Travellers often don’t know about excess waiver insurance, or how much it costs, until they arrive to pick up their hire car. Not purchasing this leaves car hirers exposed to the first part of any claim i.e., the excess amount if their hire car is damaged or stolen, which can be up to £1,400 even if it’s not their fault.
iCarhireinsurance.com, a provider of stand-alone car hire excess insurance, found the average cost for a week’s car rental was £237, while the average excess waiver policy from the rental company was £111 - adding almost 50% to the bill.
The study researched the costs to hire a car in Barcelona, Larnaca, Milan, Nice, and Tenerife from five leading rental companies … Avis, Budget, Europcar, Hertz, and Sixt in spring 2016.
In Tenerife, drivers will be paying an additional 59% again on top of their week’s car hire for an excess waiver policy from the car hire company. The cost of excess waiver from the rental companies varies considerably, but was often over the £111 average across the destinations. In Milan, Europcar and Hertz charged £194 and £199 respectively for a week’s excess policy, while in Barcelona the same companies charged more than £140, and in Larnaca, Budget charged £168.
‘Car hirers could save themselves an enormous amount of money with a bit of planning before they travel,’ said Ernesto Suarez, CEO and founder of iCarhireinsurance.com. ‘Anyone buying an excess waiver policy from the rental desk is paying on average £80 more than if they bought a policy from a stand-alone car hire excess provider. Our policies include the vulnerable parts of the vehicle such as windscreens and tyres, which are often excluded by the rental desk waivers.’
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