Financial experts are constantly on the search for new innovations in insurance policies and they have, pretty much, covered everything: homes, RVs, body parts, life, businesses, automobiles, health, boats, farms, and rental cars. Yes, there are insurance policies especially made for rental cars. In fact, the insurance policies for rental cars are even combined with credit card accounts.

Credit card rental insurance, as the name suggests, is a combination of a credit card and a rental insurance. Not only does it provide you with credits to spend on purchases and services, but it also helps you manage the overwhelming expenses that are coupled with rental car damages or accidents.

Collision coverage and liability coverage

Like most auto insurance, credit card rental insurance covers the basic insurance features: collision and liabilities. Collision insurance is the credit card rental insurance feature that covers the cost of rental car reparation or replacement. Liability insurance, on the other hand, covers the medical bills of all parties involved in the vehicular accident. It may cover the cost of physical therapy, rehabilitation, injury treatment, medication, laboratory tests, accommodation, and surgical procedures. In some instances, you may also use your health insurance to help cover your medical bills.

Rental car loss insurance policy and car damage insurance policy

Some credit card rental insurance also feature rental car loss and car damage insurance plan coverage. The cost of replacement or reparation of the rental car you lost or damaged will be covered by your rental insurance policy. Your credit card company, however, will still pitch in some dollars through the provision of secondary coverage.