Most of the time when you rent a car, you’re offered the opportunity to add on collision or loss damage waivers in case the vehicle is damaged while in your possession. Are they worth the extra cost?

That depends on several factors. In most cases when you rent a vehicle you will be the one who is liable for loss or damage to it, even if someone else is at fault. So it is really important to have some sort of coverage. If there isn’t any other applicable coverage, then the damage waivers offered by the car rental company will do the job, at a decent price.

On the other hand, if you already have car insurance for your own vehicle, it’s likely that whatever coverage is in force for it will apply to the rental vehicle as well. Your normal deductible will probably apply too. The best thing to do would be to check with your insurance agent ahead of time to get advice on your best course of action.

Even if you don’t own a vehicle, or don’t carry collision and comprehensive coverage on one, you still may not need the waivers offered by the rental car company though. A lot of credit cards offer car insurance benefits when you use them to rent a vehicle. You’ll have to check the fine print of your credit card agreement or information on the issuer’s website to see what’s available, but there’s usually no sense in having coverage from several different sources, since they all likely pay “in excess” of other coverage.

Again, your own insurance agent is the best source of information, advice and guidance.

Whether or not you decide to accept the waivers, you’ll save the most on your next rental car when you book online at Budget with our coupon. Save $30 on a weekly car rental, or 10% on any other rental.