If you ever wreck your car, then it’s understandable that the car might need to go to the shop for repairs. In the meantime, you might need a rental vehicle to get around until you get the car back. Your auto insurance might offer a couple of incentives called rental car coverage or rental reimbursement. Your policy might apply to both the rental vehicle itself, and the costs you must pay for renting. Here’s how it works.      Understanding Rental Car Reimbursement   When preparing to repair your wrecked car, check your insurance for rental car reimbursement coverage. Some policies refer to this coverage as loss of use insurance.  Generally, your policy will stipulate that it will pay you a certain amount of money both per day and in total. For example, your policy might contain rental car coverage for $100/$2,000. That means the policy will pay up to $100/day for the costs of renting the vehicle. However, it will only pay up to $2,000 total, so once you reach that limit in rental expenses, you’ll have no more coverage. Your insurer might request that the rental company bill them for the rental costs directly. Or, your insurer will send you the money for the rental costs. They will estimate how long your repairs will take, and then pay you accordingly.  Your policy might not pay for all your rental car costs, however. Gas and mileage, security deposits or other taxes and fees might be yours to pay. All the same, the coverage can still alleviate the costs of rental vehicles overall.  Insurance for Your Rental Car  When you get your rental car, your existing auto policy might continue to provide a degree of insurance on that vehicle. You will continue to have liability coverage as required by your state.   Also, your policy might cover physical damage to the vehicle from wrecks and other damage. But, to get this coverage,  you will need collision and comprehensive damage coverage. In fact, many rental companies require the insured  driver to carry coverage for physical damage before they rent to the driver.  Some rental companies offer supplementary insurance for customers to buy as long as they have a rental car. Often it can help further reduce out of pocket costs in case of a problem while the customer has the rental. Still, talk to us about where your existing policy limits coverage. This can help you decide if you need to buy the rental company’s supplement at all. Call (915) 599-2900 now or visit us at www.MtFranklin.com for more information. 

The Benefits of Rental Car Coverage for Drivers

If you ever wreck your car, then it’s understandable that the car might need to go to the shop for repairs. In the meantime, you might need a rental vehicle to get around until you get the car back. Your auto insurance might offer a couple of incentives called rental car coverage or rental reimbursement. Your … Read more

July 9, 2020

Repairing Property Damage from Home Vandalism or Theft

If you have ever come home to see that a break-in has occurred, you probably have gotten a sinking feeling of fear and insecurity. Important belongings might be missing. Also, the thieves might have done significant property damage. Therefore, you might feel like you cannot live in your home until you repair this damage. However, help is … Read more

July 7, 2020

How Do Surety Bonds Benefit Businesses?

Surety bonds give investors and clients confidence in the financial integrity of your business. This article provides a definition of surety bonds and explores the reasons companies buy them. Keep reading to find out if your business could take advantage of surety bonds.      What Are Surety Bonds?   When companies buy surety bonds, they … Read more

June 30, 2020

Should You Buy Home Insurance for a Condo?

Many people would consider a condo as something between a house and an apartment. If you’ve recently purchased a condo, you may wonder if you need to buy homeowner’s insurance. The answer is yes, but you will need a special type of coverage. Keep reading to learn more.   Do You Need Insurance for a … Read more

June 25, 2020

What You Should Know About Life Insurance for Seniors

People of all ages can benefit from purchasing a life insurance policy. A common misconception is that seniors either cannot or should not buy life insurance. However, the truth is that many seniors stand to benefit from life insurance. Take just a moment to learn more about how to buy life insurance for seniors.   … Read more

June 23, 2020

Does Your Business Insurance Cover Work at Home Incidents?

If your company is moving its employees to work-from-home and has not reviewed its insurance, then it’s time to evaluate what changes might be needed.      What Does Your Business Liability Insurance Say About Location?  For the most part, your liability insurance policy applies anywhere. For example, if you’re an architect, your business insurance … Read more

June 18, 2020

Who Qualifies for Tax Breaks on Health Insurance

Health insurance is a major expense for many families. If you fit into certain categories, you may be able to receive a tax break to reduce your cost of health insurance. Here are some of the tax breaks available.   Income Under 400% of Poverty Level: Premium Tax Credit  If your income is under 400% … Read more

June 16, 2020

3 Benefits of Comprehensive Auto Insurance

As the name would suggest, comprehensive auto insurance is a relatively high-level form of coverage. It’s one that will give drivers more protections both on and off the road. If you carry only certain types of coverage, then you may face limited scenarios when you can file a claim. Comprehensive coverage gives you more protection … Read more

June 11, 2020

How to Keep Your Home Safe From Burglaries

Keeping your family safe is one of your most important goals, and not having home insurance claims increase your premiums can also help your budget. Taking steps to prevent burglaries can help you meet both of these goals. Here’s what you should do.   Get a Dog  Obviously, getting a dog is a major commitment, and … Read more

June 9, 2020

How Life Insurance Protects Your Loved Ones

You can use your life insurance policy to leave behind a legacy or ensure that your loved ones have financial resources after you pass away. Let’s take a closer look at the ways that life insurance can protect your beneficiaries.      Term Versus Whole Life Insurance   Term life insurance covers you for a certain … Read more

June 5, 2020

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