Car rental insurance.

[shorecreast]

Hi we are renting a car in Florida for the first time.

Do we need additional car insurance from the rental companies?

We have a standard policy i.e. $1,000,000 third party plus coverage for a rental vehicle. Is the $1,000,000 enough? I know the rental companies try to scare you by saying in the state of Florida you can get sued for millions.
Is there any other type of car rental insurance you would recommend?

Thanks

 

[CanadianGuy]

Your coverage from an insurer in Canada would exceed the limits of the coverage offered at the car rental counter.

You're good. No need to buy additional coverage. Just check with your agent and confirm that you are covered fully for the rental.

J

 

[seashoreCM]

Also double check with y our insurance agent to be sure the collision coverage on your own car extends to rental cars, or alternatively check the features of the credit card you will be using to see if rental car collision is included.

Rental car collision problems include the damage, the loss of use (time in the repair shop), and the diminution of value (when the fleet is turned over and the cars auctioned off). The second two are rarely covered by your own policy or by credit cards but at the same time the risk/payoff factor for them is not enough to make the rental company's LDW or CDW coverage (which covers all three) an on average good buy.

You could be sued for millions anywhere, even in your home town. What the rental agent said is a true sentence but said just to scare you.

Rental car hints: http://members.aol.com/ajaynejr/carrent.htm

 

[surfer_ed]

A little off-topic but I increased my covereage to 2 million a few years back. I had what I thought was a small fender-bender back in 1997 and the person claimed she could never go back to work and sued me for 1.3 million.

When my insurance company told me I was possibly on the hook for 300,000 I freaked out.

It dragged on for 6 years and she eventually settled for well under my policy limit so I was safe but for a few extra $$ I increased my coverage.

 

[tmli]

Another thing to watch for is vehicle type. For example if your insurance is on a Ford Focus here and you rent a cadillac...is the rental fully covered?? I have heard that some insurance companies will cover a vehicle of similar costs only.

 

[SandraC]

You can ask your Insurance Company for an "endorsement" "spf44" that will cover your rental. Many credit cards have coverage included too....a little insentive. We don't buy extra insurance....we just check that our credit card and insurance will cover. S

 

[Hockeychic]

Not sure where you are but in Ontario the coverage is called OPCF 27. Just make sure you have that on your policy with full liability, collision and comp coverage and you will be fine.

Enjoy your trip.

Kim

 

[ferris198]

OPCF27 is correct as is the poster who indicated that the vehicle must be similar to what you have insured here.

 

[SnowWhite]

Be careful with using your credit card collision damage waiver insurance. Apparently I have been told that you will be required to pay up front for the damage and the credit card company will then reimburse you later. Not sure if that is true, but only passing on what I have heard. The best thing to do is check with your insurance company as they seem to be alittle sly these past few years when it comes to covering anything that is not exactly as written in your agreement. Get it in writing as well, anyone can tell you anything over the phone and retract a statement later.

Surfer_Ed: I too carry 2 million insurance as by law I must as a driving instructor. In 11 years I haven't even put a dent or a scratch on any of my training vehicles or anyone else's vehicles or property. I'm glad that you shared your story though as many people don't realize that they could end up paying huge if they get sued for more than their policy amount.

Rob (Snowwhite's DH)

 

[surfer_ed]

Surfer_Ed: I too carry 2 million insurance as by law I must as a driving instructor. In 11 years I haven't even put a dent or a scratch on any of my training vehicles or anyone else's vehicles or property. I'm glad that you shared your story though as many people don't realize that they could end up paying huge if they get sued for more than their policy amount.

Rob (Snowwhite's DH)

I only ever had that one issue but it was enough to scare me into 2 million coverage for the small price it costs me I like the peace-of-mind.