Halo Insurance Services Ltd, a leading car hire excess insurance company, has won the prestigious Broker Innovation of the Year award at the 2011 Insurance Times Awards in a glittering ceremony on 6 December 2011. The awards are the Oscars of the insurance world.

Accepting the award from radio and TV presenter Vernon Kay, Halo Insurance Services Ltd founder and CEO, Ernesto Suarez, said: “This is a fantastic achievement. We are still only two years old but by ripping up the rule book on car hire excess insurance and creating a more comprehensive and cheaper product for customers we have revolutionised the market.”

Insurance Times Editor-in-chief, Ellen Bennett, said the awards are as a celebration of “the best the insurance industry has to offer”.

Founded in 2009, Halo Insurance Services and its consumer arm, iCarhireinsurance.com, is a ground-breaking online car hire excess insurance service that is designed to save consumers up to 80% and take the hassle and jargon out of excess car hire insurance. Its comprehensive policies also cover damage to the whole of the car, unlike many policies.

“This award is recognition of our hard work and determination to provide consumers with a real alternative to buying over-priced excess insurance policies at the car rental pick up point,” said Ernesto Suarez, founder and CEO of iCarhireinsurance.com.

“Many people are totally unaware that if their hire car is stolen or damaged in any way, even if it’s not their fault, they could end up with a large excess bill. Even a small chip on the windscreen can cost hundreds of pounds.”

Excess insurance, which covers the ‘excess’ amount you would have to pay in the event of an insurance claim, is notoriously expensive if bought when you pick the car up at the rental desk, usually from approximately £18 a day, compared to iCarhireinsurance.com’s cover at just £2.99 a day (or annual policies from £39.99).