People hiring a transit van could save over 50% if they buy excess insurance from an independent provider rather than buying it direct from their van rental company (1).
If excess insurance is not bought the renter is responsible for the first part of any claim, which can be up to £1000, even if the van is stolen or the damage is not the renter's fault (even a scratch to the paintwork while parked in the DIY Superstore's car park could cost £100s to repair).
iCarhireinsurance.com, the leading provider of van and car hire excess insurance, researched the costs to hire a transit van from Saturday 24 May to Tuesday 27 May with Sixt, Europcar and Enterprise with a pick up and drop off in Manchester (Piccadilly). It found:
- The average price to hire a van is £128 for the period, with the purchase of excess insurance from the rental companies then adding an extra 55% (2) again onto the rental cost.
- The average cost of the rental companies' excess insurance is £58 which does not reduce the renter's liability to zero, instead the renter would be required to pay for the first £250 for any claim with Europcar and Enterprise, and the first £75 with Sixt.
- The most expensive excess insurance is £69 with Sixt which reduces the customer’s excess to £75. This is more than double the cost of an iCarhireinsurance.com excess policy costing £31.96 (£7.99 per day) which reduces the customer’s excess to £100. Alternatively, customers wishing to remove their excess all together can pay just £10.99 per day with iCarhireinsurance and still save over 35%.
"When a tiny chip to the paintwork can cost hundreds to repair people hiring vans should make sure they're protected from any unwanted excess costs," said Ernesto Suarez, founder and CEO of iCarhireinsurance.com. "Buying an excess policy from an independent provider, like iCarhireinsurnance.com, saves consumers money and reduces their liability to zero offering them absolute protection."
An iCarhireinsurance.com van hire excess insurance policy provides £2000 excess cover; covers damage to the bodywork, windscreens, tyres, roof and undercarriage; and covers up to nine named drivers in the rental agreement.
A customer purchasing an Annual Car Hire Excess policy from iCarhireinsurance.com, which start from £39.99 per year, can also upgrade to include van hire for an additional £29.99 for the year, which also includes campervan cover.
UK resident renting a Transit Van from Manchester Piccadilly for four days (4 x 24 hour periods) from 24 - 27 May 2014 and dropping off at the same location.
|COMPANY||Van Rental Rate||Starting Excess||Excess Insurance||Remaining Excess|
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1 - An iCarhireinsurance.com van hire excess policy costs £7.99 per day with a £100 excess, therefore a four day policy is £31.96, compared with a £68.98 excess policy from Sixt for a transit van hire from 24 - 27 May 2014. A saving of 54% can be made buying an iCarhireinsurance.com van hire excess insurance policy.
2 - £58 is the average cost of a van hire excess insurance policy from the three rental companies researched.