Money Fix: Are you covered? Check before you rent

It may not be as pleasurable as the vacation itself, but some of the advance planning can carry that little thrill of getaway anticipation. What many of us fail to anticipate: standing at the rental-car counter, under the gun, trying to decide, "Am I already covered for that, or not?" "Should I buy their coverage, or not?"

People end up "wasting money by purchasing unnecessary coverage or having gaps in coverage, making the driver dangerously underinsured," says Loretta L. Worters, vice president of the Insurance Information Institute in Manhattan. So, plan ahead, she says, and avoid the need for "a snap decision."

Options: When you're reserving the car, seek out and print the rental car company's insurance and extras offerings, so you can study your options.

Basics: You'll likely find mention of loss damage (collision damage) waivers, which relieve you of the need to pay for damage or theft, and in some cases other costs, like towing or administrative fees. There's also liability insurance, protecting you financially in the event of lawsuits; personal accident insurance, to cover medical costs for you and your passengers; and personal effects coverage, to compensate for your property stolen from the car.

Coverage: Assuming this is a pleasure, not business, trip, check with your auto insurer about the degree to which your present coverage applies (or doesn't) to renting a car in the state or country you'll be visiting.

Double check your homeowners or renters policy for coverage of  "off premises theft," says Worters. And check with your credit card issuers to see what they provide in rental car insurance benefits, dependent on your using their card to charge the rental transaction.