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There are many circumstances where you will find yourself in need of a rental car. These circumstances can range from you being out of town on business to vacations or even as a backup vehicle while yours is being repaired. One of the considerations that you must look at when you’re dealing with a rental car is that you will need to have insurance. This insurance is there to protect you from liability claims and also to cover the costs of the vehicle and/or medical bills in the event of an accident.

Unfortunately, the options on how to acquire such insurance are limited to two ways generally. The first of which is to take the insurance that is offered through the rental company with the car. This is ideal for people who are very cautious drivers and don’t have a history of needing to have full coverage. This includes people who have great driving records where the only accidents were the fault of others. Rental companies tend to offer this type of insurance with the car rental agreement, but some may charge a very affordable ($1.50-$15.00 per day) rate so as to cover their costs.

The other option for insurance is to take out the full coverage insurance offered by the rental company. This insurance covers you in the event of anything that goes wrong, whether you’re at fault or not. Medical coverage is generally higher with this and you will not be required to pay back any of the costs if you have this particular insurance. As the repair of the vehicle and medical bills of any persons involved are covered with this insurance, you will pay more ($20.00-$60.00 per day), but you also get the best coverage.

There are many reasons to rent a car, with business trips, vacations and moving at the top of the list. For those people that rent cars on vacation, the idea of deducting a luxury like that seems too outlandish and in fact, most people never use rental cars as a tax deduction even when they’re used for business trips and moving or relocation.

However, according the IRS, rental cars that are used for business or for moving can both be claimed on your taxes with the use of the proper tax form(s). Any expenses from your business trip that aren’t covered by a company credit card or that you are not reimbursed for qualify as do all expenses, less meals, that are required for you to move or relocate for a new job.

As car rentals can be one of the most expensive luxuries of a business trip being able to claim it on your taxes is something that can prove to be very useful. The expenses that most people incur while on a business trip can actually override any profit they would have made for those days, had they not gone. People also seem to think that they just have to bite the bullet when it comes to relocation costs that their employer doesn’t cover, which often times add up to thousands of dollars.

This makes it that much more important for people to understand that they can get the money back. Following the advice of your tax advisor could mean that you get the remaining fifty percent of the costs that you incurred for moving or business trips that your employer didn’t cover.