CHARLOTTE, N.C. -- Is it worth it to buy car rental insurance?
NBC Charlotte looked at three companies that charge between $9 and $36 a day for coverage. However, your personal car insurance policy, liability and collision will extend to any car you rent.
If you rent cars often, you can add an endorsement to your personal car insurance policy, and you'll be 100% covered. Without that endorsement, you could be billed for loss of rental value while repairs are made to the car after an accident. You could also be stuck with the cost of the car’s depreciation after the wreck.
A rental car associate told NBC Charlotte she’s seen customers having to pay as much as $4,000 when they thought they were fully covered. That extra coverage is offered at the car rental desk, but most people waive it. For just pennies a day though, just adding that endorsement to your personal car insurance policy will take care of it.
So is it worth it to buy car rental insurance? No. Based on an average cost of $21, you would spend an extra $147 for a seven-day car rental, when you’re already covered.