Ontario man who declined rental insurance 'panicked' when told he must pay $50K for stolen truck

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A Toronto man who had a rental truck stolen from his driveway the night before he was set to return it said he was shocked to find himself on the hook for almost $50,000 to replace it.

“I almost had a little heart attack. I sure panicked,” Thomas Coish told CTV News Toronto.

Coish needed to rent a truck in December for two weeks for personal use while searching for another vehicle to buy. He rented a 2022 Ram pick-up truck from Enterprise and declined to pay extra for additional insurance.

"I do have car insurance on my own car, so I’m thinking well, okay, I have insurance, I’m okay to rent this vehicle,” he said.
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toronto.ctvnews.ca

Ontario man who declined rental insurance 'panicked' when told he must pay $50K for stolen truck

A Toronto man who had a rental truck stolen from his driveway the night before he was scheduled to return it said he was shocked to find himself on the hook for almost $50,000 to replace it.
toronto.ctvnews.ca toronto.ctvnews.ca
 
 
Query…given his limited insurance coverage, it seems to me that Enterprise made a huge mistake in renting him the vehicle. The renter may be obligated to pay at this point, but people who carry liability only are a bad risk for Enterprise. If he is unwilling…or unable to pay, Enterprise may be SOL or expend a significant percentage of that $50k trying to collect it. He may be “judgement proof”.
 
CatAlum said:
Query…given his limited insurance coverage, it seems to me that Enterprise made a huge mistake in renting him the vehicle. The renter may be obligated to pay at this point, but people who carry liability only are a bad risk for Enterprise. If he is unwilling…or unable to pay, Enterprise may be SOL or expend a significant percentage of that $50k trying to collect it. He may be “judgement proof”.
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I can't believe that Enterprise doesn't have insurance against theft.

They can't collect from insurance and from the renter (without repaying the insurer). Why would they even hassle?
 
CatAlum said:
Query…given his limited insurance coverage, it seems to me that Enterprise made a huge mistake in renting him the vehicle. The renter may be obligated to pay at this point, but people who carry liability only are a bad risk for Enterprise. If he is unwilling…or unable to pay, Enterprise may be SOL or expend a significant percentage of that $50k trying to collect it. He may be “judgement proof”.
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Interesting take. Is this something new? I figure the rental companies do a quick scan of my license to make sure it's valid, but I've never been asked to show proof of insurance when I decline their policy. I just assumed the fine print was there for the company's protection, and that I was on the hook for any and all issues after declining.

TBH, have never really considered the possibility of it being stolen. Will have to be more aware of that in the future.
 
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Zunardo said:
Interesting take. Is this something new? I figure the rental companies do a quick scan of my license to make sure it's valid, but I've never been asked to show proof of insurance when I decline their policy. I just assumed the fine print was there for the company's protection, and that I was on the hook for any and all issues after declining.

TBH, have never really considered the possibility of it being stolen. Will have to be more aware of that in the future.
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I’ve never been required to show proof of insurance. However…it wouldn’t be that difficult to ask to see a current insurance card. If they will rent you a car based on a license and a credit card (and a male over 25), then the rest is risk management and it’s on them
 
Important to note, this happened in Canada. Policy may be completely different in the US

I always print out my insurance card and bring it with me on trips. Had to show it when I rented a car in Vegas
 
Rented cars many times. Only when I was near 25 for they ask to see an insurance card. Otherwise they just ask if I have insurance. I know through my agent I'm fully covered for rentals. But I have better than regular full coverage. I've got full replacement value and 30 days rental when my vehicle is unavailable (this came in handy when a shop took over 3 weeks when a car on ice slid into the side of my car).

Also your policy covers the value of your car. If you drive a 10 year old midsize and rent a 2023 Cadillac Escalade, your insurance will probably not cover the full value unless you policy has a special rider for rentals. So check your insurance agency for clarification.

Also, if you rent a moving truck... Hitting the roof of it into a bridge, tree, sign, awning, building, etc IS NEVER COVERED by your insurance. You need the special insurance from uhaul or wherever to cover that. But they're also very adamant to tell you that you're on the hook if you decline that coverage.

People decline it all the time and then take the uhaul through the drive thru or a parking garage without a second thought.
 
I rented a car thru Hertz for my wife(we were both on the rental
Agreement) July 2021. She took the car to Charleston for a wedding. When she returned and I was taking the car back to Hertz I noticed a scrape , like she drove close to a plastic garbage can (which she admitted she did but never looked). Anyhow I reported when I dropped the car off. Hertz took pictures etc and I contacted my insurer. I was renting another auto at the airport last Summer and apparently the rental company (don’t recall which) is part of the Hertz family. I was declined at the counter. Anyhow over 19 months later I still haven’t heard a word from my insurer or received any correspondence from Hertz re. an issue.
 
The coverage offered at the rental car counter isn't really "insurance," although sometimes referenced that way. Enterprise, as an example, has insurance on the car. What the dude is selling at the counter is a waiver. It essentially says that Enterprise (and its insurance company) won’t come after you financially if the car is damaged/stolen.
 
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