Monthly Archives: October 2019

Rental Car Insurance

Do you need Rental Car Insurance?

Do You Need Rental Car Insurance?

Maybe you’ve been here before. You’ve just come off the plane, picked up your baggage and gone to the rental car counter. You’re tired from the flight, about to begin an ambitious vacation or a challenging business project. And, this is the point at which you’re asked, “Do you want insurance with that?”

Most travelers, facing that question from the rental representative, have the vague notion that they don’t really need to buy rental car insurance – which somehow is covered already. With just enough doubt in their minds, and the need to make a quick decision, perhaps they buy it just to be safe.

So, which is it?

Do you need to buy rental car insurance or not?

Truth be told, there isn’t a one-size-fits-all answer. However, you can likely reach a conclusion you’re comfortable with by considering these three questions.

1. What Types of Rental Car Insurance Are Available?

Typically, car rental agencies will offer you four types of insurance to purchase:

  • Collision damage waiver – The rental car company won’t charge you for a damaged or stolen vehicle when you buy this.
  • Supplemental liability protection – Electing this will ensure you’re covered for costs to others if you cause an accident in the rental.
  • Personal accident insurance – This coverage will pay for injuries or death of the driver and passengers of your rental car.
  • Personal effects coverage – Reimburses you for stolen personal items while renting the car.

2. What Rental Car Coverage Might I Already Have?

Start with your personal auto insurance. It’s likely that your policy will provide the same level of coverage for your rental as it does for your own car. That usually includes liability insurance, and, depending on the policy you purchased, may include collision, comprehensive and medical payments, too. There are exclusions, however. Some insurers won’t cover rentals in a foreign country, or rentals that are being used for business. Get in touch with your independent insurance agent to verify your coverages.

Next there’s your credit card. Most cards offer some degree of coverage, but it varies widely. Coverage is usually secondary, designed to step in and pick up where your auto insurance leaves off, and it tends to be mostly confined to collision, damage and theft. For coverage to apply, most cards require that you decline the rental company’s collision damage waiver and pay for the car in full with the card that provides the protection. Again, contact your card company to find out exactly what is covered.

Then, consider your health and life insurance, too. If you’re in an accident involving a rental car and you have these policies, you likely have coverage for your own costs. Plus, with your homeowners insurance, you may have personal property coverage to help repair or replace valuable belongings that are lost, damaged or stolen while you’re in a rental. Your deductible and policy limits will apply, and the same goes for renters insurance or condo insurance.

3. What Rental Coverage Might I Be Missing?

In the event something does happen to the rental car, you may be looking at loss of use and diminished value fees, and your regular policy may not cover them. Loss of use is the income that the rental agency loses due to the vehicle being in the shop for repairs, and diminished value is the calculated reduction in a vehicle’s resale value as the result of an accident. Credit cards sometimes cover these, but be aware that they may require documentation that rental agencies can be reluctant to provide.

So, before you make that next trip, give us a call 804-320-0129 and check with your credit card company. That way you’ll be ready to make an informed decision when you get to the rental car counter.


Update on Baby Evie!

Remember Baby Evie, the beautiful baby girl that the Knight Magee Insurance team rallied the community together for? Her story touched all our lives, and we were so thrilled to see her fundraiser draw in support from The Westin Richmond, Dr Sarah Wilmer DDS, Tricia Norris, and local performer Rachel Leyco. We sold over 100 tickets leading up to the event on Friday March 9, 2018 and raised over $7,000 in one evening + additional proceeds from a Go Fund Me page. This week we received this beautiful thank you and update on Baby Evie who is soon off to preschool! 

“Dear KMI Team, 

Hey there, I was thinking the other day just about how incredibly grateful we continue to be for all the support you all and the community provided to us while Evie was sick and on recovery. The support you all provided to us both financially and emotionally will never be forgotten. I hope that you will share this update on Evie in your newsletter since so many helped us through such a difficult time.

Evie will be 2 next week and is doing fantastic! She is almost a year seizure free and is almost completely up to speed developmentally (still working with OT on a few physical developmental skills). This year has been filled with many changes and challenges including a move to the Hampton Roads area to enlist help from our families with Evie’s care.

She has remained a trooper and amazes us every day with how far she has come and how much she has learned! Considering that everything stays as it is medically, we plan to start her in part time pre-school in January and she is super excited to “go to school to see the kids!”

We just wanted to take a minute to share an update with you all and again provide our unending gratitude for your support!”


Renter Insurance - Knight Magee Insurance

Think Renter’s Insurance is Only for Your “Stuff”? Think Again!

Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.”

That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect?

Plenty important, because you have more to protect than you realize. You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides:

Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.

Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)

Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.

Contact us to learn more 804-320-0129, myagent@kmicoverage.com


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