Car Rental accident insurance is probably the most misunderstood and debated subject for those of us who rent cars. Car Hire companies will always offer and most times with much gusto for you to reduce your liability should you be involved in an accident; this fee is most often referred to as Collision Damage Waiver (CDW) and they will insist that it is in your best interest to take this option.
Why is it good for insurers?
Of course, it is hard to comprehend that it is good for you. How can it possibly be good for them? The basic problem is that at approximately a thousand dollars per annum per vehicle to insure comprehensively a rental car it is in no way viable to take up this option. Instead, it is a cheaper and a more profitable option to create a high excess which encourages every rental car customer to take up the collision damage option. If sufficient people do so then it becomes a major profit factor for the car rental company. As a matter of interest in the US today the legal precedents for liability in a car accident lies with the owner of the car unless the driver is acting as an agent for the car rental company and this is highly unlikely.
You should consider this offer of excess reduction carefully
Do you want to be driving a hire car with the knowledge that in the event of an accident you will be liable for hundreds or thousands of dollars? The cost may be worth it just for peace of mind or you may decide to take your chances. The car rental companies often inflate the excess amount to pressure you into accepting the coverage.
Be sure that your credit car insurance covers you properly
Clients often have the wrong idea when they believe that their credit card insurance covers them for car hire accident excesses. Not always true, you should check with your car insurance company and read your contract and the small print in many cases if you have been offered an excess reduction by the car hire company the credit card insurance may or may not cover you, or may only cover the difference between the two excesses.
Consider your CDW options at the time of booking
At the time of booking is when you should be considering the CDW options and not at the desk on collection of your vehicle when you will be in a hurry or tied from travelling and easily influenced by the sales staff who will be selling the insurance options as best, they can.
What should you deal with after an accident?
Next, we have the situation where the unthinkable happened, a car accident. Assuming no one was hurt, in which case an ambulance should be called as soon as possible, the first objective will be to approach the other driver or drivers and collect their full particulars. This will include citing their driver’s license and noting its full details. A tip here is to confirm that the address on the license is in fact their current address. If the accident has occurred in a busy location you may need to move the vehicles but it is always best to leave them if possible unless the police instruct you to move the cars. The police will need to be called depending on the severity of the accident or if anyone has been injured.
The accident isn’t the only thing you will have to contend with, the tow truck drivers are very competitive and sometimes extremely pushy. Try not to be taken for a ride, under no circumstances allow them to tow the rental car unless you are given the OK by the car hire company or told to do so by the police. Tow truck drivers or companies are paid a higher rate for what is called a police tow. Someone will have to pay for these two and that could be you. Tow truck drivers also receive commissions from panel repairs if he delivers the damaged vehicles to their facility. That is why they are so anxious to get your vehicle off the road. It isn’t because they want to look after you, it’s because they wish to look after themselves. If he gets your rental car attached to his truck it is almost impossible to get him to release the vehicle.
Your next problem to deal with will be paying the excess to the car rental company and then attempting to recover it in the event that you were not at fault. This process may take a very long time and to some extent depend on the honesty and integrity of everyone involved.
Insurance is always difficult to understand if you are not sure about asking questions before you drive away in your rental car. Safe Driving.
Getting A Great Car and Homeowners Insurance Company
Do you need to cover your house and vehicles, plus save some time and money? As the responsible owner of a home and a car, you have a lot on your mind. You have to make monthly payments to your loan companies. You must take care of repairs and upkeep so your home is functional, and also so your vehicle is safe! And of course, you need to make sure you have great coverage so you can protect yourself and satisfy your lenders. Of course, you want to get that top quality insurance at the lowest possible price!
One thing you should consider is the very popular home and auto insurance discount. This is one of the more common discounts, but not every insurance company offers it. Since it saves the insurer money in administration and marketing, they can pass some of that savings on so you can get a cheaper bill every month!
Do you have an auto and home discount?
You may think that the famous discount insurers always give you the best price. But many of those only cover cars, and they do not offer homeowners insurance. When I decided to buy a home, I actually saved more money by switching to another large insurer who gave me a great discount on my house and cars! This may also be true for a homeowner like you.
You may not think that the price difference matters that much. But many families pay $300 a month for car and home policies. If you can save 20 percent, that is $60 a month. Over a year, that adds up to over $700! It seems like saving seven hundred dollars would be a good reason to shop around!
Right now, you probably want to know which insurance company will be the cheapest one for your family. There is not one right answer or there would not be so many companies in the market. The trick here is to find the company that will be the best one for your family, and not the best one for your cousin or sister in another city!
Are there other opportunities to save money on your monthly premiums?
By taking a few minutes to compare quotes, you may be able to save hundreds, or thousands, of dollars every year. This has worked out very well for me in the past. Find the insurer who wants to cut you the best deal!
For your auto, consider anti-theft and safety feature discounts. If your rates are high, it may be worth it to take a defensive driving course. They are really easy to take these days, and you can even find some online that you can complete at home. If you are looking for another car, consider which ones are cheaper or more expensive to insure. The type of vehicle really can matter. For your house, sometimes the type of roof matters. Some insurers offer price breaks for smoke and theft alarms.
Keep in mind that insurers all have their own rate charts and ways of doing business. It is a good idea to compare prices periodically, and also to review your coverage. You may find you are not taking advantage of all of the price breaks you could be!
Find the best auto home insurance deals with our fast and safe way to compare insurance rates.
