Topics
on car hire rental:
There is a lot of competition about in the
car hire insurance market...
By
Philip Suter - May 20th 2010
In
2002 there was only one player in the car hire excess insurance market, today
in 2010 there are at least 31 and numbers still increasing. Does this mean that
the customer is benefiting or just becoming more confused?
In
2002 Larry Ursich founded insurance4carhire.com.
He had previously run his own car rental broking company for
10 year. He was concerned about the high costs being charged
by the car hire companies for Excess cover and decided to
develop a better alternative: annual car rental Excess insurance
products offering customers convenience, peace of mind and
very significant savings.
So
that was the beginning of the business and over the next few
years the product was developed and the company included new
brands like the dailyexcess.com and in January 2008 the insurance4carhire.com
operation was sold to Towergate .
About the same time Questor
insurance and Carhire-excess.com,
also started offering car hire insurance.
Today
the market looks flooded, admittedly some of the organizations offering car hire
excess insurance use one of the established brands. For example The
AA, insuremycar.com, Rental car hire insurance, Swinton,
Go cover, ECB, carentalexcessinsurance, carhireinsure use insurance4carhire
and confused.com
and Intasure
use Questor.
This still leaves some fourteen others selling this product.
Earlier
this year Halo Insurance Services launched iCarhireinsurance.com and Odyssey insurance
launched their excess products. Most of these companies are based in Britain,
The Isle of Man and Ireland.
Prices
are becoming keener with European daily excess products starting at £1.94 / €2.95
per day and European annual products starting at £39.75 / €49.00. In the last
few months to help a comsumer
price comparison site has been established, although it
is not really too difficult for the average person to look at the main providers
and see what that company is offering for it's daily or annual policy.
www.insurance4carrental.com
a car hire insurance advertising site is now promoting six providers. Insurance4carhire,
daily excess.com, Questor, Essential
Travel, Odyssey
and icarhireinsurance.
Details about each provider's products are easy to locate and compare as each
product is located on an individual page.
One
area where there is not too much competition is with van hire insurance. Just
as important as car hire excess insurance. A division of Towergate's insurance4carhire.com
has set up insuremyvan.com.
This product is being advertised on the www.insurance4vanrental.com
site. Unlike the car hire products which are available on a worldwide market,
this is only available in the UK at present.
None
of the excess insurance companies appear to be addressing a growing sector of
the market. Motorhome hire. There are more and more people renting these vehicles
and in fact one of the world's largest car brokers, holiday
autos
has recently added this together with UK van hire to their range of vehicle rental
products.
Hopefully
an insurance company will introduce a product in due course to deal with the campervan
market.
What
happens next in the car hire insurance business, will there be more entrants or
are there too many already? Has it got too confusing?
(May
2010 ©jmlpropertyservices - Philip Suter)
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 05-10
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