Options galore
If you've determined that your existing coverage is not fully adequate, you'll be faced with a variety of products to purchase.
Here are the four types of optional insurance offered by most major car rental firms:
•CDW (collision damage waiver) and LDW (loss damage waiver). This relieves you of financial responsibility for a rental vehicle damaged by an accident, vandalism or theft. It usually costs between $9 and $20 per day. Note: Although the sale of CDW was formerly prohibited in New York state, recent legislative changes now allow it.
•SLI (supplemental liability insurance). This provides excess liability coverage up to $1 million. It usually costs between $7 and $9 per day.
•PAI (personal accident insurance). This covers you and all passengers in your vehicle for any medical expenses. It's not necessary for most renters already covered by personal health policies or travel policies. It usually costs between $3 and $5 per day.
•PEC (personal effects coverage). This provides coverage for theft of or damage to personal items inside the rental car. Again, it replicates coverage already provided to many renters through their own insurance policies. It usually costs between $2 and $5 per day.
Rental companies make these options even more confusing by combining two or more into insurance packages. Each product should be evaluated separately. First determine if you have a need for the service, and then verify if you are not already covered. Finally, of course, you have to comparison-shop the costs. Note that in some leisure hot-spots, the cost of taxes, fees, surcharges and optional insurance can easily exceed the daily base rate of the rental itself.
