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Insuremyrentalcar.com Featured in The Street

Written by  Thursday, 09 July 2015 00:00

Insuremyrentalcar.com has appeared in a large article in the leading financial news website, The Street.

The piece used Insuremyrentalcar.com's recent research conducted by YouGov, which interviewed over 1300 adults who have rented a car in the U.S.

Entitled, 'Car Rental Insurance? Don’t Get Taken For a Ride This Summer', it said that many people when it came to buying auto rental insurance are "in the dark with no GPS to get back on track", listing the research findings and a great quote from Ernesto Suarez, Insuremyrentalcar.com's founder and CEO:

 

  • 26% of U.S. drivers renting a car have driven without fully understanding what insurance they had and what it covered.
  • 25% don't know what collision damage waiver (CDW) is, and over a third (36%) don't know what loss damage waiver (LDW) means.
  • 39% are not aware that they could be potentially liable to the rental company for the full cost of the car if they don't have the right insurance; and 6% normally drive rental cars without any CDW/LDW insurance protection at all.
  • 17% of auto rental consumers will use their credit card, and 39% will use their own auto insurance, even though both only offer "secondary" coverage, according to Insuremyrentalcar.com, thus leaving themselves wide open to steeper charges.

"People need to get their heads around car rental insurance, particularly when the potential replacement cost for a mid-size car is about $30,000, as ignorance could cost them dear," says Ernesto Suarez, chief executive officer at Insuremyrentalcar.com.

"Often travelers assume that either their credit card or auto insurance protects them if their rental car is damaged," he adds. However, "many aren't aware that credit card collision coverage is normally only secondary cover, meaning it will only pay out what can't be recovered from other insurance. This could lead to a big hit on a traveler's regular auto insurance if the rental car is damaged."

To read the full article please click here.