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CDW (Collision Damage Waiver) / LDW (Loss Damage Waiver) Insurance
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This covers policyholders for part of the costs of the theft of the vehicle and / or loss or damage to it. However many policies, particularly those sold by the rental companies exclude some parts of the car or van such as tyres, roof, windscreens or undercarriage. Even a puncture can become an expensive affair.
Basic CDW/LDW cover (with a large excess still remaining to be paid in the event of theft or accident) will normally come as standard with a rental car or van (if the hire is in Europe, Australia, New Zealand, Africa and for most parts of the Middle and Far East), but normally has to be taken out separately if in the US, Canada, Caribbean and South America.
If renting a vehicle in the US or Canada you can arrange CDW or LDW through either the rental company or through a car hire excess insurer in the UK. Generally the CDW/LDW cover offered in the US still leaves a significant excess which is the responsibility of the policyholder. The minimum levels of insurance are defined by the state the car is rented from, and can result in the renter having a sizable liability for an excess payment.
Policies sold through moneymaxim offer a minimum of $50,000 of damage cover, with some policies offering over $100,000 of cover. Furthermore they reduce the excess to nil, whereas most 'Super CDW' or Super Cover products sold by the car hire firms still leave an excess of £100-£250 as the responsibility of the hirer. Additionally the roof, tyres, windscreens and undercarriage are all covered as well.
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moneymaxim always recommend you take independent financial advice before acting on any article. Any views expressed are those of the editorial team at the time of going to press, and should not be considered as either recommendation or specific advice. Readers should be aware that no warranty is given that the details are correct and are recommended to read any policy documents carefully before entering into any contract.