Yes, the vehicle is insured by the car rental company. However, if the rental car is damaged or stolen while it is in your possession, you will be liable to pay damage repair costs up to the capped excess amount. This amount commonly ranges from $4000 to $8250, depending on the vehicle type. Luxury fleet may incur higher charges. The excess amount for your specific vehicle is outlined in your Rental Agreement. 

There are a number of products available to reduce your rental vehicle excess when hiring a car including the excess reduction products sold by car rental companies directly. All protection products are optional. 

 For more information, read our article on financial liability

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