Should I Buy Insurance When Renting a Car?

Finance expert Mike Periu on whether an insurance policy is a wise purchase when renting a vehicle.
President, Proximo, LLC
November 21, 2012

You may be among the millions of consumers who will be renting a car over the Thanksgiving holiday. One of the most expensive parts of renting is insurance policies that rental car companies offer, which can easily double or triple the cost of your rental. Before automatically saying yes to these policies, you should first call your own insurance company and confirm if you and the rental car are covered under your own policy.  If you have comprehensive and collision coverage, this usually transfers over to your rental car. For liability insurance, a wise option if you rent frequently is to consider an umbrella policy which protects you under many different scenarios and offers more protection than the liability policy offered at rental companies.

Learn more at the Insurance Information Institute.

Photo: Shutterstock

President, Proximo, LLC