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Under Cover - Quick Guide to Car Rental Collision Damage Waiver
(CDW) Insurance...
Author:
Matt May
If
you are hiring a holiday rental vehicle, probably the most important decision
you will have to make is whether to take out the Collision Damage Waiver (CDW)
Insurance cover. Although some rental companies offer all inclusive insurance
deals, many rental contracts will offer the option of separate CDW cover. This
article looks at what CDW Insurance provides, and what the risks are if you decide
not to purchase the CDW cover.
Collision
Damage Waiver - (CDW) Insurance
(also referred to as Damage Waiver Insurance) is a type of rental car insurance
which covers the hirer against paying an excess figure in the event of damage
to the hired vehicle. The excess amount is typically a few hundred Euros for a
small car, rising to as much as one thousand Euros for larger rental vehicles.
Although some rental vehicle insurance policies include "zero excess" or "full
cover", the price of the rental contract usually reflects this. Many people will
look to find the cheapest possible quote, and not pay for any additional insurance.
In Europe most countries will require that the vehicle has 3rd party insurance
by law, so the lowest quote prices are likely to be 3rd party, fire and theft
with a high CDW excess figure. By purchasing CDW insurance for the rental vehicle,
the hirer will not be liable to pay the excess figure in the event of damage to
the vehicle.
For
example, consider a rental contract for a small economy car which has 3rd party
insurance and an excess figure of 500. The hirer decides not to purchase the
additional CDW Insurance cover. If the car is involved in an accident but hirer
has not purchased CDW cover, he/she will be liable to pay the first 500 towards
the damage. Typically the cost of cover for a week may be around 50, so the hirer
is paying 50 to potentially save 500 if damage occurs.
It is worth checking what damage is not covered by the CDW Insurance policy. Often
tyre damage, loss of keys, interior upholstery damage and glass damage may not
be covered. Some rental companies offer additional insurance to cover these types
of damage, this may be referred to as "Super Insurance" or similar. Ask the rental
company what is not covered by the policy. In the event of an accident or damage
to the rental vehicle it is usually required that the hirer obtains a police report,
as this will be needed by the insurance companies. It is advisable to check with
the rental company as to whether a police report is required if any damage occurs.
For
most people the decision of whether to purchase additional insurance is simply
a matter of peace of mind, and many will choose not to take a calculated risk,
and not take out the additional cover.
Article
Source: http://www.articlesbase.com/rentals-articles/under-cover-quick-guide-to-car-rental-collision-damage-waiver-cdw-insurance-2954275.html
About
the Author:
Matt May is an internet writer. He is also a director at Blue Valley Car hire
who provide car hire at Faro Airport in Portugal.
N.B.
This information should not be relied on for accuracy and is presented here without
the responsibility of jml Property Service and the website it is being displayed
at. jml property Services 08-10
See
also:
Advice
on car rental
Car
hire glossary
Car
hire jargon - What does it all mean?
Collision
Damage Waiver - CDW
CDW
- Collision Damage Waiver @ Questor Insurance
Driving
in Australia
Driving
in Canada
Driving
in Europe
Driving
in New Zealand
Driving
in South Africa
Driving
in The USA
International
Collision Damage Waiver (I.C.D.W) Enquiry Here - USA/Canada
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