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Car Rental Insurance Confusion: Join the Crowd

If you have ever rented a car and signed the contract you may remember being asked to initial or sign for the supplemental insurance protection that is offered.  People know there is some peace of mind with that insurance but the question is: Do you really need to pay $15 to $30 extra a day for it?  There is a good chance you have protection through your own insurance or even possibly a credit card as the article explains.  Some people have told us they feel anxiety when driving a rental fearing an accident, and even question themselves more about buying the insurance when the agent walks around the car looking for damages before they drive off.  This may give you some comfort about declining it so you can drive off and enjoy that summer vacation.

Article By: Les Christie @CNNMoney

Confused about whether or not to buy extra insurance when standing at the rental car counter? Join the club.

Often times, people end up buying supplemental insurance protection that they really don’t need, said Odysseas Papadimitriou, CEO of credit card comparison site, CardHub.com. That can add anywhere from $15 to $30 a day to the cost of a rental.

“The majority of consumers are covered by their own auto insurance, but they may not know it,” he said. “They may be spending extra money when they don’t have to.”

And those who aren’t covered by their own insurance, are likely covered by their credit card, he said. All four major credit card issuers, Visa, American Express, MasterCard and Discover, provide some form of rental car insurance coverage. Although, MasterCard issues a few cards that don’t offer coverage.

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