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Car Hire Drivers in a Spin About Car Hire Insurance - Press Release...... Tuesday June 28th 2011

Many British travellers are confused by car hire insurance which is putting them at risk of high penalty fees says a leading online insurance company, iCarhireinsurance.com, following the results of a survey it conducted with YouGov.

The survey of 1103 British people who have hired a car, revealed that a sixth (15%) of respondents believed they had driven a hire car without fully understanding exactly what insurance they had and what they were covered for, but in reality the number is significantly higher than this.

A shocking 93% of people did not realise that if their hire car was damaged or stolen in Europe, even if it wasn't their fault, then they would be liable for the first part of a claim i.e., the excess amount of up to £1500. 94% did not check the small print to find out how much they would be charged if their keys were lost or stolen, and 89% did not check it for costs incurred in the event of a short notice cancellation.

With many contracts, the hirer can be charged up to £300 for lost or stolen keys and up to 50% of the contract plus costs for last minute cancellations.

When travellers reach the car rental pick-up desk (and have got to the front of the queue), they are often faced with the prospect of an additional bill of around £18 a day* to purchase "excess" insurance (adding approx £252 to the cost of a two week holiday) as well as additional insurance for key cover and personal belongings.

The survey revealed that almost a sixth (14% of people) had been scared into buying extra insurance at the car rental pick-up desk, with eight out of ten people (83%) not knowing that they could buy excess insurance from providers other than the car rental company. And indeed the vast majority, over two thirds (71%) also did not know that this insurance is significantly more expensive than they could buy elsewhere.

There was also 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.

Ernesto Suarez, CEO, iCarhireinsurance.com, "From misunderstanding the basics of what car insurance covers, to feeling '"scared" into buying expensive extra insurance at the car rental pick-up desk, people are clearly baffled by the car hire insurance offered by rental companies.

"The insurance policies available at car rental desks tend to be expensive and frequently not worth the paper they are written on, as they often fail to cover the parts of the car most likely to get damaged, such as the windows, tyres and roof. We believe drivers should stop letting the car hire companies take advantage of them when they are tired, after a journey, and really just want to get their car keys and go, and instead book more comprehensive and cheaper insurance online in advance."

The confusion is not just for those driving in Europe. Three quarters (75%) of people didn't know that you need to have CDW (collision damage waiver) and SLI (Supplemental Liability Insurance) when renting in the USA or you risk being responsible for the full cost of the vehicle if it's damaged in an accident, or even risk a six figure claim for compensation if you cause death or injury to a 3rd party in an accident. Nine in ten people (90%) did not know that they didn't have to buy the insurance offered by the car hire company and could shop around for a better deal prior to travelling.

iCarhireinsurance.com protects customers from these insurance risks at a price significantly lower than that offered by the car rental companies and also automatically covers damage to the tyres, windows, roof and undercarriage. iCarhireinsurance.com excess policies start from only £2.99 a day or annual cover for £39.99.This is a saving of around £200** for a two week holiday from buying the excess insurance direct from the hire car company. Key cover is available for only £4.99 single trip and £9.99 a year and cancellation cover for only £9.99 a year when bought with an iCarhireinsurance.com annual excess policy.

  • 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+).

(i) From Table 1 below Avis charges €19.6 per day for excess insurance, or £17.57 (currency exchange as of 28/6/2011 - 1 GBP = 1.11570 EUR)

(ii) The cheapest Nil Excess Insurance in Table 1 below is Avis, which is €19.6 per day. This multiplied by 14 (for a two week holiday) is €274.40, or £245.92 (currency exchange as of 28/6/2011- 1 GBP = 1.11570 EUR). Buying two weeks excess insurance cover from iCarhireinsurance.com is £2.99 a day, multiplied by 14 = £41.86. This gives a saving of £204.06.

Information about iCarhireinsurance.com

Founded in 2009, iCarhireinsurance.com is a groundbreaking, new online insurance service that takes the hassle out of hire car, car club and van hire insurance. It offers a range of policies that are fully comprehensive, simple to understand, unbeatable value and accepted at all car and van rental locations worldwide.

iCarhireinsurance.com is a registered trading name of Halo Insurance Services Limited. Halo Insurance Services Ltd was founded by Ernesto Suarez, a leading insurance professional with 13 years experience in the industry.

Halo Insurance Services Limited is registered in England number 6929208. Authorised and regulated by the Financial Services Authority Register No. 504629 for the sale and administration of general insurance products in the United Kingdom and throughout the European Economic Area (EEA).

Halo Insurance Services Ltd is backed by Bridges Ventures and Magenta Partners.

Source: iCarhireinsurance.com

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See also:

Car Hire Excess Costs Consfuses Consumers - June 2012

Jubilee 'DIY' weekend could be a costly exercise for some if they hire a van - May 2012

Your car hire bill could rise by 75% as a result of a hidden cost - March 2012

Save money on car hire excess insurance and take a winter break - January 2012

iCarhireinsurance comes up with New Year Tips to stop car renters being ripped off - January 2012

Don't Lose Your Christmas Cheer with the Hire Car says iCarhireinsurance.com - December 2011

Dubious Dublin airport car rental staff - November 2011

iCarhireinsurance.com in finalists for Startup Awards 2011 - November 2011

Confusion over US Car Hire Insurance Could Cost Winter Sun Seekers Dear - October 2011

Hiring a van to transport student's stuff to Uni? - September 2011

UK Holidaymakers Find Foreign Drivers Very Aggressive - August 2011

Car Hire Drivers in a Spin About Car Hire Insurance - iCarhireinsurance - June 2011

"Which?" launch super complaint against “rip-off credit card charges” - April 2011

Van hire insurance company research reveals that drivers lack experience driving rental vans - April 2011

Affordable Car Hire teams up with Halo Insurance - March 2011

Halo Insurance partners with Chubb in Germany - February 2011

Excess Insurance @ iCarhireinsurance

Jargon Buster @ iCarhireinsurance

Hot Tips for iCarhireinsurance

iCarhireinsurance.com appoints Ben Wooltorton as Sales and Marketing Director - January 2011

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iCarhireinsurance.com van hire excess insurance now being promoted at insurance4vanrental.com December 2010 Press Release

Car Hire drivers warned to check their insurance this Christmas - iCarhireinsurance - December 2010

Top Tips for Car Hire This Summer - iCarhireinsurance.com - July 2010

Over £800M Wasted on Over-Priced Hire Car Insurance Policies iCarhireinsurance Press Release June 10

Hire Car Drivers Urged to Take Out Insurance With Cancellation Cover - May 2010

iCarhireinsurance.com is featured insurance provider - December 2010

iCarhireinsurance.com awarded membership of the BVRLA

Check online car hire alternatives - May 2010

iCarhireinsurance.com been awarded membership of ABTA Trade Industry Partner Scheme - May 2010

iCarhireinsurance.com in The Guardian and Independent on Sunday - March 2010

iCarhireinsurance.com being marketed on the insurance4carrental.com website Press Release - March 2010

Bridges Ventures and Magenta Partners launch Halo Insurance Services - March 2010

What is Car Rental Insurance @ iCarhireinsurance?

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