The car hire excess policy covers the costs of a claim made on an insurance policy if a rented vehicle is damaged or stolen. The excess is the cost you have to pay before your insurer pays the rest.
Some insurers allow you to pay a voluntary excess in addition to the excess that is included with all motor policies. You would pay a set amount towards your claim, and the insurer would cover the rest.
Car hire insurance works differently. You’ll get insurance when you rent the car, but your excess will be much higher. You could be responsible for paying it in the event of an accident, making excess insurance so important. For more details on Car Hire Excess Insurance, visit https://www.moneymaxim.co.uk/insurance/vehicle-hire/car-hire/excess-insurance/
How does car hire excess insurance work?
You can claim the excess insurance you paid for your rental car. Some policies cover only a portion of the excess, while others exclude issues like cracked windshields or broken headlights.
You can purchase car rental excess insurance on a one-time basis or annually, similar to the travel insurance. If you rent cars frequently or for longer than 14 days, an annual policy may be worth considering.
It is best to purchase excess car rental insurance before signing your rental contract, as it will not cover existing agreements. You should read the policy carefully before purchasing it, to ensure you understand what you are getting.
How can I claim my excess car rental insurance?
It is best to submit a claim as soon as you can if you need to. Many insurers will not pay out if your claim is more than 31 days old.
Contact your insurer with all necessary information and then fill out the appropriate claim form. You can do this online, by email or even via post, depending on the requirements of each insurer.