Should I buy collision and liability insurance for a rental car or borrow my parents' car for a road trip?

My partner and I are planning a three-month trip around the US. Neither of us owns a car. I got a good deal for a rental, but the insurance is more than the cost of the rental. Alternatively, my parents have offered to let us borrow their car with 150,000 miles. Which is the better option to cut costs?

Answer
“Three months is a long time to be renting or borrowing a car. In your situation, buying rental car insurance will probably be the more expensive option.
If you’ll be borrowing your parents’ car for three months, you’ll need to be added to their insurance policy, if you haven’t been added already.
Their premium may increase as a result, but you can keep the cost low by opting for liability-only coverage. An older car with 150,000 miles may not require collision coverage if you think you can afford to pay for repairs out of pocket.
If you want to be added to your parents’ policy for a reasonable price, 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. “
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Eric Schad
Answered on May 04, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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