When to wave rental-car insurance.

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You can cut daily car-rental costs by $9 to $17 when you decline the rental company's loss damage waiver (LDW) insurance, a "policy" that covers car theft and vehicle damage. Before you decline coverage, be sure you've got an alternative.

American Express, Diner's Club and most gold Visa and MasterCards offer LDW insurance when you rent cars with their cards. These policies only cover theft and damage to the car. You still need liability insurance for damage you cause to property and people.

Check your own car insurance policy or call your agent. The collision portion of your comprehensive coverage covers damage to your car; the liability section covers property damage and personal injuries that you may cause. You may be able to transfer your entire policy to your rental car.

If you lack liability coverage, accept the rental company's personal accident insurance. It usually costs a fraction-- say 25%--of the LDW.

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