Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
There are some questions I just know my company’s going to get every week. Sometimes I feel like we should have a dedicated phone line to answer them.
One of the most common questions I get is “Does my auto insurance policy cover a rental car?” My answer: It depends.
Your current auto insurance policy will extend to a rental car only for the coverage offered on the plan. If you have liability only, then you will have liability only on the rental car. You will not be covered for physical damage, and you might want to consider buying the insurance the rental company offers you.
If you carry full coverage on your policy, your rental car will also have liability and physical damage coverage. However, you will be subject to the deductible you carry on your existing auto insurance policy.
Extra Coverage: When You Need It and How to Get It
A client of ours was vacationing with a group of people on a tropical island, and they needed to rent a car. She was the one person who didn’t have physical damage coverage on her auto policy, but she was the one who rented the vehicle. During the trip, they had a minor fender bender (with no injuries). Unfortunately, she had turned down the additional coverage offered by the rental company. Her existing insurance coverage was insufficient to cover the damages to the vehicle, and they were forced to pay out of pocket.
Insurance exists to protect you from risk. If you’re not willing or able to pay the costs of having enough insurance to cover all damages, you should consider extra rental car coverage. Even if your auto insurance coverage does extend to your rental car, you’re still going to be responsible for filing a claim and paying your deductible. Extra coverage with the rental car company may be an extra cost, but it will save you extra hassle when you’re traveling.
You can also get extra rental car insurance through your major credit card or the bank issuing the credit card. Before you charge your rental car to your credit card, check with both the credit card and the issuing bank to confirm the coverage. Insurance benefits may vary between banks and card levels.
According to the Insurance Information Institute, credit cards usually cover only damage to or loss of the rented vehicle, not other cars, personal belongings, or the property of others. There may be no personal liability coverage for bodily injury or death claims. Some credit card companies will provide coverage for towing, but they might not provide for diminished value or administrative fees. And some credit card companies have changed their policies, so you may not have as much coverage as you thought.
If you know you’re going to be renting a vehicle, keep a copy of your insurance and credit card information handy, just in case. The rental company may want proof of your existing coverage if you elect not to purchase additional coverage for the rental car. Should anything happen when you’re driving the rental car, you will be prepared with proof of insurance.
Enjoy your vacation and enjoy the ride!
Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.