Rental car insurance
We've all had it - on vacation, standing at the rental counter waiting your turn. Insurance is probably not the first idea that comes to mind in such a situation, but you will almost certainly have to decide on the spot if you want to purchase rental car protection. What is the good answer? Although no one wants to pay for unnecessary insurance, having an accident without being adequately insured is a serious matter. To arrive at the correct answer and eliminate any doubt about the question, you need to determine whether your existing coverage is transferable or if you are covered for this risk by some other means.
Overview
There are two types of insurance applicable to car rentals: coverage for loss of / or damage to the rented vehicle (collision and accident coverage without collision or upset) and coverage for loss or damage as well as bodily injury to third parties (liability civil). When you drive in most provinces in Canada, you have the obligation to be insured for civil liability for a minimum amount of $ 200,000 (except in Quebec where the minimum limit is $ 50,000 and Nova Scotia where it is ci is $ 500,000) while the recommended guarantee amount is $ 1,000,000 or more. Loss or damage coverage is optional, but the vast majority of car owners get this coverage, especially if the vehicle is new and it would cost more to repair or replace it. Whether you drive a personal car or a rental car, make an informed decision about the protections you have and make sure you have the proper insurance in the event of an accident.
Vehicles rented in Canada
Your individual automobile insurance
Collision and Accident Coverage with No Collision or Payout: Most auto insurance policies provide the option of adding coverage for damage to vehicles you drive but do not own. This is a standard addition to your existing policy that expands collision and personal injury coverage as well as Collision No Payment Accident coverage to transfer them from the insured vehicle to the vehicle you do not own, but that you drive in Canada. You must have previously purchased the Collision and Accident Coverage without Collision and No Down Payment on your existing insurance policy to be able to extend these coverages to a leased vehicle. Consult your insurance broker to verify the applicable coverage amounts and deductibles.
Third Party Liability: This coverage is automatically extended (at no additional cost) to protect you when you drive a rented vehicle in Canada that you do not own. The rental company also has liability coverage for its vehicles. However, depending on the Canadian province where you are renting the car, the rental company coverage may be complementary to your own auto insurance rather than front line (in the event of an accident, front line coverage is used first) .
For example, in Ontario and Alberta, your own auto insurance would be used first. In addition, the rental company is only required to provide the minimum liability limit by law.
Note that conditions will apply to this coverage. For example, the rental vehicle cannot be used to transport paying passengers or for other business reasons. See the "Terms and Conditions" section of this bulletin for more examples. If in doubt, consult your insurance broker. Remember, when you use your own auto insurance to insure a rental car, your individual policy will be affected in the same way in the event of an accident as if you drive your own vehicle.
Rental car insurance offered by credit cards
Collision and Accident Coverages with No Collision or Down Payment: This is a common benefit that many credit cards offer (usually "gold" or "platinum" cards). You are, however, responsible for checking whether the credit card you are using to pay for the car rental provides this coverage. Remember that there are limits on vehicle type, use and number of rental days as well as insurance claims restrictions for warranties to apply. All of these details are included in the leaflet provided to you by the credit card company. You must book and pay the rental in full with your credit card for the guarantees to apply.
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