Tại sao bạn cần bảo hiểm Auto Nếu Bạn thuê Out xe của bạn cho tiền

Factors That May Necessitate Auto Insurance If You Rent Out Your Car for Money

Let’s start this off on a straight-faced question. Do you need auto insurance if you desire to rent out your car? The simple answer is yes, but it depends in certain cases. If you have a liability and comprehensive auto coverage on your other personal car, then this coverage may extend to your rental car and there won’t be a further need to take out any more policy on your car rental.

But this may not necessarily be the case if you have only one car which you intend to use for a car rental service. Tuy vậy, the Department of Insurance, Securities and Banking provides that where you have taken out a rented car and got bashed by another negligent driver, the offending driver’s insurance company will have to bear the costs of repairing your rental car.

And where your rental car is totally damaged or totaled out in the accident as a result of the negligence of another driver, then both the driver’s insurance company and that of your car rental service may step in. But where you have a personal car that is auto insured and inclusive of a premium rental reimbursement coverage, then your insurance company will cover any damage associated with any rented car.

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Important truths to know about auto insurance when leasing out your car

You need to be aware that where you have a personal car that is well insured, the existing policy may cover a rented car or extend to your other car rental. But you need to check to be sure. You may check from the credit card company that you’ll be using for your car rental, and this is to actually ensure that there is duplicate coverage on the same car.

It is very possible to have a good auto policy already covering your personal car and also covering a rental car. But where you don’t know this, you may go ahead to take out another car insurance on your car rental and end up having duplicate auto insurance coverage.

Duplicate auto insurance coverage may occur under four circumstances:

  • Loss damage waiver: This is also known as collision damage waiver (CDW). You won’t ever need this coverage for your rental car where you already have a comprehensive auto policy covering your personal car. This however is not an insurance policy per se; it is only a waiver that makes the car rental insurance company pay for theft or damages you have incurred. The insurance company also bears responsibility where you have been charged for a damaged car that was not in use by you.
  • Liability insurance: You won’t need to buy this rental car insurance where you have a good insurance on your own personal car. This policy provides adequate medical and repair coverage where a negligent driver bashes into you.
  • Personal accident insurance: Where you have a functional health insurance coverage, or a personal injury protection under your existing car insurance policy, then you don’t need any personal accident insurance again. But this policy provides you medical coverage where a bad driver crashes into your rental car. It also covers passengers in the rented car.
  • Personal effects coverage: This policy is only good for protection if you travel at all time with expensive personal effects. You will be covered if any of your personal effects are stolen from your car rental. But you may not actually need this particular policy where you already have a renters/condos or homeowners’ insurance policy in place.

Wherever you are in doubt, it is best to check with third party auto insurers and confirm from the department of insurance before buying any additional policy for your rental car. And don’t ever forget to read the fine prints of any auto insurance policy before signing the dotted lines.

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