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Everyday Cheapskate: Is Car Rental Insurance Worth It?
Mary Hunt
Dear Mary: Car rental companies tell me that if I get in an accident,
they can charge me for the car's "diminished value." I am not covered
for this on my auto insurance. If I want this coverage, the only thing
I can do is pay for rental car insurance, which is about $12 a day.
This seems unreasonable to me. -- Phoebe B., e-mail
Dear Phoebe: How much risk are you willing to assume when you rent a car? If your answer is "none," then you have no choice but to pony up to that pricey add-on. If you are willing to share the risk that you might crash that rental car and become responsible for its diminished value, then opt out and keep the money. My insurance philosophy is to have coverage for big risks that would wipe me out financially but to self-insure the smaller events by opting for high deductibles whenever possible. Personally, I would not pay $12 a day for this insurance. Statistically, I know that the chance of needing rental insurance is low.
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Dear Mary: I recently purchased your book "Debt-Proof Living," and I'm working to pay off debt. It's slow, but I am making progress. I used to buy liquid starch from the grocery and then water it down to make spray starch. It's better than the stuff in a can. To my dismay, the grocery no longer carries this product. I would like to continue to make my own spray starch, but I have not been able to find a source for liquid starch. Do you have any ideas? -- Debra D., e-mail
Dear Debra: Here is a simple recipe for homemade spray starch: Combine 1 heaping tablespoon of cornstarch with 1 pint of cold water in a bowl. Stir until the cornstarch is dissolved completely and turns milky. Transfer to a spray bottle and use as you would any spray starch.
I am happy to hear about your progress with paying off your debt! Good for you. Keep going!
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Dear Mary: I am moving to a new home that has a fireplace. How can I use my new fireplace efficiently for heat without losing money or energy? -- Laura, e-mail
Dear Laura: The typical wood-burning fireplace is the most inefficient way to heat a home. Most of the warm air gets sucked out of the room and up the chimney. When it is not in use, an open flue in a fireplace is like a hole in the roof. An entire houseful of warm air can disappear through that "hole" in a matter of minutes.
At the very least, be sure to keep the flue closed when not in use. Consider converting the wood-burning fireplace into a more efficient gas-burning heat source. That will require the installation of a liner, glass doors and gas logs. We converted our fireplace several years ago and could not be happier with the cost-saving results.
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Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including "Can I Pay My Credit Card Bill With a Credit Card?" To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
Copyright 2009 Creators Syndicate Inc.
This news arrived on: 10/08/2009
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Posted Comments:
10-08-2009 16:00
christman wrote:
car rental insurance 10/8/2009
To rent a car,call your insurance company,
have them add loss of service for your rental car on your policy. This cost us $5.00 for 6 months. Then when you come back home,cancel the add on .
have them add loss of service for your rental car on your policy. This cost us $5.00 for 6 months. Then when you come back home,cancel the add on .
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