"Most alarmingly, rental car companies frequently charge for 'diminished value'-the loss of resale value because of damage to the vehicle-typically not covered by auto policies. Such charges of $5,000 to $8,000 are not uncommon," says Wilson. Further, auto policies usually do not cover damages to motorcycles, RVs and other vehicles, and offer very limited coverage for damage to rented trailers. Additionally, coverage extends only to the U.S. and Canada; policies have deductibles; and insurance company payment to the rental car company may result in future premium surcharges for you.

So before you rent, consult with your insurance agent or broker- and think twice before you rely solely on your auto policy to protect you.

You can learn more about auto insurance by contacting an agent or broker with the CPCU designation or you can go to www.cpcusociety.org and access the Agent & Broker Locator.

Before you rent a car, consult with your insurance agent or broker-and think twice before you rely solely on your auto policy to protect you.