One of the very common offerings amongst the plenty of you can optionally get along with your automobile insurance owner is rental automobile coverage. This is not a necessary coverage but is something you can usually opt for in the event you wish. What this type of coverage addition does is to pay for a […]
One of the very common offerings amongst the plenty of you can optionally get along with your automobile insurance owner is rental automobile coverage. This is not a necessary coverage but is something you can usually opt for in the event you wish. What this type of coverage addition does is to pay for a rental automobile if your automobile is in the shop for repairs for an extended time period.
But is this type of coverage worth it? There is no correct answer to this query, so you require to look at what it provides and make a choice about whether or not you require or would like this additional level of coverage. There’s plenty of ways this type of coverage can be used, so let’s take a glance at the various scenarios.
Your automobile is involved in an accident and will be necessary to be in the shop or garage for a time period for repairs. Usually this time period needs to be at least a few days, since this coverage could not be used if repairs can be completed in the same day. This optional insurance coverage will pay for a rental automobile for you to make use of while your automobile is being repaired.
But there are multiple issues with this. Initially is your deductible. The amount of the deductible is subtracted from the cost of the repairs and the cost of the rental automobile (in the event you have this coverage). So if your deductible is $500, the cost of repairs is $3000 and the cost of the automobile rental is $300, you are not reimbursed $3300 but only $2800 to account for your $500 deductible.
But there is a brighter side to this as well. If the other driver got the ticket and was to blame in the accident, then the other insurance company is liable to pay for the repairs, including your deductible, and in the event you have rental automobile coverage, also for that.
Regrettably, this gets a bit more complicated. Initially, the amount you pay for rental automobile coverage is usually has a limit, say $750. If the cost of the rental is over the defined ceiling amount, you are necessary to pay the additional amount. Also, your insurance company will only reimburse for a “similar” automobile. So if your VW is in the shop, your insurance company will only reimburse you for a “similar” automobile like a compact, and would not reimburse you for your rental of a Corvette.
Be very aware of what the automobile rental agency is going to charge you for the rental automobile. If your insurance coverage will only reimburse say $25 a day for the rental automobile, you may finish up paying portions of it if the automobile rental company is charging you $32 a day.
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