Thursday 18 December 2008
These products from their brand insurance4excess are for consumers in today’s market who could claim on their insurance and end up paying the excess.
It works in this way. A customer takes out the Silver £500 Excess policy that costs £75. The client has a £500 Excess on their main insurance policy. A claim is made to the amount of £1200. They are liable pay the first £500, and the Insurance Company pays the remaining balance of £700. Once the valid claim has been settled they will be reimbursed.
There are three levels of cover. Bronze that costs £49 will cover up to £250 excess, Silver costing £75 will cover up to £500 and Gold costing £99 will cover up to £750 of excess.The products are under the insurance4carhire banner and the Motor excess policy has been around for the past couple of years or so.
In fact jml-insurance,co.uk have been introducing this product on line when I met up with Larry Ursich the founder of insurance4carhire at the London Motor Show and he was promoting it there. As my company jml-insurance.co.uk was one of insurance4carhire’s long established agents, it seemed a natural progression to add it to the products available.
The products works along the lines that generally the higher an excess a consumer opts for the cheaper the premium will be, however if there is a claim then the customer lands up paying the excess. Like the other lifestyle product range there a three levels of cover. Bronze costing £39 covers up to £250, Silver costing £59 covers up to £500 and the Gold policy costs £79 and covers up to £750 of excess.
2009 is a time when consumers will be wanting to save money and by purchasing excess insurance they can do this if they are likely to be claiming on their insurance policy and having to pay the excess so it seems like a good idea to start the new year with.
Enjoy the Christmas and New year break and if you are hiring a car when you are away, don't forget to get your car hire excess insurance. You can even buy it on a Daily basis at £4.50 a day now. That won't break the bank balance!
Saturday 29 November 2008
Friday 28 November 2008
When you collect the car:
Check the vehicle for damage if it is night time make sure that you can properly view the car's bodywork. If it is raining borrow an umbrella from the hire company assistant.
Check the spare tyre
If it is really too dark or wet, let the company know any defects as soon as possible.
Additional Warning: Many car hire companies encourage the hirer to return the car empty. If you were to refill this yourself before taking it back, it is more than likely it would cost you less than the fuel deposit you paid when you took out the rental.
If you are renting a car via a company like Holiday Autos you will be provided with a voucher that you will have paid for in advance on line.
You then present the voucher to the car rental company. Some car hire companies will "swipe" your credit card so the details are stored on their computer, but will not actually debit your card at that stage. This is rather like when you book into a hotel.
They are taking your card details in case of accident, or any additional charges that are levied at the end of the rental like - out of hours collection - fuel charges - insurance etc.
Other companies will immediately debit your card as either they do no have this "swipe" and store facility or it is their policy to debit the account to cover a deposit, fuel charge etc. The downside to this is, if you are in a different currency e.g. renting in a "euro" currency country, but coming from the UK, Switzerland or the USA for example, your bank back home will charge for the conversion onto your card. On top of this exchange rates vary, so when you return the car and they "credit" your card again apart from being charged an exchange commission by your card/bank provider, the rate of the dollar, euro, Swiss franc might have gone up or down.
Unfortunately there is nothing you can do about this and the system does vary from company to company.
For more information car hire excess insurance visit
They rented cars at least half a dozen times a year and noticed how they were usually told that if the car was damaged there would be a large amount of money to pay and that was not included in the car rental standard insurance.
Naturally not wanting to have an additional worry they paid for additional insurance cover. They had never had a problem when renting a car apart from the time they used a low cost company who claimed the standard small Mercedes that was provided throughout that company's fleet had damage.
At that particular time a lot of people were invoiced for "alleged damage" and following a BBC television consumer programme the "alleged damage" deductions were refunded.
This incident and the fact that when you arrived at an airport to collect the car you were persuaded to part for non-budgeted income made this new product look interesting.
The insurance4carhire.com policy would cost around £50 each for European cover and renting a car several times a year would make it great value. Car rental companies would normally charge insurance excess by the day so even if you rented twice a year, the bill soon mounts up.
Philip Suter contacted the founder of insurance4carhire.com Larry Ursich, who had founded the company two years earlier in 2002. Larry had run his own car rental booking company for 10 years or so and noting the high costs being charged by the car rental companies for Excess cover, decided to develop a better alternative.
By this time jml-property-insurance.co.uk were selling a lot of HomeLet landlords and tenants property rental insurance policies and this alternative looked very interesting. Larry appointed jml Insurance as web agency and since then thousands of these policies have been sold to jml insurance and jml villas.com clients. Insurance4 car hire also cover North America and offer worldwide policies and two European renewal policies have just been sold to Philip Suter and his wife as the October termination notifications have been received.
Jml insurance.co.uk also offers other products from the husband and wife team of Larry and Maureen Ursich. "They keep on finding interesting non standard insurance products" says Philip. These include Second Home Emergency Travel Insurance, Motor Insurance Premium Reduction insurance and Car Key Insurance - it can cost over £400 to get a new set of car keys! It would interesting to see what products they develop next .
Philip Suter is a Director of JML Property Services, a UK based company offering Insurance products on line and management training with in the uk. He is a very experienced property consultant with over 30 years work in the Residential letting business and served in the national council of ARLA. He is a Fellow of the National Association of Estate Agents (NAEA) and a Member of The association of Residential Letting Agents (ARLA)