Don't Get Taken for a Ride When it Comes to Rental Car Insurance -- Savings Experiment

When renting a car, you always have the option to pay for insurance, but how can you make sure that you're not getting taken for a ride? Here, our experts explain how to get the best deal on coverage.

First, realize what you already pay for. In some cases, your auto insurance, medical insurance, homeowner's or renter's insurance may already cover your rental. Contact an agent directly to confirm what your plans offer.

Even if you are covered under an insurance plan you already have, you may still have to pay high out-of-pocket fees. If you have an accident, you are still responsible for the deductible, which can be $500 or more. On top of that, insurance companies can charge additional fees for things like towing, impound, storage, loss of use, administrative services and even diminished value. This can cost anywhere from a few hundred to a few thousand dollars.

No one wants to double up on insurance, but you may benefit from purchasing insurance from your rental car company. Full coverage can cost as much as $40 a day, but you'll avoid the $500 deductible and any additional fees. Remember, the daily rate adds up over time, so be mindful of how many days you're renting your car.

So, before you get to the rental counter, do your homework, confirm your coverage and be aware of extra fees. It's the, well, key to saving on rental insurance.