Generally, it can take up to three days for the insurance company to respond to your claim if your car was involved in an accident, and there is no responsible third party. However, in the case of a severe accident where your car is a write off, to get the insurance claim on your totaled car, you may have to wait for up to 30 days to get your insurance claim. Is car hire excess insurance worthwhile? When your car is involved in a serious accident where the car cannot be repaired at all, or if the damages cost more than the actual cash value of your car, which is more popularly known as ACV, the car is then considered a total loss. Hence the famous term 'totaled car'. If you want to take precaution, then you should definitely consider buying car hire excess insurance.
At this point you might be asking yourself what this is. Well, it is an insurance cover with a bit of a difference. It is an insurance for vehicles that have been hired or leased. In the event that the car you hired was not covered by car hire excess insurance and it gets stolen or damaged while you were out on holiday, the insurance company will request that you pay the excess charge which in most cases, is only a portion of the whole amount, but it can still put a hole in your pockets and bring your holiday to a sad screeching halt. So in that regard, the next time you hire a car, make sure you buy car rental excess insurance.
How does annual car hire excess insurance compare to daily excess insurance?
Well, it is quite notable that the daily rates of payment can prove to be more expensive than the annual rates. You could save a ton of money by taking up the annual car hire excess insurance. Do I need excess protection car hire insurance? To answer this more conveniently, let's look at the pros and cons. One of the pros of car hire insurance is that it cuts the costs and makes it cheaper to claim in case your rental car gets damaged or stolen. The premiums are also very low. The main downside of car hire excess insurance is that you might end up spending more than you save, especially if you don't get involved in any accidents or have zero damages on the car. This is the price you pay if you prefer to play safe. However it does come in handy.
Is it worth buying car hire excess insurance?
Before you decide to get this cover on your hired vehicle, make sure you take a look at the excess charge on your car leasing agreement first. Some rental companies have their own insurance for car hire. They often take advantage of their customers by charging extremely high excess fees for their claims. Sometimes it can be worthwhile to get the insurance cover for your hired vehicle. It all depends on how high the limit of your excess is and how much an excess insurance policy costs.
Conclusion
In conclusion, if you happen to hire a car, excess insurance can end up saving you a lot of money. Some car hire companies allow you to take the excess insurance cover from any insurance company of you choice, however, it is advisable to confirm this before taking a separate cover since some car rental companies do not give this option to their customers. Some companies charge a compulsory excess fee of up to 1000 Euros when you rent a vehicle from them. All in all It is very much recommended to get an excess insurance cover for your car in the case that it is a rental.