International #CAR Rental INSURANCE
Rental car companies carry comprehensive insurance to cover damage to the rental car. However, the renter is responsible for paying an excess (aka deductible, or damage liability fee) that can be as high as $8,500 (AUD; around USD $6,250) for four-wheel drive or luxury vehicles. iv You’ll have to pay the excess when your car is damaged.
The Rental Car Damage Protector from Allianz Global Assistance provides up to $40,000 in coverage for just $9 per calendar day — and, with few exceptions, covers you anywhere in the world. In this resource guide, we help you understand if you need rental car insurance and share our best tips for saving money and driving safely overseas.
You can usually purchase auto insurance from an overseas car rental company, but in some countries the required coverage is minimal. In that case, you may want to consider buying insurance coverage equal to what you carry at home. According to internations.org, regardless of where you live, most car insurance providers will generally offer between two to three different policies to choose from, namely: Third party liability insurance (called compulsory third party [CTP] here in Australia) Third party plus extra.
When you rent a car locally or abroad, you are personally responsible for any damage, theft or loss to the rental vehicle, regardless of who is at fault. If you choose not to purchase international rental car insurance coverage, you will be financially liable for the full value of the cost to repair or replace the vehicle, as well as any accidental injury or death to others. What's more, you will often be held liable for loss of use - the income lost by the rental car company from not having their vehicle on the road.
If you're vacationing in another country for a short time, getting coverage through the car rental agency is typically the easiest option. They can help you find a policy that meets that country's requirements. You may also be able to get insurance through your credit card company if you're using your card to pay for a rental. Some companies may even offer insurance at no extra charge.
If you don’t want to bring along your own vehicle, most company cars or rental vehicles come with an existing insurance policy. However, if you import your own car, an international insurance policy will only be valid for a limited period – e.g. as long as you can keep your foreign license plates, or so long as you are considered a visitor.
Rental car insurance for international travel You may find that your U.S. auto insurance policy excludes coverage in foreign countries. You can fill the gap by purchasing rental car insurance from the rental agency, a standalone policy or through your credit card. Whenever the Bonzah CEO’s travel plans included a rental car, the thought of having to pay rental companies up to $40 a day for insurance, he found unreasonable and in 2010 he decided to do something about it and since the company has sold many thousands of policies to like-minded travelers.
The Car Rental Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW) is coverage that reimburses you for damage to your rental car or theft of the car while the vehicle is in your custody. It can also cover “loss of use” of the rental car, which car rental agencies can charge you if the vehicle is damaged or stolen.
Travel insurance can cover you for rental car excess insurance, but it doesn't cover your rental car as such. When you hire a car, the rental company will usually include a loss damage waiver (LDW) or collision damage waiver (CDW) in the price of the hire. This will generally cover the car if you get into an accident or cause damage to the car.
Finding the cheapest rental car deal isn’t just about how cheap the vehicle is to hire. The extras you’ll be offered at the rental desk can significantly hike up the overall cost of your rental, with the most expensive of these being rental car insurance which can cost as much as $30 a day. International car rental insurance is a tool to reduce your risks. Depending on the chosen program, you can partially or completely protect yourself from unforeseen expenses. And if the accident / insurance event occurs, the insurance company will bear all or all of the costs in full or in part.
Insuremyrentalcar.com offers insurance covering Loss Damage Waiver (LDW) up to $100,000 if the car is damaged or stolen. Daily policies start at $9.75 per day agency. The website will also offer single trip policies starting at $17.50 and annual policies starting at $93.99. Benefits of Car Hire Excess Insurance. Covers Car Rental at Home or AbroadRenting a Car on holiday gives you flexibility to explore the area at your own pace.Short-term Car Rental at home may be necessary while your own vehicle is repaired, or for occasional use as part of a car share scheme.
Our dedicated car rental team knows the specifics and quirks of renting a car in Europe, easily handling complicated itineraries, questions about international driver's license, insurance requirements and road trip questions which leave others scratching their heads. Annual Worldwide car hire excess insurance could save you money if you have an accident and damage your hire car. Car rental companies often include a high excess if you need to make a claim. An annual car hire excess policy will reimburse you for this excess for as many car rentals as you make within the year, up to £6,500.
