3 Experts Weigh In: How To Get Cheap Rental Car Insurance

cheap rental car insurance lineIf you’ve had a look at your personal auto insurance policy and realized that you need a little extra coverage while you drive a rental, the last thing you want to do is pay too much. While it’s extremely important to protect yourself from the financial mishap that can occur with a damaged or stolen rental car, you also need to make sure you aren’t spending hundreds of dollars on redundant or ineffective insurance. Here are 3 brief tips from respected financial gurus on how you can save your money, and your sanity, when shopping for cheap rental car insurance:

 

Dave Ramsey

One of the most respected financial advisors in the United States, Dave Ramsey suggests that you get a thorough breakdown of your existing auto insurance policy and then purchase only the bits you need to cover your car rental.

 

For example, most people have excellent liability and personal accident insurance through their existing policies, so there’s no need to shell out an extra $15 a day on bonus coverage through the rental car company. There are other places you can trim the fat as well, such as the personal effects coverage. While it’ll only cost you $2-5 a day extra, you don’t have a need to insure any of your belongings against theft if you aren’t carrying around anything ultra valuable. So leave your tablet in the hotel room and you can forgo this little add-on to your rental car policy.

 

Carolyn Gorman

Carolyn, the vice president of the Insurance Information Institute in New York, recommends that renters check with their credit card companies about rental insurance coverage. Many companies offer car rental insurance as a premium service to their customers if you charge the rental on your credit card, negating the need to purchase your own policy. Just make sure you understand their terms and limitations before picking up your rental car keys, so you don’t get blindsided by any charges down the line.

 

Suze Orman

All around financial expert Suze Orman recommends that you apply the same criteria to your rental car insurance that you do with your personal automobile policy. That means you insure yourself on things that are an absolute necessity, such as collision coverage, but you don’t automatically spring for the lowest deductible, highest premium policy. You’re getting that insurance coverage to protect yourself against your rented Honda getting destroyed in traffic, or getting stolen out of a Jack in the Box parking lot. Most rental car insurance policies don’t have deductibles, but if you do find yourself with that option, you can potentially save a few dollars by knocking down the daily cost of your rental premium, and just pay the deductible on the rare chance that serious misfortune strikes.

 

If your personal car is a used vehicle with a less than comprehensive insurance package, then you’ll definitely want to consider rental insurance, just so you don’t end up paying thousands of dollars in repairs on something that you were only renting for a couple of days. If you’re looking for affordable insurance to take away that worry, check out Protect Your Bubble’s rental car insurance rates and see how we can help you.

 

Photo credit: Photo Credit: Cote from Flickr

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