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frequent traveler for business James Smith said he's saved tons of money over the past 30 years, car rental companies in optional insurance Decline But, he admits, he could be useful at times.
Smith, an economist in Asheville, North Carolina paid 1100 for damage to three rental cars over the past five years last year, a valet damaged his car in Maui, and his car parked rental was scraped in Buford, Ga in 2002, he backed a car into a rock in Ireland.
Smith did not know that his personal auto insurance policy would have covered most of the damage in Ireland, so he didn t make a claim in the other two incidents, it had to pay deductibles.
Like Smith, many travelers do not know about their coverage when they approach a car rental counter NAIC The National Association of Insurance Commissioners surveyed 632 consumers in September, and 42 were either totally confused or had only a rough idea about insurance.
The combination of high insurance state officials said 34 consumers surveyed by telephone bought insurance from a car rental company just to make sure they were covered.
When you rent a car, many consumers purchase unnecessary insurance and end up losing money, said Walter Bell, Commissioner of Insurance of Alabama and chairman NAIC.
Tenants should check their personal auto insurance policy and credit card used for rental to provide adequate coverage without having to purchase additional insurance, NAIC says Many credit cards include protection against collision and theft but the benefits are usually secondary to the personal auto insurance or coverage sold by car rental company.
But as Smith learned, the protection provided by the credit card companies can be difficult.
He said he used a Visa card that provides secondary insurance coverage to pay for holidays in Ireland and Georgia, but it was not paid because he didn t notify the credit card company within 45 days of each incident.
And personal automobile policies that provide coverage for renters often include conditions, for example, they can not cover rentals on business and may limit the long-term hedge personal vacation policies also may not cover rentals in foreign countries.
Sales of insurance waivers or damage absolve tenants involved in accidents are a major profit center for a car rental company, said Neil Abrams of car rental consulting.
Notice, for example, sells five types of coverage waived loss damage, excess liability insurance, two types of insurance against accidents and the protection of personal effects.
About 30 tenants at Enterprise Rent-A-Car to buy some type of insurance coverage, spokeswoman Christine Conrad said.
Travelers seem divided on the value of the optional coverage.
Smith said to buy insurance coverage for a car rental company would have covered its 1100 payments and save him the hassle of dealing with the rental company, the insurance company and the company card credit Nevertheless, he continues to deny coverage for rental, he thinks too much.
Richard Leck great traveler Bedford, NH agrees, calling the insurance products offered by car rental companies a scam I can not imagine anyone other than an inexperienced traveler, or someone no other insurance, take cover, said Leck, president of a management consulting firm.
Nashville antitrust lawyer Alan Marx says the auto rental companies are charging too much for insurance coverage It reminds me of the old insurance policies that were sold in airports to cover you on one trip, he said the sauce pure to the seller, but a lousy deal for the buyer.
But some tenants think it makes sense to buy coverage for car rental companies.
I learned my lesson the hard way, so when traveling abroad, I always get the insurance coverage, said Michelle Trombetta Minnetonka, Minnesota.
Trombetta, a manager in the health care industry, said it is a hassle dealing with a car rental company and others involved in an incident abroad.
She said a hotel valet Dublin scratched his car.
The rental company bear the equivalent of 865 until the damage could be fully assessed the car rental company then billed the hotel, but the hotel has disputed the amount of months Trombetta said he took four months to the hotel to refund.
Van Potts, the owner of a company in the beverage industry, said he buys collision coverage mainly for peace of mind.
It only pays 24-95 per rental car for collision coverage, a special rate because it has an American Express Platinum Card A resident of East Greenwich, RI Potts returned three cars with injuries over the last 10 years the car rental company pressures you pre-pay for the damage, and his pain to file to recover the money from insurance companies that you pay an insurance deductible, and price of your insurance goes up.
Fred Fleischner, spokesman for both rental companies, Dollar and Thrifty said optional coverage can be a good idea even for travelers with coverage under their auto insurance policies We recommend that customers who have coverage complete at home so they can keep their good reputation with their insurance company, even after a wreck, he said.
The company Conrad says consumers should take the time to understand what their insurance company and credit card issuers cover Being underinsured or uninsured when involved in an accident can have devastating consequences, said Conrad.
If you say yes to car rental insurance It depends, leasing, insurance, personal auto insurance.