Wednesday 14 December 2011

iCarhireinsurance.com urges Car hire renters this Christmas not to fall victim in excess insurance policies

Don't Lose Your Christmas Cheer with the Hire Car says iCarhireinsurance.com's Press Release of the 14th December 2011.

iCarhireinsurance.com, is a leading car hire excess insurance provider (and van hire excess insurance provider), is urging people renting a car this Christmas to make sure that they don’t fall victim to a loophole in many excess insurance policies which fails to cover vehicles damaged within 150kms of the customer’s home, even if the car was hired from within that distance.

Hiring a car for short periods is an increasingly attractive option in the current economic downturn, but many people will be ignorant to the fact that their excess insurance policies may not include claims within this distance range even if the car is stolen or involved in an accident that wasn’t the customer’s fault.

“A good car hire excess insurance policy should provide you with full cover from home as well as covering you for the vulnerable parts of the vehicle like the windows, tyres, roof or undercarriage,” said Ernesto Suarez, founder and CEO of iCarhireinsurance.com. “We have found that the majority of policies bought direct from car hire excess specialists fail consumers in this area. We are urging people to read the small print in their excess policies to ensure their spirits are not dampened this Christmas.”

A 2011 survey* conducted by YouGov, on behalf of iCarhireinsurance.com, revealed that there was widespread ignorance about what excess insurance did and did not cover with eight out of ten people (85%) not knowing that some excess insurance doesn’t include damage to windows, tyres, roof or undercarriage or driving within 150 km of home.

iCarhireinsurance.com is one of the few providers that covers drivers wanting to hire cars near their home. It also includes cover for damage to the windows, tyres, roof and undercarriage - vulnerable parts of the car excluded by many providers.

 iCarhireinsurance.com’s policies start at just £2.99 a day, compared with approximately £18 a day (see Table 1) if bought direct from the rental company. Annual polices start from £39.99.

Key Benefits of Stand-Alone Car Hire Excess Policies

Annual or Daily cover

Protect yourself against excess charges for damage and theft

Cover for damage to areas usually excluded by the rental company such as windscreens, tyres, roof and undercarriage

European or Worldwide coverage

UK automatically included for UK residents

No distance from home restrictions

Cover for additional drivers named on the rental agreement
*The Survey: The research was undertaken for iCarhireinsurance.com by YouGov Plc. Total sample size was 2007 adults, of which 1103 had hired a car. Fieldwork was undertaken between 1 - 4 April 2011. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Excess Europe: Daily from £2.99, Annual from £39.99

Excess Worldwide: Daily from £3.99, Annual from £59.99

USA and Canada: Daily from £6.99, Annual from £119.99

Worldwide Plus: Annual from £139.99

Table 1 (below): Excess Insurance cost for UK resident renting a VW Golf class car in Barcelona (Barcelona Airport) for a three day rental from 29.07.2011 - 01.08.2011

Average daily excess from the rental companies is €21.42 or £18.59.

This compares with iCarhireinsurance.com excess insurance at £2.99 a day, which gives an 83% saving.

For a 14 day hire period, average excess insurance would cost £18 multiplied by 14 = £252. This deducted from an iCarhireinsurance.com 14 day policy costing £41.86, amounts to a saving of £210.14.

Conversion calculated on 26 September 2011: 1 EUR = 0.868053 GBP 1 GBP = 1.15200 EUR

Source iCarhireinsurance.co.uk

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