Insuring a rental vehicle is a little different than insuring a vehicle you already have or are in the process of purchasing. You have the option of insurance when you purchase a vehicle. When leasing your vehicle to have insurance mandate a particular vehicle will most likely be part of your rental agreement stating that you will abide by the car dealer. The most common insurance mandated that the car dealer will have a collision you will obey and comprehensive insurance. Also, insurance is known as gap insurance is highly when renting a vehicle.
Collision Insurance
Collision insurance covers you if you collide with another vehicle or object. Collision insurance also covers you if your vehicle overturned. When having this type of insurance you have to remember it will most likely have a deductible that will be out of pocket if you have to use it.
Comprehensive Insurance
Comprehensive insurance is another type of insurance mandate that car dealers may have when entering a lease agreement with them. Comprehensive insurance covers everything from fire to theft and weather damage many other thing that might be wrong with the vehicle. Such as collision insurance, comprehensive insurance charges are deductible.
Gap Insurance
Gap insurance is very important for the rental vehicle. However, not all countries have the option of insurance. Gap insurance is to protect you if your vehicle is leased when you rent it. The insurance company will only provide the cash value of the vehicle and not the total price in your lease agreement. Therefore, the gap insurance will fill in the blanks to cover your vehicle so you don't pay rent for something you don't have anymore.
Collision and comprehensive insurance that is mandate not only to protect you from financial loss but also to ensure that auto dealers don't suffer financial loss. Therefore, when deciding to rent a vehicle over buying make sure all your insurance option considered. More insurance now can mean the different out of pocket expenses later. www.autoinsurancecenter.com
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