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• Rental car insurance. In most cases, the optional insurance offered by car rental agencies duplicates existing coverage you already have. However, before automatically rejecting agency coverage, ask your insurance company and credit card issuer whether you are fully covered for rental cars. A few considerations:
• • Coverage through your auto policy often expires after 30 days or less of renting the car.
• • Sports cars, luxury models, SUVs and trucks are often excluded.
• • Travel outside service areas typically is forbidden - especially across foreign borders or in rough terrain.
• • If you don't carry comprehensive and collision coverage on your own car, your insurance may not cover a rental. Also, ask whether such coverage is limited to your own car's value, since most rentals are new.
• • Ask what happens if you violate rental agreement terms (e.g., driving recklessly or allowing unauthorized drivers).
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• Specified disease insurance. Some people take out supplemental health and life insurance against specific conditions such as cancer, heart disease or stroke. Before buying, make sure you have adequate major medical insurance, which already covers such conditions. And carefully review the policy for restrictions. For example, many cancer insurance policies won't pay for outpatient care or cover skin cancer, and impose fixed-dollar limits on specific procedures.
• When it comes to your budget - and your family's security - it pays to know which insurance is essential and which you can probably skip.
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• Jason Alderman directs Visa's financial education programs. To participate in a free, online Financial Literacy and Education Summit on April 17, 2013, go to www.practicalmoneyskills.com/summit2013.
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