That’s a really good question. I don’t think it’s going to automatically affect your insurance, because it’s considered a damage waiver you are buying, not insurance. The private party (the rental car company) agrees for a fee to waive damage you may cause. They won’t report back to your auto plus (your insurance permanent record of accidents), because it’s not an insurance company that you’re buying the waiver off of. Now if you charged in that accident, or there was another party involved, that very well could end up on your record and change your rates if your insurance company looked it up. Also, if you were applying for insurance again, you would need to declare the event on the application, as it reads Give details of all accidents or claims arising from the ownership, use or operation of any automobile by the applicant or any listed driver during the last 6 years.