Insuring a Pricey Rental Car

By: Advocate Brokerage


With graduations, birthdays, Father’s Day, reunions and proms fast approaching, some may want to make a statement by renting a luxury or exotic vehicle to impress others or just to enjoy the sights, sounds and excitement that comes with these types of cars.

Services like Gotham Dream Cars and Hertz Dream Car Collection let anyone who is interested rent the Ferrari, Lamborghini, Aston Martin, Bentley or Porsche of their dreams.

If you decide to treat your dad to a day in a Ferrari or want to impress your peers by rolling up to your reunion in a Rolls Royce, you should make sure that your insurance coverage is up to date, because nothing could ruin your fun faster than a giant repair bill.

Below are the insurance requirements and information from Gotham Dreams Cars. Hertz does not have the same insurance requirements. Although similar, it can vary from rental car company to rental car company.

Insurance information for Gotham Dream Cars:

All renters must carry some form of insurance to cover damages to the vehicle in the event of an accident. You’ve got several options:

  • The easiest option is if you carry an insurance policy on a personal vehicle that you own or lease. We will verify with your insurer that your policy is active.
  • Customers from NY are required to maintain only liability insurance.
  • Customers from any other state are required to maintain full-coverage insurance (liability, comprehensive, and collision).
  • The good news is that it does not matter what you drive personally – as long as you have insurance in good standing, your carrier will cover damages to our cars (think of it as if you were driving down the road and caused an accident with a guy in a Ferrari — your insurance will cover the damages even if you’re driving a VW).
  • Another option is if you have an American Express card – they offer a program called ‘Premium Car Rental Protection’. This is available directly from American Express and provides coverage for your GDC rental vehicle. This is a great option because it can be purchased in addition to your regular insurance policy and provides an extra layer of protection.
  • If neither of the above apply, there are some 3rd-party companies that provide damage waiver products. Please inquire for details on these options.
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