Quote:
Originally Posted by prospectheightsresident
While my personal insurance would cover me, I don't want to use it when I'm in a rental. Instead, if renting for more than a few days, I'll use the Amex coverage; they charge you $19.95 I think for extensive collision coverage for up to 40 days of a particular rental). If only renting for a day or two, I'll get the rental company's insurance as it'll be cheaper than using the Amex coverage. I never get liability, however. Yes, I know I'm taking a risk, but I figure that I'm more likely going to need collision coverage (under more circumstances) than liability coverage. Plus, the company has minimum liability coverage on every car in its fleet.
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It's up to every person to decide what level of risk he or she feels comfortable with. However, there are four bad things that can happen to you if you are in an accident with a rental car and are determined to be wholly or partially at fault:
1. You may be liable for the property damage and bodily injury of the occupants of the other car.
2. You may be liable for the property damage to the rental vehicle.
3. You may be liable for the loss of income of the rental car while it is being repaired.
4. You may be liable for the loss of trade-in value of the vehicle in question when the rental agency gets rid of it and goes to buy a new one.
Every insurance company will cover you against 1. If you have full coverage, your carrier will cover you against 2 as well. About 40 percent of carriers will cover you against 3. There are only a handful of carriers that will cover you against 4.
The rank and file person on the phone will not be able to provide you with accurate information about this situation. In all honesty, your best bet is to install a record-the-conversation app, call a line that announces that your call may be monitored or recorded, ask a licensed agent whether you will be covered (without mentioning 3&4) and then, if you get sued for 3 or 4, file a claim against the errors & omissions (E&O) insurance of the agent who advised you.