Wednesday 10 October 2012

Did you know that you can buy carhire excess insurance for a week for the equivalent of one week's pension?

Just picked up a Press Release from the car hire excess insurance specialist insurance company iCarhireinsurance. (They also offer Car Club insurance and Van Hire excess insurance as well).

Anyway they are saying in their press release from a couple of days ago "A Week's Excess Car Hire Insurance Can Cost a Week's Pension"

Photo courtesy of cotedazurrental.com

It is that time of the year when many retired people head off to some winter sun and hire a car. Icarhireinsurance are pointing out that  Retired people heading off for some late summer sun are warned that buying car hire excess insurance direct from the rental company could cost as much as their week’s state pension.

With the average pensioner in the UK receiving a state pension income of £107 a week, travellers arriving to pick up their hire car are being asked to pay on average over £130 for a week’s excess insurance to protect them against the first part of any claim.

If excess waiver insurance is not purchased by a hire car customer they could be liable for up to £1500 if the car gets damaged or even stolen. Even a small scratch on a windscreen can cost hundreds to fix. Older travellers should also be aware that some car hire companies set higher excess levels for the over 70s.

But many rental companies do not make this clear.

Research by excess insurance specialist, iCarhireinsurance.com, found that the four leading car hire companies surveyed charged an average of £17 a day for excess car hire insurance, with the highest being an eye watering £23 a day with Hertz.

Hiring a car and taking out excess insurance from the rental company is a “rip off” say over one in five (22%) consumers who have hired a car in the UK or abroad, according to a 2012 YouGov poll* commissioned by iCarhireinsurance.com.

However, policies can be bought online for £2.99 a day, or £39.99 for an annual policy, from iCarhireinsurance.com for those up to 85 years. This reduces a traveller’s excess amount to zero.

“Handing over a week’s pension is a big chunk out of a retired person’s income when they could have bought excess insurance in advance for 80% less,” said Ernesto Suarez, Chief Executive of iCarhireinsurance.com.

“Travellers are being held to ransom to take out a rental company’s excess insurance with the threat of huge penalties if they damage the hire car when all they want to do is pick up the keys and start their trip.”

iCarhireinsurance.com’s excess policies also provide cover to vulnerable areas like the windows, tyres, windscreen and undercarriage which the rental companies’ policies usually exclude.
Its policies are available for Europe, USA and Canada, or Worldwide. Visit iCarhireinsurance here for more details and to obtain a quote and use that extra cash you have saved to have a really good holiday.

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