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Do I have coverage for a rental car?

Many insured often ask, "Do I have coverage for a rental car?"  In other words, when the insured goes on vacation and purchase a rental vehicle, does he or she need to buy the additional insurance offered by the rental car company or does his or her regular auto insurance policy extend coverage? 

The answer to this inquiry is complex.  For example, if you are involved in an accident in a rental vehicle while on vacation, your personal auto insurance policy provides liability coverage in the event you are sued.  Moreover, it pays for any property damage, such as damage to a fence, sign, house, tree or other vehicle as a result of the accident.  In addition, it pays to repair the rental vehicle minus your deductible. 

In contrast, "loss of use", which is the profit the rental car company would have made on the vehicle while it's being repaired, and the "depreciated value" of the vehicle are not covered.  Please take note that the rental car company has your credit card information and will immediately add these fees to your bill.  If you are on vacation, these additional charges may max out your credit card.  Therefore, it is completely optional, but you may wish to reconsider the extra insurance the rental car company offers.