In an effort to clarify some points on my last post, I need to explain a few things.
Please note that Car Rental Agencies do not offer " insurance" per se, its a Loss damage waiver or ( LDW). You are paying for the privilege to pay a deductible of a maximum amount of money ie $500, in the event that an accident occurs.
If you get into an accident and total the car, the most you would be responsible for paying is the $500 deductible.
That being said, you are still responsible for your own liability coverage in event of the destruction of property or personal damage. Some car rental companies offer additional liability or personal accident insurance coverage on top of the damage collision waiver . Kind of like buying a temporary mini insurance policy. This covers medical costs and/or accidental death. This is something to note when pursuing a car rental agency. If you are person who is not covered for liability through your own car insurance or credit card, this is something you might want to speak to the rental agency about.
Monday, 26 September 2011
Tuesday, 20 September 2011
Getting Insurance Coverage
All car rental agencies offer additional insurance per day when renting any vehicle. BUT, is it necessary? In some cases yes, and some no. Some of the more specialized car rental agencies who offer high end vehicles (BMW, Mercedes, Corvettes, Mustangs etc) make it mandatory to buy insurance to cover the cost of damage and liability. When you are speeding along at 120 KM/hr and you missed that turn and wrapped your vehicle around a lamp post AND killed that pedestrian in the crossfire, you want to make sure that you are covered for liability. They even make you initial on the contract that you took it, or waived the option.
This being the case, the lawyer representing the deceased will sue everyone involved in the case. The driver, the car rental agency who rented the car to the driver and possibly even the City for placing the pole in the wrong place, or some such. The car rental agency, not necessarily being at fault, will need to be covered for liability purposes should the judge deem that the rental agency was somewhat responsible. SO SHOULD YOU, as you were the one directly responsible. The rental agency is not going pay for your lack of liability coverage, even though you "claimed" that you had coverage through your own insurance agency, or your credit card company. In most cases, credit cards cover damage, but not liability. In other cases, some credit cards will cover liability up to $200,000 and the rest is left to you. The car rental company cannot afford to risk your lack of coverage when there is a victim involved. All rental agencies presume you will get into an accident.
When renting small cars and minis vans, insurance is not compulsory so long as you can prove you are covered by your own personal insurance. So why is it even offered? See previous paragraph. LIABILITY. Some people have a basic car insurance plan, and liability may be limited to $500,000 or less. The lawyer of the victim is suing you for $2 million. Where's that money gonna come from if its not covered by insurance? Best case scenario, check your policy to see where you stand on this issue. If you are opting for your own insurance coverage, make sure you have; liability over $1,000,000, Collision, and Theft coverage on your policy.
Car rental agencies are just trying to protect their interests as well as yours. You may think you are a safe driver, but something as simple as lack of sleep, or a stressed out/ distracted mind can cause an accident. Do you really want to quibble over $25 per day to take that risk?
This being the case, the lawyer representing the deceased will sue everyone involved in the case. The driver, the car rental agency who rented the car to the driver and possibly even the City for placing the pole in the wrong place, or some such. The car rental agency, not necessarily being at fault, will need to be covered for liability purposes should the judge deem that the rental agency was somewhat responsible. SO SHOULD YOU, as you were the one directly responsible. The rental agency is not going pay for your lack of liability coverage, even though you "claimed" that you had coverage through your own insurance agency, or your credit card company. In most cases, credit cards cover damage, but not liability. In other cases, some credit cards will cover liability up to $200,000 and the rest is left to you. The car rental company cannot afford to risk your lack of coverage when there is a victim involved. All rental agencies presume you will get into an accident.
When renting small cars and minis vans, insurance is not compulsory so long as you can prove you are covered by your own personal insurance. So why is it even offered? See previous paragraph. LIABILITY. Some people have a basic car insurance plan, and liability may be limited to $500,000 or less. The lawyer of the victim is suing you for $2 million. Where's that money gonna come from if its not covered by insurance? Best case scenario, check your policy to see where you stand on this issue. If you are opting for your own insurance coverage, make sure you have; liability over $1,000,000, Collision, and Theft coverage on your policy.
Car rental agencies are just trying to protect their interests as well as yours. You may think you are a safe driver, but something as simple as lack of sleep, or a stressed out/ distracted mind can cause an accident. Do you really want to quibble over $25 per day to take that risk?
Monday, 8 August 2011
Launch of a New Era
After over 10 years, The Car Rental Place has finally launched our new website! Check us out!
www.carrentalplace.com
Stay tuned for some new relaunch specials that will be posted on line shortly. You can also give us a call and ask us about any current promotions we have going on.
