Rental car insurance is a gamble. You may get away without it, but the odds are not in your favor unless you have some form of additional insurance. Your regular car insurance policy probably covers any vehicle you are driving, but the gaps in your personal coverage may spoil your trip and cost you a lot of money.

DON’T WAIT until you’re at the car rental counter! Make a couple of phone calls to your insurance company and the major credit card company you’ll be using for rental. Ask what is covered and what isn’t. My guess is the list of non-covered rental car insurance items is longer than you think. Don’t feel alone in your confusion. Most people wouldn’t even think to ask about some of the possible gaps in coverage.

Here are some coverage items you need to ask questions about:

1) Am I covered if I have an accident that results in the “loss of use” of the vehicle to the rental car company, while the car is being repaired?

2) Am I covered for theft or vandalism to the car or my property?

3) How much coverage do I have on my current automobile, in terms of  comprehensive and collision. If you’ve dropped either to save money, your rental car insurance is not going to have either coverage.

4) Who pays for administrative fees, towing fees, diminished value of the rental car due to an accident, medical and ambulance fees or damages to private property.

5) Am I covered for auto rental insurance if this is a business trip, rather than a recreational trip?

Fortunately for you, most of these questions are easy to answer. Between your credit card company, auto insurance firm and your homeowners insurance policy, most of these areas are covered. If you still have some doubts about an accident, ask the rental car company about a loss damage waiver (LDW).  An LDW is technically not a rental car insurance product. It may cost you a few bucks a day, but it will protect you if the rental car is damaged or stolen.

After you’ve done some planning, you may find that no additional car insurance policy is necessary. Between your credit card firm and your regular auto insurance policy, you may have all the bases covered and you can just have some fun on your vacation. When in doubt though, ask your regular insurance company for a temporary insurance rider. It’s a lot cheaper than shelling out the big bucks if you do have an accident.