Have you paid a huge excess for rental car damage that wasn’t your fault? Then car hire excess insurance could save you hundreds of pounds. This type of cover, also known as excess waiver insurance, will help you claim back the cost of the excess charged by your rental company.
When you rent a car, the hire company will include basic insurance but the excess can be anything up to £1000. That leaves you potentially exposed to a huge bill at the end of your holiday or business trip. By taking out excess insurance, you can cover any eventuality. So how do you get the best deal on car hire excess waiver insurance?
Choose the right policy
Are you a frequent traveller who often hires cars? Or do you hire a car once a year for business or leisure? The cheapest form of cover is an annual policy which can cost just 11p a day and is ideal for people hiring cars throughout the year. For one-off trips, daily cover is the cheapest option.
Car hire excess policies cover Europe and Worldwide, so make sure you buy the right policy for the trips you make. If you frequently hire a car in Europe but make occasional trips to the USA, it may be cheaper to take out annual cover for Europe and separate single trip policies for your American journeys.
Check the cover
A policy might look cheap, but it needs to offer the right level of cover. The point of taking out excess waiver insurance is to protect yourself against financial exposure, so make sure you choose a policy that covers the excess you’ll be charged.
If you’re taking out an annual policy, make sure the claim limit is adequate for multiple claims. Otherwise, you could find yourself out of pocket further down the line. It’s also worth checking that your policy covers interior damage, plus damage to mirrors and tyres.
Check the cost
You’ve seen a top of the range annual excess policy that gives you all the cover you need but you can’t afford the upfront fee. Check whether the insurer accepts monthly payments by direct debit to spread the cost.
It’s worth calculating how much more you’ll pay if you do opt for monthly payments. There may be a cheaper policy that offers a good level of essential cover without some of the ‘nice to have’ features that you can afford to lose.
Never buy at the rental desk
If you want to get great cover without paying the earth, don’t buy from your car hire company. When you’re about to drive to that meeting or your holiday villa, you don’t need the hassle of checking a policy that turns out to offer inadequate cover. And while the daily rate can sound cheap, make sure you calculate the cost over the length of your stay: some car rental policies can work out over ten times more expensive than an independent policy.
The best way to get value for money, with the cover you want at the right price, is to buy before you travel. But be warned, rental companies will still ring fence the amount of the excess on your credit card and may claim that your independent cover breaks the terms of your hire agreement so check carefully before you buy.
Use an insurance comparison site
By far the most hassle-free way to arrange your car hire excess waiver cover is to use a comparison website. You’ll be able to evaluate policies from a wide range of specialist insurers to get the very best deal.
At Excess Buddy we make comparing car hire excess insurance a breeze with up to £10,000 of excess cover instantly including cover for lost keys, misfuelling and more. That way you can book your next rental car with complete peace of mind.