The Great Excess Insurance rip-off - EU Car Rental firms fleece Brit drivers with massive excess Penalties
11th February 2008
- Excess bills of up to £1,000 leave travellers with dents in their wallets
- Majority of car rental firm policies exclude damage to tyres, windows and undercarriage
- No catch standalone Excess cover at just £49 a year saves drivers £££s
BRITS driving rented cars in the Eurozone are vulnerable to huge Excess penalties of up to £1,000 which car rental firms can swipe from their credit cards, reports standalone Excess insurance specialist Insurance4carhire.com .
The territories where car rental companies have Brits over a barrel include popular European holiday and second home hotspots such as Italy, Spain, Portugal, France and Ireland.
"Whilst overseas, many UK drivers have to accept the car hire firm's policies at inflated prices or else drive away with no protection against a host of potential problems," says Insurance4carhire.com spokesperson Larry Ursich.
But even with a policy bought from their car rental firm, drivers may still have to cough up in the event of a breakdown or damage to the undercarriage, tyres and windows as many firms exclude this from their policies.
"It is astounding that many hire car drivers don't bother with the small print - this can potentially cost them hundreds of pounds should they return with a chipped window for which they weren't covered," he says.
"We would strongly advise anyone hiring a car abroad to read their policy documents as they vary from country to country, as does the Excess charge which they could be liable for (see table below). Better still, buy from a standalone insurance provider before leaving the UK.
"Although Portugal, with its hefty Excess penalty of up to £1,000, generally includes damage to the undercarriage, tyres and windows, those travelling to France could be stung by a charge - between £550 and £750 - as damage to those parts of the vehicle is generally excluded."
Excess charges in the Eurozone
Source: Insurance4carhire.com research, January 2008
But Insurance4carhire has developed an alternative that will save motorists a small fortune: low annual car rental Excess insurance products to protect customers whenever they rent a car, with peace of mind that the total amount of Excess will be covered.
Annual policies for Europe start from £49, covering the policyholder and all additional drivers on the car rental agreement for multiple uses throughout the year.
A convenient cost-effect policy for those who travel for long periods of time, especially to long haul destinations, is the worldwide policy from £69 which is valid for up to 60 days for any one car rental agreement.
Notes about this Press Release
Founded in 2002 Insurance 4 Car Hire is an innovative online insurance company whose core business is the provision of car rental Excess insurance. The business was born out of the high costs being charged by the car rental companies for Excess cover. Insurance4carhire strives to bring customers annual Excess insurance products offering customers convenience, peace of mind and very significant savings when they rent cars.
In 2005, for the second year running, Insurance4carhire received the accolade of "World's Leading Innovative Ecommerce Travel Product" from The World Travel Awards. These annual awards celebrate achievement in the travel industry and are based on votes cast by travel industry professionals throughout Europe.
To reflect the increasingly global reach of its products, Insurance4carhire changed
underwriters to AIG UK Ltd, a member company of American International Group, Inc., (AIG) in December 2007. AIG is one of the worlds leading insurance companies with operations in more than 130 countries.
Insurance 4 Car Hire is now part of the Towergate Partnership the largest independently owned insurance intermediary in Europe.
Source: Insurance4carhire.com
See Also:
insurance4car hire.com - March 2008
Towergate Partnership announces the acquisition of Insurance 4 Car Hire Agents Ltd - January 2008
Lower prices for car hire excess insurance from December - December 2007
Annual Car Rental Insurance Renewal is here again - October 2007
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