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Old 01-28-2014, 01:00 PM   #21
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Are you sure that the credit card insurance covers collision and not just liability?
The last time I used it was 2 years ago and it covered it all, as I read the policy and even called to verify, as I only have liability on my car. But one thing I am not 100% sure of could possibly be a concern as I did not ask this specific question. It seems now some rental agencies want to charge you also for the days the car is out of commission as a loss of revenue stream for company while it is repaired. That could be a possible loophole that may ding the wallet.
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Old 01-28-2014, 01:13 PM   #22
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I've never carried Comp and Collision, only Liability, since I was old enough to drive a car and I currently have an umbrella policy. No requirement as far as I know to have C & C in order to have umbrella. I use credit card coverage for rental cars.
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Old 01-28-2014, 04:38 PM   #23
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Most credit cards (or at least mine all do) will provide you the car rental insurance free of charge provided you use that card and decline the renting agency's coverage.
They do but they also contact your insurance company for whatever they will not pay .My daughter accidentally backed into my rental car . My rental (Hyundai elantra ) had the back panel mashed .Her car ( Ford Freestyle ) had a scratch . My credit card did cover a lot and my car insurance covered the rest and my rates did not go up. Last time I rented a small car from then on SUVs .
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Old 01-28-2014, 04:55 PM   #24
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The last time I used it was 2 years ago and it covered it all, as I read the policy and even called to verify, as I only have liability on my car. But one thing I am not 100% sure of could possibly be a concern as I did not ask this specific question. It seems now some rental agencies want to charge you also for the days the car is out of commission as a loss of revenue stream for company while it is repaired. That could be a possible loophole that may ding the wallet.
I think you are correct, which is why I deleted my post, but not quickly enough.

I investigated the loss of rental income thing awhile back and VISA seemed the most willing to pay this fee, so I always use my VISA card to rent a car.
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Old 01-28-2014, 05:52 PM   #25
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I think you are correct, which is why I deleted my post, but not quickly enough. I investigated the loss of rental income thing awhile back and VISA seemed the most willing to pay this fee, so I always use my VISA card to rent a car.
That will be good for me to remember . This free insurance benefit always has puzzled me as compared to the daily car rental insurance rate, it seems like a generous benefit for a regular type credit card.
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Old 01-28-2014, 06:15 PM   #26
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I think the old rule of thumb was when the car reaches eight years old. But I don't know if that is still current.
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Old 01-28-2014, 06:17 PM   #27
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Bought a 1997 Ford Windstar in 2000. Comprehensive and collision was $140/yr. Drove it 12 years and never dropped the coverage--which means it cost me $1680. Never dropped the coverage cause I figured that even totaled out, the vehicle would be worth $3000, which means I'd make out money wise. So basically, I carry the coverage on my vehicles all the time I own them.
Rented a car last summer for daughter's wedding on the west coast. Had new insurance company, and they covered everything but 'loss of use' (time it takes to fix vehicle). Had picked up a new credit card (only had one and wanted a second one in case 1st one was hacked), and it covered 'loss of use', so I was all set.
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Old 01-28-2014, 07:55 PM   #28
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My general rule is similar to the CR suggestion - when collision coverage costs me more than 10% of the value of the car, I drop it and self insure for collision.

I wouldn't think that not having collision should affect an ability to get an umbrella at all since umbrella relates to liability coverage.

The OP could explore how much increasing his deductible from $500 to $1000 or $2000 will impact the collision premium cost.
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