February 7, 2024

Drive with Confidence: The Ultimate Guide to BC’s Rental Vehicle Policy

Are you heading on a road trip soon and planning to rent or borrow a vehicle? Whether for business or pleasure, it’s essential to understand the nuances of rental vehicle policy! This standalone policy is a must-have for those using rented or borrowed vehicles, as it’s designed to offer peace of mind and comprehensive protection.

What is a Rental Vehicle Policy?

The policy caters to a broad audience, explicitly targeting BC residents, including legal entities incorporated in BC or organizations with extra-provincial legal status in BC. It’s a perfect fit for anyone with a valid BC driver’s license, insured under BC Medical, employed in BC, and whose primary residence is in BC. The scope of this policy makes it an indispensable tool for ensuring your travels are worry-free.

Key Features of the Rental Vehicle Policy:

  • Comprehensive Coverage: The policy provides a robust package including $1,000,000 Third Party Liability, Underinsured Motorist Protection, Collision and Comprehensive coverage, each subject to a $300 deductible, Loss of Use coverage, and Enhanced accident benefits. This extensive coverage ensures that most scenarios you might encounter are covered.
  • Flexibility in Duration: You can choose coverage ranging from a single day to a full year, allowing you to tailor the policy duration to your needs. Whether renting a vehicle for a day trip or a month-long journey, this policy covers you.
  • Range of Vehicles Covered: The policy covers a variety of vehicles, including private passenger vehicles, motorcycles, motorhomes, truck and camper combinations, trailers, and commercial vehicles with a GVW of 5,000 or less. This wide range ensures that you will likely be protected under this policy regardless of your vehicle choice.

Are there any exclusions or limitations I should be aware of?

The policy does not cover snowmobiles, snow vehicles, industrial machines, golf carts, ATVs, commercial vehicles over 5,000kg GVW, and vehicles used for specific commercial purposes. Also, the daily rental limits are capped at $300 per day in Canada and $250 per day in the U.S.A.

An advantage of this policy is that it waives the need to purchase additional coverage from the rental company. This simplifies the rental process and can lead to significant cost savings. The policy extends coverage to the named insured and any other permitted driver listed in the rental contract, ensuring that all drivers are adequately covered.

The Rental Vehicle Policy is essential for anyone renting or borrowing a vehicle. Its comprehensive coverage, flexibility, and wide range of covered cars make it a versatile choice for travellers. Whether embarking on a short or lengthy trip, this policy offers the security and peace of mind needed to enjoy your travels without worries.

To learn more about rental income coverage, contact one of our knowledgeable brokers today via the form below.

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