To rent an exotic car in New York City, you need to be at least 21, and with some companies 24, have a clean driver record, have full coverage insurance, a hefty deposit and book the car for a minimum of two days on weekends. Remember - as fun as this is, you are renting high-dollar, luxury machinery. Naturally, there is some variance between companies, but the general parameters you’ll encounter are fairly consistent across Manhattan.
New York state law says that a company cannot refuse to rent to anyone 18 or older solely because of their age, provided the company is able to offer insurance to someone that age. But the law doesn’t prohibit a company from billing the actual cost of the extra insurance required for a younger driver. In practice, the law doesn’t mean companies won’t still set their own restriction of 21 or 24. Driving a premium car may mean having to be even older.
Comprehensive and Collision
If you have full coverage on a car in your own name, that insurance will usually transfer to your rental. Liability coverage from your own car isn’t enough to rent a premium vehicle. You need comprehensive and collision as well, which are the types of insurance that cover damage to the car and not just to someone else’s property. If your insurance only has liability coverage, you must call your insurance agent and purchase a rider with collision and comprehensive coverage at least 24 hours before your rental begins. Also, larger insurers like State Farm or Geico typically extend coverage to rental cars, but small insurers may not. Verify your specific coverage with your insurer.
Companies usually ask for a copy of your license and insurance policy. The minimum liability coverage requirement in New York state is $25,000 per person for bodily injury. In New York, the daily price of a Damage Waiver is capped by law for cars $50,000 MSRP or less, but that doesn’t apply to premium vehicles. Because of that, the waiver will typically be priced based on the specific value of the rental car. This is one more reason why having your own coverage is very valuable.
A Sizeable Deposit
Many companies want a sizeable deposit to help ensure that you are extra careful with the cars. After all, the vehicles in the fleet can be worth anywhere from $75,000 to $500,000. Many cars require a deposit of $1,000 or more on a card, and some more than $2,000. If you pay cash, you’ll get it back immediately when the car is returned. If you put a hold on your card, be aware that the bank may not release the hold back to your available credit balance for 3-5 business days, and sometimes that process takes longer over holidays.
The deposit protects you from smaller costs that the insurance won’t cover: A cracked windshield, a curb-scuffed wheel, a door ding. Paying the damage deposit is cheaper than an insurance claim raising your rates at renewal time. An agent inspecting a scuffed wheel, finding light curb rash, can charge $300 for refinishing it. A tire with damaged sidewall may mean a new tire at a cost of $500. A big dent can cost $1,000 or more to repair.
You may not be aware that New York law has a cap on repair charges you can get billed in a collision. New York state law says the maximum you are responsible for in a damage situation is the cost of the actual repairs, or the car’s fair market value minus its salvage value, whichever is less. Companies in New York can’t charge you loss-of-use, administrative fees or wear-and-tear charges. New York state law prohibits a company from refusing to rent to a person solely because they don’t have a credit card. Also in New York state, companies may not charge an additional-driver fee of more than $5 a day.
Separate from the damage deposit, one company charges a 10 percent deposit when you book, and no matter what, that deposit is not refundable. That’s because once you book, the company stops taking other bookings for that car and that time slot. Cancel with two weeks notice, and no other fees or charges apply. There is no refund for an early return or weather.
Minimum of Two Days on Weekends
Companies usually don’t offer hourly self-drive rentals. At some companies, rentals are a minimum of two days on weekends and three on holidays like July 4th. They do this because offering a car on the weekend for a one-day booking means they lose the chance to rent it for two days and make a lot more money on it. A single-day rental is typically allowed only Monday to Thursday. However, if you are really there last minute and a car hasn’t booked for the weekend, they might make it available for a single-day rental Friday to Sunday.
Some people are surprised by how few free miles they get with a rental like this. A typical mileage limit is 125 free miles a day. After that, a mileage overage fee can be $2.50 to $6.95 per mile depending on the car. In New York, the damage waiver can be voided if you race the car, tow with it, use it to carry people or goods for pay, drive it off-road or let an unauthorized driver use it. Make sure you read the small print on that contract.
Make sure you thoroughly understand your insurance situation and your deposit requirements before you go out and book anything. Remember that some rental fees are non-refundable, so be confident of your trip dates before you book.
