Intermediate Level
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2 Videos, 1 Audio, 1 Notebook
What does car hire excess insurance entail?
When you rent a car, whether in the UK or abroad, the car rental companies typically impose an excess charge for any potential claims stemming from loss or damage to the rental vehicle. This excess can vary greatly, ranging from €100 to well over €2,000.
In the unfortunate event of an accident, vehicle theft, or damage, you might find yourself liable to pay this excess amount to the car rental company.
Within this insurance framework, the term "excess" refers to the sum for which the insured party is accountable, based on the terms of the car rental agreement, due to physical loss or damage to the rental vehicle. This encompasses scenarios like fire, vandalism, theft, and loss of use.
When you embark on a car rental venture, be it in the UK or abroad, Collision Damage Waiver (CDW), Theft, and Third Party Liability are usually included in the rental cost.
What exactly is the concept of excess in car rentals?
The excess, also known as the deductible, denotes the amount you must bear in accordance with your Car Rental Agreement due to damage sustained by the Rental Vehicle. The excess essentially represents the difference between the damage cost incurred by the rental vehicle and the amount covered by the Collision Damage Waiver (CDW) or additional insurance provided by the rental vehicle company.
If you opt for Excess Waiver or Non-Waiver from the rental company, you should generally be exempt from any excess obligations, although it's advisable to review your agreement for specifics. If you decide not to purchase the Excess Waiver or Non-Waiver but choose our coverage, and if you happen to pay an excess, we will reimburse you in accordance with the stipulations, conditions, limitations, and exclusions outlined in your Policy Wording.
It's important to note that the Excess Waiver or Non-Waiver offered by car hire companies is typically significantly more expensive than our coverage.
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