Insuring a Rental Vehicle

Aug 23, 2012
Categories: Driving · Travel
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Before you pack your family and your luggage into a rental car, make sure you have insurance in case of an accident.
When renting a vehicle, there are a number of options available to ensure you’re covered and will have the peace of mind needed to enjoy the trip ahead.

The Rental Company
Your agreement with the Rental Company makes you responsible for any damage to the vehicle while in your care.  Car rental companies do offer a collision damage waiver that covers some loss or damage to the rental vehicle. There are exclusions, so check the fine print. You can purchase the collision damage waiver from the rental company at a daily rate that is in addition to the rental charge. The cost for this coverage usually ranges from $25 to $27 per day.

Your Credit Card
Your credit card may provide collision damage coverage on automobiles that you rent. However, there may be certain limitations or conditions. You should check with your credit card provider to learn about any restrictions.

Your Current Auto Insurance Policy
Most Ontario auto insurance companies offer the option of additional liability coverage for damage to automobiles you don’t own. The coverage is known as Legal Liability for Damage to Non-Owned Automobiles and is an endorsement that can be added to your existing policy. This endorsement is only valid for non-owned automobiles driven in Canada and the United States. If you are driving internationally, you will have to purchase coverage elsewhere. The cost for the endorsement varies, but averages between $30 and $35 per year, a substantial savings over rental company daily rates, especially if you rent vehicles a few times each year.
Contact your Staebler Insurance broker to add the Legal Liability for Damage to Non-Owned Automobiles to your auto policy.


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