Excess Insurance can cost more than car rental itself in key European destinations

Moneymaxim.co.uk, the Car Hire Insurance specialists, issue their annual review of car hire insurance excess levels across Europe.

• Ireland and Portugal join France and Italy as ‘high excess zones’, where the excess charged on a compact car are over €1000 from the major car hire firms
• Excess Insurance can cost more than the cost of car rental in a number of key European countries
• Minimum standards of information should be provided for customers on car hire firm websites about excess charges

LONDON, WEDNESDAY 8 FEBRUARY, 2012: Moneymaxim’s Annual Car Hire Insurance Review which looks at excess insurance costs across Europe has revealed that car rental companies are charging as much, if not more, for excess insurance as they do for the car hire itself.

A survey of the car hire information available on leading car rental firm’s websites across Europe, including Avis, Budget, Europcar, Hertz and Sixt in January has revealed that in a number of European cities surveyed the excess charges are now greater than the cost of the car rented.

The figures show that in Ireland the weekly premium for a car hire excess insurance policy is on average over 40% more than the cost of car rental over a similar period. Spain, Portugal and Italy were other countries where the cost of car hire excess insurance policies outstripped car hire costs, whilst the maximum weekly charge found (in the Czech Republic) was a staggering €210 (£176).

Mark Bower, Managing Director of Moneymaxim, said today;

“The cost of car hire excess insurance through car hire firms can easily hit the pocket harder than car rental itself. Customers across Europe are paying too much for policies offered by the car hire firms which normally offer less cover those available from independent insurers. Amazingly the cheapest policy from a car rental company we found in any European destination was more than double the prices customers pay through our comparison service.

“Car hire excesses are understandably a real concern to the thousands of customers who worry about the massive bill they could face if they are involved in an accident or their rental car is vandalised or stolen.

“Those in the know call upon our help to find cheaper alternatives to the high prices car rental firms demand to provide protection – which, as can be seen from the table below can often be higher than the cost of the car rental itself.”

Another concern identified by the Moneymaxim Annual Car Hire Insurance Review is the fact that some car rental companies are not offering consumers enough information about their charges on their websites. The research reveals that it can be difficult for potential customers to identify what they are letting themselves in for.

Whilst some car rental firms (such as Hertz and Sixt) detail the excesses and policy costs well, others, including Avis (who rarely advertise the cost of their excess policies) and Alamo (who have only minimal details of excesses on their website) have been highlighted by the research as needing to improve on their customer information when it comes to being clear about the cost of the car rental firm’s own policies.

Continues Bower;

“It is perhaps understandable why it is in the car rental firms interests to be less than forthcoming over these details bearing in mind the cost of their policies in Europe average over £80 a week whilst prices on our Car Hire Comparison Service run from under £14 for similar cover.

Another advantage of the independent policies is that they include cover for tyres, wheels, windscreen, glass, underbody and roof – all normally excluded from the car rental companies alternatives.”

To search and find excess car insurance visit: http://www.moneymaxim.co.uk/compare-car-hire-excess-insurance

Notes:

About moneymaxim.co.uk: Launched in 2008 by Mark Bower moneymaxim.co.uk aims to deliver an impartial and independent service both online and through telephone money saving specialists. Visit: www.moneymaxim.co.uk for more money saving advice and information. The website won The Best Niche Insurance Aggregator Award 2010 from The Money Awards.

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