Should You Get Auto Insurance When Traveling?

You have scoured travel sites, bought your tickets, and packed your bags, but are you forgetting something? If you?re planning on renting a vehicle while on vacation, you may want to consider buying rental car insurance. This is something you should especially think about if you?re planning on renting and driving a vehicle while you?re in a foreign country.

What Does It Cover?

Rental car insurance usually includes the same protections as your regular car insurance, and many companies allow you to pick the specific coverage that you need. Your options vary depending on which provider you choose, but most companies offer the same basic selection.

• Collision Damage Waiver: This is not insurance; it protects you from paying (up to a certain amount) if the car is involved in a collision.
• Loss Damage Waiver: This is not insurance; it protects you from paying (up to a certain amount) if the car is lost or damaged.
• Liability Insurance Supplement: This increases your regular car insurance liability to $1 million, and it protects you if other people try to sue you for damages as result of an accident.
• Personal Accident Insurance: This provides coverage for your medical expenses if you are in an accident.
• Personal Effects Coverage: This provides coverage for any personal property that is damaged or stolen while in the car.

Where Can You Get It?

• Your regular home or car insurance provider
• Your credit card company (if you use the card to rent the car)
• The rental car company
• Your travel insurance provider/roadside assistance organization

Should You Get It?

In order to answer this question, you need to do some investigation. Start by calling your current car insurance provider to find out if your policy already covers rental cars. If not, compare the rates of your company to those of your credit card and the rental car company. Then, think about how much time you will be in the car. Many drivers end up deciding that the added protection isn?t worth the cost. However, you should take into account that you will be driving an unfamiliar car in a new location, and if you?re traveling abroad, you will encounter strange road signs, different driving customs, and may even face the challenge of driving on the other side of the road.

Pros:

• Gives you peace of mind
• Protects your driving record so an accident on vacation doesn?t affect your regular insurance premiums
• Can protect you from ?loss of use? fees that rental companies charge you if the car is damaged and out of commission for repairs

Cons:

• Can be costly, especially if you buy directly from the rental car company.

If you do decide to purchase car insurance for your rental, remember to take proof of your policy with you on your trip. Also, if you are traveling to a foreign country, remember to do your research to ensure that your insurance meets the required minimum coverage.? Whatever you decide, make sure you are fully informed before you rent a car, and make sure you rent from a reputable company.

Source: http://www.carpolicy.ca/2012/09/should-you-get-auto-insurance-when-traveling/

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