We look forward to seeing you soon!
www.carrentalplace.com
Stay tuned for some new relaunch specials that will be posted on line shortly. You can also give us a call and ask us about any current promotions we have going on.
We look forward to seeing you soon!
Thursday, 14 July 2011
Whats with the 3rd degree?
So you go up to the counter of your local car rental agency to rent a much needed Corolla because your car is in the shop and you have a business meeting to get to in an hour. You hand over your license and credit card and the guy at the counter has the NERVE to ask you for more information, and alternate phone number or proof of residence, another credit card, or some other ID with your name and address on it. So whats with all the questions?
Well, the answer is simple. Any car rental agency is just trying to protect their assets. If some random stranger came to your front door to rent your brand new shiny 2012 Corolla that you paid $35,000 for, you would probably ask for their first born child and the deed to their house!
Car Rental Agencies pay large premiums to insurance companies to offer this service to you and they are taking a risk too. They are trusting you with their car and ALSO trusting that you will pay for all services when it is returned. They want to make sure that if damage is done, that you will be accountable for that damage. That if you travel on the 407 ETR with a Cube Truck that you will pay for that extra large expense.
So to avoid the delay and 3rd and 5th degrees, here are a few tips that will get you on the road faster:
1. Bring your valid Drivers licence and a back up piece of Picture ID
2. Make sure you are over the age of 25. NO rental car agency allows drivers under 25 to rent a car.
3. Have a VALID Credit card with you that has at LEAST a minimum of $500- $1000 available credit on it. They WILL check this for a security deposit.
4. Try reserving in advance. Showing up on the 30th of the long weekend to rent a snazzy mustang convertible, is a NO NO. Chances are they will be out of stock and YOU will be out of LUCK!
Well, the answer is simple. Any car rental agency is just trying to protect their assets. If some random stranger came to your front door to rent your brand new shiny 2012 Corolla that you paid $35,000 for, you would probably ask for their first born child and the deed to their house!
Car Rental Agencies pay large premiums to insurance companies to offer this service to you and they are taking a risk too. They are trusting you with their car and ALSO trusting that you will pay for all services when it is returned. They want to make sure that if damage is done, that you will be accountable for that damage. That if you travel on the 407 ETR with a Cube Truck that you will pay for that extra large expense.
So to avoid the delay and 3rd and 5th degrees, here are a few tips that will get you on the road faster:
1. Bring your valid Drivers licence and a back up piece of Picture ID
2. Make sure you are over the age of 25. NO rental car agency allows drivers under 25 to rent a car.
3. Have a VALID Credit card with you that has at LEAST a minimum of $500- $1000 available credit on it. They WILL check this for a security deposit.
4. Try reserving in advance. Showing up on the 30th of the long weekend to rent a snazzy mustang convertible, is a NO NO. Chances are they will be out of stock and YOU will be out of LUCK!
Monday, 20 June 2011
Auto Insurance and YOU
Insurance companies can be fickle. They can tie you up in bureaucratic red tape and become intimidating and frustrating to deal with. By Ontario Law, a vehicle owner is required to have insurance on their vehicle. But you as a consumer, have rights as well. When it comes to vehicle damage you want to ensure that you have some piece of mind when it comes to your coverage.
Here are some highlights when it comes to your rights with your Auto Insurance Policy especially if you or your vehicle are in serious need of repair:
1) You have the right to be treated fairly by your insurance company.
2)You have the right to keep you policy in place if you pay your premiums and meet the responsibilities.
3) You have the right to prompt and fair handling of claims.
4) You have the right to reasonable and repair of your damaged vehicle.
5) You have the right to receive information about accident benefits.
6) You have the right to choose a repair shop, tow operator or vehicle rental company.
7) You have the right to dispute your company's refusal to pay benefits.
8) You have the right to choose a health care provider.
The full list of rights, along with the responsibilities as a Consumer are available online at www.fsco.gov.on.ca.
Let us know your thoughts on this!
Here are some highlights when it comes to your rights with your Auto Insurance Policy especially if you or your vehicle are in serious need of repair:
1) You have the right to be treated fairly by your insurance company.
2)You have the right to keep you policy in place if you pay your premiums and meet the responsibilities.
3) You have the right to prompt and fair handling of claims.
4) You have the right to reasonable and repair of your damaged vehicle.
5) You have the right to receive information about accident benefits.
6) You have the right to choose a repair shop, tow operator or vehicle rental company.
7) You have the right to dispute your company's refusal to pay benefits.
8) You have the right to choose a health care provider.
The full list of rights, along with the responsibilities as a Consumer are available online at www.fsco.gov.on.ca.
Let us know your thoughts on this!
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