The Drawbacks of Renting a Fast Sports Car

Some customers don't even own a car of their own, yet they trust themselves behind the wheel of a pricey auto. Naturally, insurance issues, including fraud, tend to play a role in these transactions, most notably when dealing with less-than-trustworthy rental agencies. The allure of driving a dream car tempts renters to rent the wrong way — and some companies to let them. After all, you're talking about rates of thousands of dollars per day.

When it comes to quality rental agencies, high-rolling renters are monitored closely, much more so than with standard budget rentals. It makes sense — there's far more at risk. High deposits, credit and background checks, and GPS tracking are often part of the deal. Plus, the renter is supposed to have their own auto insurance with a liability component that will cover at least a majority of the car's value, if not the whole thing.

Most personal auto insurance plans cover regular car rental deals but many don't cover exotic or luxury car rentals, at least not with liability coverage. Most insurers only offer coverage for vehicles similar to what you currently own — if you normally drive a Honda, you probably won't be covered when renting a Ferrari. Most credit card companies don't cover exotic car rentals either.

While most exotic car rental transactions end up fine, industry insiders share stories of hair-raising accidents, criminal activity, and disappearing cars. Some companies have had to deal with renters keeping the car long past the return date — and that's just the least of the problem. Horror stories include chasing “missing” cars after they've been retitled, had VIN numbers changed, or been resold. Always evaluate the rental company carefully before booking.