Higher Excess Rates Lead Holidaymakers to View Car Hire Insurance as 'Financial Must-Have'

LONDON, July 4, 2012 /PRNewswire/ --

• Families hiring cars in Spain can save a considerable sum by buying car hire insurance in advance
• Rising exposure to car hire excesses are leading car hirers to view excess insurance as a 'must-have' financial product

With excess liability levels rising by over a third for some of those renting popular Economy or Compact sized cars in Spain, Moneymaxim.co.uk, the UK's leading experts on car hire insurance, believe that car renters now view car hire excess insurance as a 'must-have' product when hiring a car.

Car hire companies typically hold car renters liable for any damage to the car, or in the event of its theft, up to the amount of the excess. With the school holidays just around the corner those looking to hire a car in Spain this summer could be facing the prospect of a big jump in the excess they are liable for when hiring a car.

From 11^th July renting a Hertz car in Spain will mean accepting an excess of €900 (previously €670) for a small Economy car such as a Seat Ibiza, or €1050 (previously €775) in the case of an Opal Astra. And whilst Hertz offer to waive the excess if the in house SuperCover product is purchased this costs £109.66 a week for the Ibiza, or an eye watering £249.56 if hiring an Astra for two weeks.

Mark Bower, Managing Director of http://www.moneymaxim.co.uk says;

"Car hirers now increasingly view car hire excess insurance as a necessary 'must-have' product. We are seeing more and more customers using our unique comparison engine and a clear message from those we talk to is that the current levels of excesses in most rental agreements mean they view car hire excess insurance as an essential part of their car rental package. After all, very few people these days can easily foot the potential bill of around £1,000 if their rental car is badly damaged or stolen."

The Moneymaxim.co.uk service is unique in that it compares the leading car hire excess insurers in the UK, offering both daily policies from under £2 per day and annual policies enabling any number of rentals to be insured over the next year* from under £38 p.a. Car hirers can save up to 85% by buying a policy through the moneymaxim car hire excess service. Two weeks cover in Europe runs from less than £30, and will not only cover the excess on any standard family car hired from Hertz or other car hire firm, but also offer insurance against damage to the car's wheels, tyres, windscreen, roof and underbody.

Continues Bower;

"Our rates are a fraction of the cost of buying policies through either the car hire websites or worse still at the rental desk. What is more the policies we offer frequently include additional benefits such as lost key insurance or misfuelling cover, which are great added bonuses."

Moneymaxim are currently offering discounts of up to 50% on insurers standard prices, as companies such as Insurance4carhire, Carhireexcess, Odyssey, Questor and Protect your bubble compete for car renters business.

Find answers to all your car hire and car hire insurance questions here: http://www.moneymaxim.co.uk/companies/car-hire-excess-insurance/

Notes to Editors

*Car rentals agreements are limited in individual duration to periods between 31 and 62 days, depending on the policy chosen.

**Hertz rates quoted above correct as at 2^nd July 2012, on rentals from Malaga Airport from the 14^th July 2012 to the 28^th July 2012. Source: Hertz website.

About moneymaxim.co.uk: Launched in 2008 by Mark Bower moneymaxim.co.uk aims to deliver an impartial and independent service both online and through telephone money saving specialists.

Details of car hire excess insurance rates around the world can be obtained from moneymaxim.co.uk

Visit: http://www.moneymaxim.co.uk for more money saving advice and information. The website won The Best Niche Insurance Aggregator Award 2010 from The Money Awards.

• Moneymaxim in the Press:
  • Car hire insurance: new website offers help comparing cover - The Guardian
    
  • How to Save Money on Holiday in Spain - The Telegraph
  • The Crafty Traveller: How to steer clear of hidden car hire costs - Daily Mail
    

For more information contact: Dale Lovell, Search News Media, on +44(0)845-200-1445. E-mail: [email protected]. Mark Bower is available for interview.
Case studies are available.

SOURCE moneymaxim.co.uk