If you’re looking for CR insurance or want to know more about this type of cover, then you’ve come to the right place.
You see, there are many different types of commercial vehicle insurance, and each one offers specific coverage options that are designed to give you what you need when it comes to your commercial fleet and company vehicles.
In this article, we’ll explain everything you need to know about CR insurance and what it offers your business.
What is CR Insurance?
Collision and comprehensive are both types of auto insurance that protect your car against incidents. Collision protects you against damage when you crash into another car or object, while comprehensive covers everything else (usually vandalism).
Most cars come with collision coverage standard in their basic insurance package but if yours doesn’t, consider adding it.
Comprehensive is optional for most drivers. Unlike collision coverage, however, it isn’t included in basic insurance packages (and may even be excluded from non-ownership states).
Comprehensive coverage can be bought directly from an insurance company or through a CR Insurance group portal like Car Rental Insurance.
If you plan on leasing or financing your vehicle over time, you’ll need to check whether your bank requires proof of insurance before approving financing options.
5 Major Benefits of Car Rental Insurance
Renting a car is often the best way to get where you need to go, but with the added expense of gas and car rental insurance, it can be a big headache. Thankfully, most insurance companies offer affordable coverage that you can add to your existing policy. Here are five major benefits of car rental insurance.
A car rental insurance policy is a must for those who rent a car. The coverage is designed to protect you and your car from damage and theft. There are several reasons why this is important.
Let’s take a look at some of the benefits:
- Flexibility: This is a benefit of car rental insurance because it gives you the ability to choose your vehicle and driver. You can choose your vehicle based on your needs, and you can choose your driver based on their reliability.
- Peace of mind: You can rest assured that you and your employees will be safe, with car rental insurance. You’ll be able to get a replacement vehicle and you’ll be able to get a rental vehicle immediately.
- No claims: If you have car rental insurance, you’ll be able to claim if your car gets damaged. You can also claim if your car breaks down.
- Discounts: Car rental insurance discounts are available, which means you can save money on your insurance.
- Legal protection: Car rental insurance provides legal protection for you and your employees. It means that you’ll be covered legally in the event of an accident.
Rental companies require that you show proof of liability insurance if you’re planning on driving a rental car. However, many tourists aren’t aware of how important it is to obtain Car Rental Insurance, or they assume they don’t need it.
In some cases, they might be right—depending on your situation. But more often than not, having car rental insurance can protect you in situations that would otherwise leave you financially exposed.
What Happens if You Have an Accident Without It?
If you don’t have CR insurance, there are still ways to get compensation if you’re injured on someone else’s property. However, it will be a lot more difficult.
Without CR insurance or group coverage, you have three choices: pursue reimbursement from your health plan, file a claim with your insurer (if you’re insured), or file a claim with applicable insurance laws in your state.
None of these options is particularly appealing—especially if you didn’t buy an extra layer of protection ahead of time.
What Happens if You Get Injured While Out of Town on Business?
Although your employer may provide disability insurance, it likely won’t cover any injuries sustained on business trips. The good news is that you can find extra coverage by purchasing a special type of personal insurance known as long-term care coverage or critical illness insurance.
The latter covers some of your costs in case you get one of 15 serious diseases, including cancer, heart disease, and stroke. Both types of plans typically require a 20-year commitment. If you qualify for the car rental insurance group portal, look for a policy with premium rates that are affordable but still provide good coverage.
What If I Have An Accident in Another State?
No matter where you have an accident, it’s important to have coverage, because each state has different regulations regarding who can file a claim. If you’re a resident of New York, for example, and get into an accident in New Jersey or Florida, your insurance company isn’t obligated to provide you with any kind of assistance.
They may not cover any accidents that occur in those states—even if they’re at fault. CR insurance is designed to make sure your coverage is available no matter where you are at any given time.
Does My Existing Homeowners or Renter’s Policy Provide Coverage?
Your existing homeowners or renter’s policy probably does provide coverage for personal property in general. However, most policies exclude coverage for items such as jewelry, art collections, and other valuables.
To be safe, it’s best to check your policy or call your insurance agent if you have any questions about what is covered by your existing policy. Many companies offer extended policies to cover these items specifically—and that’s where CR insurance can come in handy.
Will My Auto, Health, or Life Insurance Policy Provide Coverage?
For a lot of individuals, it’s much easier to think about cr insurance after your regular auto, health, or life policy has been exhausted. However, since car insurance is designed specifically for cr claims, you will have more coverage through your CR policy than any other type of insurance.
Your auto insurance covers your vehicle only; if you are in an accident while driving someone else’s car—your own or that of a friend or family member—it’s likely that liability is going to be hard-pressed (at best) at providing coverage. Even if they cover non-owned vehicles it might not be enough. The same goes for health insurance.
Is There Anything Else I Should Know About Buying a Policy?
One of the most important things you should know about buying car insurance is that you must purchase it through a group portal. If not, then your employer may be charged extra for you as an individual instead of an entire group. This can amount to hundreds or even thousands more per year depending on your company size. Make sure you are purchasing your car insurance from a group portal.