Car Hire Insurance Competition Drives Prices Down

16th June 2010 - News Release from "Moneymaxim" -

Competition in Car Hire Insurance Market Drives Prices Down

Find out how to save money when you hire a car this summer with moneymaxim.co.uk, the UK’s only car hire insurance search engine.

• Increased Competition amongst Insurers is pushing car hire insurance prices down – 30% lower than in 2008
• Car hire insurance search engine can reduce cost from more than £20 a day charged by some car hire companies, to less to than £14 a week

The credit crunch has increased the cost of car hire this summer as the cost of financing for car rental firms has increased. But while car rental costs may have increased, there are larger than ever savings to be made on car hire excess waiver insurance when using independent car hire search engine, moneymaxim.co.uk.

Mark Bower, Managing Director of moneymaxim.co.uk explains; “The picture for hiring a car in Europe this summer is not all doom and gloom despite recent reports. Thanks to increased competition, prices for an annual car hire excess insurance policy have fallen by around 30% from those charged a couple of years ago, and are now available from under £35.

Our online comparison site allows car renters to cut the cost of excess waiver insurance from, in some instances, more than £20 a day charged by some car hire companies, to less to than £14 a week! Additionally the service allows those travelling to save not just considerable money, but all the hassle of being pressurised into buying high cost cover at the car hire desk.”

Since its launch in April moneymaxim’s service has seen additional companies join its panel, the latest being Essential Travel , who were added last week, and prices fall as companies seek to attract a greater share of this growing market.

Continues Bower;
“Protect Your Bubble has just trimmed its tariff across a range of car hire insurance products and when bought through Moneymaxim - which features an additional 10% discount to standard pricing - has become the lead company for a number of different types of policy.

“We believe the greater transparency that our service offers has made it easier for travellers to understand the differences between different policies, and see exactly what they are getting for their money.”

“Our online service is backed up with a telephone service and our team have had great feedback both from old hands used to buying these policies, and those new to stand alone car hire insurance, many of whom have been astounded at the savings possible.”

“The advantage we offer is that although there are a number of different options available to hirers individual needs can be catered for by answering half a dozen questions which enables us to short list policies meeting their criteria. If potential purchasers are still unsure guidance is only a free phone call away.”

Notes:

The companies currently represented on the moneymaxim panel are:
carhireexcess.com, Essential Travel , icarhireinsurance , insurance4carhire , insuremycarhire, Intasure, Odyssey , Protect My Bubble, Questor, Worldwide Insure.

Background Information on the Car Hire Excess Insurance Market:

The car hire excess insurance industry was 'created' back in 2002 when Larry Ursich launched Insurance4carhire. Having a background in the car rental business he realised that the cost of 'insuring the excess' when renting a car from hire firms had grown to such a level that there was potential to create a standalone product offering both better cover and lower costs for consumers.

Over the past 8 years further firms have joined the market, with three companies launching this year. The new entrants have brought with them options and innovation and those looking for this type of insurance can find policies covering not just the hire car excess, but baggage loss, carjacking, cancellation and more. Policies catering for car club members have also recently been introduced.

Info 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.

Source: moneymaxim.co.uk See also: Save Money On Car Hire This Summer 8th June 2010