August 22, 2015
Car Rental Agents pressure you to buy “damage wavier” insurance when renting a vehicle. Nearly 4 out of 10 renters say they have only a vague idea of how it works. Everyone thinks their personal insurance covers them fully or their credit card offers all the protection they need. NOT TRUE. Rental Car Agencies have hidden costs you will be responsible for paying. These cost really add up. They will charge you with the daily rental cost of the vehicle each day it is out of use because of damage repair. Then you are charged (typically) a 10% administration fee for the rental car claims center to handle the claim. That’s 10% of the total damage of the vehicle. Then they add another 10% of the total damage as a charge for the depreciation of the vehicle. All of this adds up to thousands of dollars. Your personal insurance policy will not cover these expenses. Neither will your credit card company. If you are renting outside of the country, you are even less likely to be covered.
Moral of the story………………..always purchase the damage waiver insurance when renting a car.
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