BUDGET RENTAL CAR INSURANCE REVIEW 2023

Renting a car will always save you the stress of hopping from one bus to another, tracking to catch a bus, and putting you in absolute control over your journey. However, along with the thrill of hitting the open road comes the responsibility of ensuring you’re adequately protected in case the unexpected happens. Although the car was rented, you can still get insurance for the duration of the time that you’ll be renting it. Budget offers you maximum benefits at affordable rates when it comes to renting a car. We can simply say that budget rental car insurance gives you security and peace of mind during your rental journey. To ensure you get the best out of your rental insurance with Budget, we put this review together, highlighting their services and how they may fit your travel needs.

What is Budget Rental Car Insurance?

Budget rental car insurance is an optional supplementary policy that can be purchased in line with a car rental. The company offers a range of car rental insurance plans with varying degrees of coverage. The insurance plans offered by Budget for car rental insurance are diverse. They include Loss Damage Waiver (LDW), Personal Accident and Effects (PAE), Supplemental Liability Insurance (SLI), and Emergency Sickness Plan (ESP).

The Loss Damage Waiver (LDW) might be considered distinct from traditional insurance policies, as it does not strictly fall within the insurance framework. However, its primary function is to absolve the renter of any financial liability associated with vehicle damage. In certain instances, a rental agreement may stipulate that the lessee bears partial liability for damages; however, it‘s the responsibility of Budget to assume full financial responsibility for any losses incurred.

The Personal Accident and Effects (PAE) policy provides coverage for medical expenses, hospitalization costs, death benefits, and compensation for dismemberment in the event of an accident involving the renter and any passengers. Personal Accident Insurance (PAE) additionally provides coverage for the loss or damage incurred to personal belongings. The plan’s coverage limits encompass the following:

$1,000 per item for personal effects coverage up to $3,000
$10,000 accident medical expenses
$500 per day up to 30 days hospital accident benefit
$175,000 death and dismemberment for the renter and $25,000 for passengers

Supplemental Liability Insurance (SLI) offers supplementary liability coverage for any costs that exceed the specified amount outlined in the rental agreement. Depending on the location and the specific vehicle in question, Budget Car Rental offers liability insurance with a maximum combined single limit of either $1 million or $2 million.

What are the Budget Car Rental Insurance Requirements?

Budget’s rental car insurance has strict eligibility conditions. There is an upper age limit as well. This insurance often requires a driver to be at least 21 years old. However, there is an underage renter premium for drivers between the ages of 21 and 24. Secondly, you’ll need to show your driver’s license and a credit or debit card. A down payment could be necessary, depending on where you live. Finally, to make sure you haven’t committed any major offenses recently, Budget may also look at your driving record.

Who is Budget Car Insurance?

Budget Insurance Agency is a Huntsville-based firm that provides low-cost auto insurance.

Are Budget and Hertz Owned by the Same Company?

Not in the slightest. Avis owns Budget, Payless, and Zipcar, while Hertz owns Dollar and Thrifty.

What is the Underwriting Budget?

A budget for underwriting is created for every project and then presented to the investor for authorization. The budget includes the projected expenditures associated with broker pricing opinions, title work, site inspections, and various other out-of-pocket charges.

Is Budget an American Company?

Yes, Budget Rent a Vehicle is an American vehicle rental enterprise established in 1958 in Los Angeles, California, by Morris Mirkin. Budget is a part of the Avis Budget Group, and its operational headquarters are in Parsippany, New Jersey.

Do You Buy Insurance Before or After the Car?

It’s always advisable to buy car insurance before acquiring a new vehicle. If you have car insurance for a different vehicle, it is possible that buying an additional policy may not be an immediate necessity. This is because most insurance providers give a brief grace period during which coverage is extended to your newly acquired vehicle.

How Much is Budget Car Rental Insurance?

Budget’s insurance rates for rental cars change depending on variables like pick-up location and vehicle category. Personal Accident and Effects (PAE) starts at $7; Loss Damage Waiver (LDW) starts at as low as $9 a day; and Supplemental Liability Insurance (SLI) starts at as low as $15 per day.

How Do I Make a Budget Rental Car Insurance Claim?

When it comes to claims, Budget makes it easy to file insurance claims for its rental cars with these two steps:

Go to any Budget rental location and fill out an accident report. After filing an accident report, you must notify the appropriate party of your claim in writing.
You can send notice to Health Special Risk Inc., Attn: Claims Department, 4100 Medical Pkwy., Carrollton, TX 75007 for Personal Accident and Effects (PAE) and Emergency Sickness Plan (ESP) claims. You can also call 800-328-1114 and select option 1.
For Supplemental Liability Insurance (SLI), send notice to Budget Rent-a-Car System, Inc., 300 Centre Pointe Dr., Virginia Beach, VA 23462. You can also reach us at 866-446-8376.

Is Rental Car Insurance Worth the Cost?

Yes, Budget car insurance is worth it because it gives adequate protection at affordable rates. If you already have car insurance, you may not need to purchase additional insurance from the rental car company. However, if your policy lacks collision or comprehensive coverage, it may be beneficial to consider budget car rental insurance to cover damages. It’s important to assess your individual needs and circumstances

What types of Car Insurance does Budget Direct offer?

