehicle. This particular coverage differs greatly from one company to another, for which you need to take what your SLP policy covers.
4. CDW or Collision Damage Waiver
The CDW or Collision Damage Waiver is the most common type of rental insurance that you will find in the market. On certain occasions, they might not cover some of the things, so you have to look at the policy right before you sign the agreement. If you are experiencing some issues understanding, please speak with the car agent. It will help in ensuring you against theft and collision damages.
Final Thoughts
The information provided in this article will give you some insights about car rental insurance and how to get it in the right way.
