minimum liability limits<\/a> to be considered \u201cfinancially responsible\u201d to operate a motor vehicle. For example, Ohio\u2019s limits are $25,000 per person and $50,000 per accident for bodily injury and $25,000 for property damage. <\/p>\nThe rental car companies are only required to provide these minimum limits. So that\u2019s what you\u2019ll get, unless there are additional limits available for purchase. What if the accident exceeds those amounts? Your auto insurance policy would come into play as a secondary insurance and pay up to its policy limit. <\/p>\n
So theoretically, you may have more limit at your disposal using your auto insurance policy. <\/p>\n
How do I get physical damage coverage for the rental car?<\/h2>\n
It\u2019s been our experience that a minimum of ONE vehicle on your auto insurance must have comprehensive and collision, in order for those coverage items to extend to the rental car. It makes sense- for coverage to extend you have to have the coverage in the first place.<\/p>\n
As stated above, the claim would be submitted like any other. <\/p>\n
What if you DON\u2019T have comprehensive and collision on any of the vehicles on your auto insurance? Rental car companies commonly offer a coverage called Collision Damage Waiver. This coverage removes a car renter\u2019s liability for all or some damage to a rental vehicle in an accident. It MAY also cover theft or vandalism.<\/p>\n
A great question to ask: what does the collision damage waiver cover? <\/h5>\nWhat else might the rental car insurance offer that my auto insurance doesn\u2019t?<\/h2>\n
In talking with our customers, we\u2019ve discovered some rental car companies may charge for items that an auto insurance policy has historically not paid for, such as loss of use.<\/p>\n
If a rental car is damaged from an accident and unable to be rented, there is lost income while it is out of service. The rental car company may charge you for this time period. <\/p>\n
Another example is diminished value. When a car is damaged in an accident, the idea is that it is worth less when it\u2019s eventually sold. The rental car company may charge you for this perceived loss of value. <\/p>\n
We\u2019ve not yet run into a situation where our customer\u2019s auto insurance has paid for either of these. So in the absence of that, you would pay. <\/p>\n
A great question to ask: does the rental car insurance pay for loss of use and diminished value? <\/h5>\nA few final thoughts to help you decide whether or not to buy the rental car insurance<\/h2>\n
If you\u2019re using your auto insurance for a rental car, and the accident happens out of state, it IS possible that the insurance company will have to hire an outside adjuster (one that doesn\u2019t work for the insurance company) to work on your claim. So it is possible there could be a delay in getting an adjuster. <\/p>\n
If you buy the rental car insurance, the idea is that you can basically call the rental car company and they will take care of everything. <\/p>\n
And as previously mentioned, the rental car insurance may pay some expenses that insurance doesn\u2019t. <\/p>\n
The downside is that yes, it costs money to buy the rental car insurance. The upside is that by purchasing it, you may avoid a big headache if you\u2019re involved in an accident. <\/p>\n
As always, consult YOUR insurance agent to find out what YOUR policy provides. These are some general guidelines based on our carriers and situations our customers have experienced. If nothing else, it will help you be better prepared when you approach the rental car counter. Need help with your Ohio auto insurance? Call us at (937) 592-4871 or fill out the form below. <\/h5>\n<\/p><\/div>\n