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If you’re looking for ways to cut costs when renting a car, the collision damage waiver should not be one of them.
If you do not have a personal auto policy, you should always purchase both the collision damage waiver and the liability insurance supplement coverage offered by the rental company.
The collision damage waiver is a release of your obligation to pay the rental company if the rental vehicle is damaged, as long as you have complied with all the terms of the rental agreement. Rental contracts vary, but they generally require reimbursement up to the full value of the vehicle rented, as well as loss of use and administrative fees, if the vehicle is damaged. This could amount to $80,000 or more, depending on the vehicle.
Note: If you have a North Dakota or Minnesota personal auto policy in your name, it provides coverage for damage to most, but not all, rental vehicle situations by state law. Purchasing the collision damage waiver is usually a safe bet. To ensure your personal auto policy would apply to your situation, contact your agent before renting a car.
There are other advantages to purchasing the waiver:
If you’re planning to rent a car anytime soon, give us a call at 800-369-2501 to make sure your personal auto policy would apply to your situation – and if you send us your rental contract, we can review your auto policy and how it applies to the agreement.
This article is based on the “ISO standard” Personal Auto Policy in force in most states at the time of publication and typical rental car agreements. These contracts may vary from state to state, and there may be statutory exceptions that govern them. In addition, these provisions can change at any time, so it is important to review the laws and contracts in effect in your jurisdiction.