What is a loss damage waiver in auto insurance?
Jennifer : What is a Loss damage waiver?
Response : This is a auto insurance coverage that can be opted for and is applicable for a rental car. This coverage is also referred to as a collision damage waiver outside the US. n LDW is not technically an insurance product. LDWs do, however, relieve or “waive” renters of financial responsibility if their rental car is damaged or stolen. In most cases, waivers also provide coverage for “loss of use,” in the event the rental car company charges the renter for the time a damaged car can not be used because it is being fixed. It may also cover towing and administrative fees.
Waivers, however, may become void if the accident was caused by speeding, driving on unpaved roads or driving while intoxicated. If you already have comprehensive and collision coverage on your own car, check with your personal auto insurer to make sure you are not duplicating coverage you already have. Should you decide it is necessary, this coverage generally costs between $9 and $19 a day.
Compare your auto insurance coverage before you opt in for a new coverage or buy auto insurance so that you get the right coverage at the lowest rate. Review your auto insurance quote from time to time.
Tagged with: Administrative Fees • Auto Insurance Coverage • Auto Insurance Quote • Auto Insurer • Buy Auto Insurance • Buy Insurance • Car Check • Collision Coverage • Collision Damage Waiver • Damaged Car • Financial Responsibility • Insurance Product • Ldw • Loss Damage Waiver • Own Car • Personal Auto • Rental Car Company • Renter • Unpaved Roads • Waivers
Filed under: Auto Insurance Procedures
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