Car Hire Excess Insurance Explained

Car Hire Excess Insurance Explained

Car hire excess insurance is discretionary insurance coverage which can safeguard the excess costs that you are expected to pay if your hire car is damaged or stolen.

What Is Car Hire Excess Insurance?

Car hire excess insurance is a type of insurance policy that covers your excess cost if you damaged or lost a hire vehicle. It is also known as excess waiver insurance.

Car rental companies normally provide their own insurance for car hire vehicles. However, they frequently require customers to pay high excess payments for claims. Despite minor damage such as scratches will amount to much as £1,000, though it may not be your lapses.

Therefore, when checking a car hire agreement and thinking on how you can reduce your excess, you’d probably consider car hire excess insurance. It suggests you’d be capable to claim the payment for the car hire excess chargeback of your excess insurance provider in case you damaged the hire car. 

Should I Get Car Hire Excess Insurance?

It’s a great plan to check at the excess cost on your car hire agreement upfront. If it’s higher than you could afford it might be meriting taking out a car hire insurance policy. You’ll be at ease knowing that you can claim the excess

The Pros and Cons Of Car Hire Excess Insurance

The pros of car hire insurance are that it gets cheaper to claim if your hire car gets damaged, and the monthly premiums are customarily cheap.

The main disadvantage is that insurance for car hire might end up expensive than you save. Besides, if it gets damaged, you might necessitate doing two claims. Normally, the car hire company runs the primary claim but you might have to be required in it. 

Getting The Cheapest Car Hire Insurance

The best way to get a good deal on hire car insurance is not getting it from a car hire company. This is because you can get a better offer by shopping around.

You can compare options when choosing a car hire excess insurance. Besides, you can check on the review to get useful information.

Moreover, you’ll be charged daily or annually depending on the type of cover you consider. If you think you need to get annual car hire excess insurance policy, you can possibly spread the cost into monthly instalments. Though you can lessen the costs upfront, this could actually cost you more.

What Type Of Car Hire Insurance Should I Get?

You have to decide whether you need to consider a daily or annual hire car insurance policy. Now, if you’ll be using the car just for a short holiday, they getting daily excess insurance will work for you.

However, if you frequently rent a car, annual excess insurance would suit you best. When doing so, you have to get the ones with a higher limit to claim more than once when you need to.

Making A Claim On My Excess Insurance

When you need to claim your car rental excess insurance, you must do it the soonest possible. This is because most of the insurers won’t consider your claim if it’s more than 31 days after the initial claim was submitted.

Initially, you have to get in touch with your insurer and give the details of your claim. After, you have to forward the claim form. Some of the insurers prefer to process this transaction via email or post, while some others have online services available.

Other Types Of Excess Insurance Policy

You can also secure excess insurance for belongings in addition to car excess insurance policy. Besides, you can get a single policy that is only intended for your car hire excess insurance. You can also consider a lifestyle excess policy, which pays the excess on several insurances. This allows you to have cover in terms of pet, car, and travel insurance.