AUTO INSURANCE: WHAT’S IN IT FOR ME?
As savvy renters worldwide know, when you rent a car you are responsible for all damage or loss to the rental vehicle. However, there are a variety of ways that this responsibility can be either eliminated or at least limited. This is good news. When you think about the fact that costs can be astronomical since the risk is always there that you could have a total wreck it makes sense to find ways to mitigate the risks associated with renting. In that way you can get on with your trip…with no worries.
At Island Car Rentals we offer a suite of products that can be purchased designed to give choices and these are called Damage to Vehicle Waiver (DVW) also referred to in the international marked as Collision Damage Waiver (CDW). Purchases must be aware that this is not insurance, it is a waiver.
But you don’t have to purchase DVW. It is not mandatory.
If you have bought your own insurance cover or believe you can use your personal motor vehicle policy you can opt out of purchasing Island’s DVW. With that you can save money on the up-front costs for the rental as you would not have to include paying for coverage of the rented car. When you do that, however, you are basically accepting liability for all damage or loss that may occur which you hope to recover under the terms of your policy. While we won’t take payment for DVW what we will have to do is take a security deposit in keeping with the value of the vehicle type which may vary and starts at US$3,500.00 and could go much higher.
Should the unthinkable happen and you have an incident or accident, we would charge you out of that deposit. The renter then would have to make a claim back on whatever policy you have to get back your funds. We would provide any substantiating documents you may need to prove that the claim is valid including copies of your invoice which would show the billing for loss/damage.
Not everyone wants to put up sizeable deposits so we make available several options to purchase cover directly from us. Renters can choose to limit their liability to a fixed amount. These deductibles usually range from US$750.00 – US$1,900.00 depending on vehicle type.
Whatever the limit of your deductible, that will be the extent of your security deposit so even though you are paying directly for coverage, the deposits are much more manageable than if you were to decline to purchase our DVW.
We go even further with our options by giving our clients the chance to totally eliminate any liability. By paying a slightly higher premium, the hirer has Nil Liability. All we would need is for the matter to be reported to the police as well as with us if there is a loss or damage (even a total loss). However, this benefit will no longer hold where the rental contract terms are breached, so be warned. If this happens, such as having an unauthorized driver, all coverage benefits are null and void and the hirer will have to stand all the costs.
There are some items that are not included in the Nil Liability such as if the vehicle is returned without mats, radios, speakers, tools and spare tyres or if there is damage to the upholstery, carpet or other fabric covering or vents. Lost keys are also not included as well as damage to the undercarriage if it is felt that it happened as a result of negligent operation of the vehicle.
It definitely pays to consider all auto coverage options before you rent. Our reservations team members are available to assist clients in making the best all-round decision not only to save on rental charges but to have the best protection for peace of mind.
Call Monday – Friday 8.30 a.m.- 5.00 pm
17 Antigua Avenue, Kingston 10
1 866 978 5335 (Toll Free USA)