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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask me about insurance!
 
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JollyGood
Jul 10, 2004
8-bit pirate
Can you tell me about gap insurance that would cover "lose of use" on rental cars?

* # ¿ Aug 3, 2012 04:27
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# ¿ May 4, 2024 20:28
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JollyGood
Jul 10, 2004
8-bit pirate

Jastiger posted:

Well GAP insurance is usually for an auto you purchased. It's designed to cover the cost of a new one since your car depreciates so quickly once it is off the lot.

If you're talking about general Loss of Use, that is a general option you can choose on your auto insurance policy if you're car is in the shop. It isn't a standard feature and has to be added, usually at a few bucks a policy period, so it isn't bad. It covers the cost of renting a car in a day/month format. A typical Loss of Use coverage is something like 30/900 or something like that-$30 a day/$900 for the entire month max. That is the lowest most will go, you can go higher if you'd need/want a better rental car.


The loss of use I'm referring to is when you wreck a rental vehicle and you declined the additional optional insurance and your personal insurance only pays for the vehicle to be repaired but not the loss of revenue that the rental car company is losing while the vehicle sits in the shop getting repaired. 30/900 is just rental car coverage in general, $30 / Day or up to a $900 policy max (or until the day your vehicle is repaired), which the highest I've seen is 50/1500 and I've even seen as low as 15/450 which wouldn't even cover the cost of the cheapest daily rental car rate around in my area.

I'm more specifically wondering about additional insurance that would cover the "loss of use (revenue)" on the rental company's end. The research I have done shows some insurance companies won't even offer it, even if you ask about it (e.g. USAA). While I know most major insurance companies have agreements with the major rental companies (e.g Hertz & Enterprise) to waive all loss of revenue charges, but you can never be over insured with peace of mind.

* # ¿ Aug 3, 2012 18:42
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask me about insurance!