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Will it be better to buy collision and liability insurance for a rental car or borrow my parents' car for a road trip?
Is it better to borrow my parents' car rather than purchasing insurance for a rental car? My partner and I are planning a three-month trip around the U.S., and we plan on renting a car because we don’t own one ourselves. I got a good deal for a rental, but the insurance is more than the cost of the car. Alternatively, my parents have offered to let us borrow their car—but it has 150,000 miles on it.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Three months is a long time to be renting or borrowing a car. But in your situation, borrowing your parents’ car is the better option.
Buying
collision and liability insurance
through the rental car company will set you back around $20 or more per day. So you’re looking at a huge chunk of change—and that’s not even considering the cost of renting the car.Borrowing your parents’ car for three months will be cheaper, despite the fact that you’ll need to be added to their insurance policy (if you haven’t been already). Their premium will likely increase as a result. But if you cover the difference, you’ll still pay less than you would to the rental company.
You can keep the cost low by opting for liability-only coverage. For an older car with 150,000 miles on it, full coverage insurance is unlikely to be a good investment anyway. That’s because the cost for insurance and repairs would more than likely be higher than the value of the car should an accident occur.
If you want to save even more money on your parents’ policy, go to
Jerry
. A licensed broker that offers end-to-end support, the free Jerry app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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