Topics
on car hire rental:
Car
Hire Excess Insurance...
By
Simon Vella
The
car rental market practically anywhere in the world is fiercely competitive. This
is great news for the consumer, of course, since it helps to drive down the costs
of renting a car while at home or abroad. Although the headline rates for the
hire of the vehicle can be very attractively priced, however, these present only
part of the picture since a hefty lies in the cost of insurance. Just as with
other forms of insurance, this will also include the cost of any excess, which
must be borne by the hirer unless he or she also buys car hire excess insurance.
(The exception is the USA, where no excess is charged).
Whenever you hire a car, you will be responsible for any damage caused to it,
either by your own driving, accidents caused by others, or the theft of the vehicle.
Just as with your own private motor insurance, you will need to indemnify yourself
against the cost of such damage or theft with something akin to comprehensive
insurance. Given the new or nearly new condition of the car you will be hiring,
the replacement or repair value can be considerable and you will want to ensure
that you are not landed with the bill for the loss or damage caused through any
mishaps.
Therefore,
the quoted rate for most car hire agreements in the UK, Europe and North America
generally includes insurance cover offering a so-called Collision Damage Waiver
(CDW) and against theft of the vehicle. This represents a significant proportion
of the overall hire costs since it cover a large part of both the third party
risks and any caused by your driving or use of the vehicle.
What
many people do not perhaps realise, however, is that in those countries where
an excess applies to the hire car insurance agreement, it is considerably higher
than it might be on your own home motor policy - an excess of £600, for example,
is not unusual and can be as high as £1,000. Furthermore, quite a few areas of
potential damage are not covered by the Collision Damage Waiver that comes as
part of the car hire insurance. Examples will include exclusions of damage to
the roof and underside of the vehicle, tyres and windows - all of which will be
the responsibility of the hirer.
The rental companies, therefore, will offer as an optional extra to the rental
agreement a car hire excess insurance further indemnifying the hirer against his
or her financial responsibility for the excess and risks not covered by the Collision
Damage Waiver or theft provisions of the principal insurance.
Whilst car hire excess insurance is a practically indispensable
option - if potentially crippling additional risks are to
be avoided - the problem with purchasing it directly from
the car rental company is that it is simply very expensive.
A far more competitive rate, however, can be obtained from
one of the companies specialising in standalone car hire excess
insurance. Since it is the driver rather than the vehicle
which is covered by this insurance, it remains entirely "portable"
and can often be arranged on an annual basis, to cover multiple
car rentals in the UK, Europe and North America.
Simon
Vella is Chief Executive of insurance4carhire
an independent specialist broker dedicated to providing their clients with the
best deal on their www.insurance4carhire.com
car hire excess insurance and
dailyexcess.com
car hire insurance. Article Source:
[http://EzineArticles.com/?Car-Hire-Excess-Insurance&id=1896610]
Car Hire Excess Insurance
N.B.
This information should not be relied on for accuracy and is presented here without
the responsibility of jml Property Service and the website it is being displayed
at. jml property Services 04-10
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