Budget Direct Car Insurance provides three different forms of coverage, namely comprehensive car insurance, third-party property-only insurance, and third-party property, fire, and theft insurance, similar to most insurance providers.

#1. Comprehensive Car Insurance

As its name implies, the policy in question offers a wide range of coverage. The insurance policy may include protection against the financial consequences of loss or damage to one’s car resulting from many incidents, including but not limited to accidents, theft, extreme weather conditions, intentional harm, and fire. Additionally, this policy outlines the extent of your liability for damage your vehicle unintentionally causes to other people’s property.

#2. Third Party Property, Fire, and Theft Car Insurance

This policy provides coverage equivalent to third-party property only, with additional safeguards against vehicular loss or damage resulting from fire or theft.

#3. Third Party Property Only Car Insurance

At this level, Budget Direct Car Insurance’s coverage is the most basic. This insurance policy covers the cost of any harm your vehicle may cause to other people’s property and vehicles.

What are the Benefits of Budget Direct Comprehensive Car Insurance?

Budget Direct provides cost-effective and reliable insurance coverage. Budget Direct distinguishes itself through a range of notable features.

#1. Tailor-made Cover

By implementing an age-based criterion for your policy, it is possible to get cost savings on your premium. Budget Direct provides customers with a wide array of age possibilities, surpassing other prominent insurers, hence increasing the opportunities for cost savings. The available age options for selection include 21 years and older, 25 years and older, 30 years and older, 40 years and older, or 50 years and older.

#2. Lifetime Repair Guarantee

Budget Direct provides a lifetime warranty for any authorized repairs conducted on your vehicle while insured with their company, ensuring coverage for the duration of your ownership.

#3. 24/7 Claims

This implies that an individual can submit a claim at any given moment, regardless of the time of day or night, during the entirety of the year, which consists of 365 days (or 366 days in the case of a leap year). This immediate lodging of your claim will alleviate the need for prolonged waiting and anxiety, as Budget Direct assumes responsibility for managing the process.

#4. Outstanding Value

Budget Direct has been the recipient of 14 consecutive Canstar awards for Outstanding Value, spanning from 2007 to 2021. This succinctly encapsulates the main idea.

#5. Towing Costs

Budget Direct Car Insurance provides coverage for towing expenses that are deemed reasonable in cases where your vehicle is unable to be safely operated following an accident.

#6. Hire a Car after no-fault Accident or Theft

If Budget Direct has access to the reimbursement of your claim about a no-fault accident or the theft of your vehicle, they will give you a temporary replacement vehicle, ensuring that you are not deprived of vehicular transportation.

#7. Hail Warnings

Budget Direct customers will receive an SMS notification labeled ‘Hail Hero’ if a hail storm is imminent at the location where their vehicle is parked. This service is limited to consumers residing in Australia and aims to provide them with the opportunity to securely park their vehicles before the commencement of golf ball precipitation.

Can I Tailor my Budget Direct Car Insurance?

Sure, you can. Budget Direct Car Insurance provides customers with the opportunity to tailor their comprehensive car insurance coverage to suit their requirements by paying an extra premium. Individuals have the option to select one or several choices from the following list:

#1. Accident Hire Car

Obtain a rental vehicle for a duration of up to 14 days in case your automobile sustains damage as a result of an accident for which you are deemed responsible and are thereafter undergoing repairs. The provision of rental vehicles in the event of a non-fault accident or theft is already included as a customary feature.

#2. Reduced Window Glass Excess

By paying an extra fee, it is possible to reduce the deductible amount for any harm caused to the windshield or window glass of your car to a mere $40.

#3. Choice of Repairer

The inclusion of this feature allows policyholders to designate their preferred repair service provider in the event of a claim.

Budget Rewards Program

Budget, a well-known car rental company, offers the Budget Rewards Program as a loyalty program. This program aims to incentivize and reward customers for their continued patronage and loyalty and it’s called Fastbreak.

Fastbreak enables users to bypass the check-in queue when engaged in the process of picking up or dropping off items. They also accumulate a monetary reward known as budget bucks. After completing two eligible rentals, which must consist of a minimum of one paid day, you will be rewarded with 25 Budget Bucks. If an individual completes six distinct rentals during a year, they will accumulate a total of 75 budget bucks. A single unit of currency, known as the Budget Buck, holds an equivalent value to one US dollar. It is possible to use the accumulated balance of Budget Bucks to cover expenses associated with further rental transactions. Fastbreak is useful, particularly during periods when there is a higher volume of individuals engaging in travel activities.

Rental Car Add-Ons

Budget offers a comprehensive selection of add-ons for users to pick from. In a general sense, supplementary features for rental cars tend to incur higher costs compared to independent alternatives; however, they offer enhanced convenience.

Budget Rental Car Cost

Budget provides automobile rental services for an average daily fee of $61 or a weekly rate of $427 for one week. The aforementioned price is 21% lower than the prevailing industry average of $77 per day or $539 per week. To obtain these averages, our research team conducted a comparative analysis of the rates offered by international airports in three prominent travel locations, namely Dallas/Fort Worth, Los Angeles, and Orlando. Rates for medium sedans and SUVs from all firms were obtained for a reservation scheduled two weeks in advance.