If you're hiring a car, you may be offered excess protection insurance. But is it worth paying for?
Most hire car companies will offer you the option to buy excess protection insurance. This is designed to cover the excess on your hire car insurance policy in the event that you have to make a claim.
The excess is the amount you have to pay towards a claim. For example, if you have an accident and the damage costs £1,000 to repair, and your excess is £500, you would pay £500 and your insurer would pay £500.
If you don't have excess protection insurance, you would have to pay the full £1,000.
So, should you take out excess protection insurance on car-hire-excess-insurance.co.uk?
There are a few things to consider. Firstly, check whether you're already covered. Some travel insurance policies and credit cards offer excess protection as an added extra.
If you're not covered, then it's worth considering whether you need it. Excess protection insurance can be expensive, so it's important to weigh up the cost against the likelihood of you having to make a claim.
If you're hiring a car for a short trip, the chances of you having an accident are relatively low. However, if you're hiring a car for a longer period of time, or if you're planning to drive in a country with a high accident rate, then excess protection insurance may be a good idea.
Ultimately, the decision whether to take out excess protection insurance is up to you. But it's important to think carefully about whether you need it before you buy it.
Does deductibles mean the same as excess?
Most people are unfamiliar with the term ‘excess’ in relation to car insurance. An excess is the amount of money you will have to pay towards the cost of a claim. The excess is usually a fixed amount, and will be shown on your insurance policy schedule. The excess may be payable in addition to any deductible that applies to your policy.
In some cases, you may be able to reduce or eliminate your excess by paying an additional premium. This is known as ‘excess protection’. Excess protection is not the same as ‘deductible protection’, which is an insurance product that reimburses you for the amount of your deductible in the event of a claim.
Whether or not you should take out excess protection is a personal decision. You need to weigh up the cost of the premium against the likelihood of having to pay the excess in the event of a claim. If you are a safe driver and you have a good understanding of the excess on your policy, you may feel that you don’t need the extra protection. However, if you are worried about the cost of the excess, excess protection may give you peace of mind.
What is an Annual Car Hire Excess Insurance Policy?
An annual car hire excess insurance policy is insurance that covers the excess fee that you would have to pay if you made a claim on your car hire insurance. The excess is the amount of money that you would have to pay if you had to make a claim on your car hire insurance, and it is usually a lot higher than the excess on your regular car insurance. The excess on a car hire insurance policy can be as high as $5,000, so it is important to have insurance that will cover this amount.
What are the advantages of buying annual car hire excess insurance?
When renting a car, you will usually be offered the option to buy excess insurance. This is designed to cover the cost of any damage to the car that is not covered by your regular car insurance policy. There are a number of advantages to buying annual car hire excess insurance.
Firstly, it can save you money in the long run. If you damage the car while you are renting it, you will be liable for the full cost of the repairs. This can be expensive, especially if the damage is extensive. With excess insurance, you will only have to pay the excess, which is usually a lot less than the cost of the repairs.
Secondly, it gives you peace of mind. If you are worried about damaging the car, excess insurance can give you peace of mind. You will know that you are covered if anything happens to the car.
Thirdly, it can save you time. If you have to make a claim on your regular car insurance policy, it can take a long time to get the money back. With excess insurance, the process is much quicker.
Finally, it is worth considering if you are planning to rent a car for a long period of time. If you are going to be renting a car for several months, it may be cheaper to buy annual excess insurance than it would be to buy insurance for each individual rental.
The article argues that you should not take excess protection on a hire car because it is a waste of money. The author points out that most car hire companies include some form of protection in the price of the rental, so there is no need to pay for it separately. They also argue that your own car insurance may cover you for damage to a hire car, so it is worth checking before you buy excess protection. In conclusion, the author advises readers to save their money and not buy excess protection on a hire car.