Should I purchase the Loss Damage Waiver offered by the rental agent when I rent a vehicle while on company business, and instruct my employees to do the same?
This is a great question, and one that our customers ask frequently. When you or one of your employees rent a vehicle for business use while out of town, there comes that time when you’re standing at the rental car counter and the agent asks the inevitable question: “Do you want to buy our loss damage waiver (or our insurance coverage)?” Most loss damage waiver (LDW) fees are outrageous. Sometimes they cost more than the daily rental fee itself. But are they worth the additional cost? The answer may depend on your tolerance for risk and inconvenience. You must decide if the extra cost is reasonable, considering the potential for an uninsured loss should something happen to the vehicle during the term of the rental contract, and the resulting inconvenience of dealing with the rental company and your insurance company – or perhaps even your employee’s insurance company – to satisfy the rental company’s demands. First, you should know that the LDW is not actually an insurance policy. It i
Related Questions
- Am I covered by my existing insurance when I rent a car or should I purchase the additional damage waiver that the rental car company recommends?
- If I am in University traveling status and rent a vehicle should I purchase the optional insurance offered by the rental agency?
- Should a department purchase the collision damage waiver (CDW) or other optional insurance from the rental company?
