BusinessHABRental property insurance: Rental car insurance is a type of vehicle insurance that provides coverage while you are renting a car. While renting a car without third-party liability coverage can be risky, getting rental car insurance is essential to avoid potential financial consequences in case of an accident or other covered event.
Rental car insurance is usually included as part of the cost of renting a vehicle, but it’s important to check first with your rental company before you drive away. If your rental does not include this type of coverage, you will need to get it on your own before picking up your car from the agency.
That being said, let’s take a closer look at why you need to get rental car insurance and what types of coverage it offers.
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4 Reasons Why You Need To Get Rental Insurance
When you’re leasing a car, it might not feel like the time to get insurance. After all, the car is leased for a set period of time, so what can possibly go wrong? Plenty! There are several risks to consider when leasing a car. You are liable for the cost of repairs if you exceed the mileage allowance, or you can’t meet other lease obligations — such as getting an oil change at the specified mileage interval. To mitigate those risks, it’s critical to get rental car insurance before hitting the road. Here are four reasons why you need to get rental car insurance right away.
Transfer the cost of repair to the lease company.
Rental property insurance: This is the most common reason to get rental car insurance when leasing a car. You are liable for any repairs, but rental car insurance will transfer the cost of repair to the lease company. You’ll still have to pay the difference between the cost of repair and the amount covered by your insurance — unlike a regular auto insurance policy where you are responsible for the full amount of the repairs — but at least you’ll only be out-of-pocket the difference.
Protect yourself from accidental damage.
The lease company may also want you to get rental car insurance to protect themselves from accidental damage. If you accidentally hit a curb and put a ding in the fender, you are liable for that damage — even if the car is leased. Be sure to get the correct amount of coverage to cover minor damage. If you are not sure, you can ask the insurance company what they consider reasonable coverage limits.
You’re liable for any loss or theft.
When you’re leasing a car, you’re also responsible for any loss or theft. If someone breaks into the car and steals your laptop, or if a hailstorm destroys your car in the parking lot, you are liable for the loss. Rental car insurance can protect against those risks, though you should consider the difference between comprehensive and liability coverage. Comprehensive coverage covers the cost of replacing lost or stolen items, and you have a few options for how much coverage to get.
Ensure continued operation of vehicle equipment.
Rental property insurance: You might also be required to get rental car insurance to protect the car’s equipment. For example, if you’re leasing a car with a built-in navigation system, you are liable if the navigation system breaks down and you can’t use it. If you go beyond the mileage allowance, you can also be liable for failing to pay fines. Rental car insurance can cover the cost of fines, as well as help you meet the terms of the lease by covering the cost of a navigation system repair.
Check-out and pre-rent inspection requirements.
Finally, rental car companies might require you to get rental car insurance because they want to check that it is still in effect. If they want you to take out the insurance before you even leave the lot, it’s because they want to make sure you’re covered in case of an accident.
Conclusion
When you’re leasing a car, it’s critical to get rental car insurance before hitting the road. This ensures that you can transfer the cost of repair to the lease company, protect yourself from accidental damage, and ensure continued operation of vehicle equipment. Rental car insurance can also help you meet the terms of the lease by covering the cost of fines and a broken navigation system.
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