If you are going abroad for a holiday or on a business trip, the best way to move around your host country is by renting a car; it is always better than using public transportation. Once you have settled on a car rental company, your next concern is how to get the rented car insured. There are different ways of insuring a rental car, either from the car hiring company or a third party. This is often nonbargainable as insurance serves as a safety net for both the client and the hiring firm from instances of thefts or accidents.
However, upon arriving at the front desk of a car hiring company, you will be approached with different insurance packages; the most common package is the Collision Damage Waiver. However, you can get insured from collision damage through a third party, also known as car hire excess insurance.
Buying a Car Hire Excess Insurance can be confusing and expensive, usually between $2 to $5 daily, depending on your host country and the hiring company. This high price keeps us wondering if it is worth it.
Is purchasing a car hire excess insurance worth it?
Nobody prays to be involved in an accident, we are all optimistic that nothing is going to happen all through the period that the rental car is with us, but that’s not always the case. Accidents can happen any time, that’s why it’s called an “accident,” it may not come from us, your car can get damaged or stolen even when you are not in it.
When there’s minor damage like a broken side mirror, you’d expect it to be fixed with nothing more than $50, but car hiring companies are notorious for inflating prices, so don’t be surprised when your car hiring company charge you up to $2000 for just breaking a side mirror. The easiest way to avoid this trap is with a Car Hire Excess Insurance policy.
With Car Hire Excess Insurance, you get covered in case your car gets damaged or stolen, so yes, purchasing Car Hire Excess Insurance is worth it if you are already insured.
Car hiring companies inflate excess charges – is it worth it?
It is no longer news that car hiring companies gain tremendously from excess charges. Once damage occurs to the vehicle or if it gets stolen. Car hiring companies exaggerate the cost of repair and replacement. If a car gets stolen, they charge an average of $4000 to replace a stolen car; the price will be more if it’s a luxury car, these prices are absurd when holidaying, you can’t afford to spend this much, you need as much money at your disposal as possible. This is where Car Hire Excess Insurance comes in. If you buy car hire excess insurance, you will have nothing to worry about, you don’t have to pay those exuberant fees, and the best part is that you will be charged a mere $3 daily for the coverage.
Accident can occur any time
Once you drive off from the car hiring company, any damage done to the vehicle will be billed on you, it doesn’t matter if it was caused by you, or by a third party, once there is a scratch, dent or damage on the car you have to repair it.
No matter how good you are in driving or how careful you may be, some accidents are totally out of our control, like a hail storm or if a tree falls on the car, or if it gets stolen.
Paying for a Car Hire Excess Insurance might seem expensive, but one thing you know for sure is, you won’t be spending more than that, you will have rest of mind in the case of an accident.
It is affordable at long run
People feel paying for an extra car hire excess insurance is money they don’t have to spend. However, we cannot undermine its essential; it is better you part away with your $3 daily than to pay your car hiring company thousands of dollars if an accident occurs eventually.
Different options to choose from
Car hire excess insurance has different packages and prices; this means, there’s always one package that suits your needs. Buying from a third-party vendor is an excellent way to start.
People don’t need to buy a car hire excess insurance, but it is necessary, it gives people rest of mind and help them avoid paying for damages at an inflated price.
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