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Over £800M Wasted on Over-Priced Hire Car Insurance Policies - Press Release... Friday June 11th 2010

£1bn a year spent on excess cover by European hire car drivers - £803m could be saved on insurance if bought in advance - Car rental companies charging 'over the odds'.

The true cost of hire car excess insurance has been revealed.

Each year £1 billion is spent on excess cover by European drivers of rental vehicles, according to research by iCarhireinsurance.com, the provider of low-cost comprehensive excess car hire insurance.

Equally staggering is the amount of money that could be saved if cover was simply bought before customers arrived at the car-rental desk. The study discovered hire car drivers could be £803m better off each year if they planned their excess insurance and bought it online.

According to 2006 Datamonitor figures*, there are due to be 255 million car rental days in Europe this year, with 45%** of drivers taking out such cover. The average price charged by car rental desks across the continent is £9.99*** a day. But with iCarhireinsurance.com's daily excess policy costing just £2.99 a day, drivers could save £7 a day. Customers taking a two week rental could be almost £100 better off by purchasing an annual policy at only £39.99.

Not only are iCarhireinsurance.com's products cheaper, they are more comprehensive than those sold at car rental desks, with drivers also benefiting from cover that is excluded from most other policies. Drivers will be insured if their hire car is damaged or stolen, but also covered for damage to the roof, tyres, windows and undercarriage.

Ernesto Suarez, founder and CEO of iCarhireinsurance.com said, “Excess cover is important when hiring cars abroad because most rental companies have an excess of between £500 and £1500, however with many car hire excess policies offered at car rental desk not covering the most vulnerable parts of the vehicle, drivers can get stung even with the cover.

Also many rental companies wait until customers actually pick up the car before mentioning this, and drivers then have little choice but to pay over the odds. We offer an alternative and the amount of money that could be saved is incredible.

“At iCarhireinsurance.com we’ve created a range of policies that are cheaper and more comprehensive than those offered at car rental desks. Furthermore, our website has been designed to cut through the insurance mumbo jumbo, making it easier for customers to find the cover they need and buy the right policy at the right price.”

*Calculated using Datamonitor’s 2006 figures projecting a 2010 Europe Car Rental market of $13.1Billion. Converted into GBP£ at 1.6, gives £8.4 Billion. This figure divided by the average price per day of car rental which is £33.00 gives 254,545 (rounded up to 255million). **iCarhireinsurance.com 2010 ***Prices correct at January 2010.

Information about iCarhireinsurance.com

Founded in 2009, iCarhireinsurance.com is a groundbreaking new online insurance service that takes the hassle out of hire car insurance. It offers a range of insurance policies that are fully comprehensive, simple to understand, unbeatable value and accepted at all car rental locations worldwide.

iCarhireinsurance.com is a registered trading name of Halo Insurance Services Limited. Halo Insurance Services Ltd was founded by Ernesto Suarez, a leading insurance professional with 10 years’ experience in the industry.

Halo Insurance Services Limited is registered in England number 6929208. Authorised and regulated by the Financial Services Authority Register No. 504629 for the sale and administration of general insurance products in the United Kingdom and throughout the European Economic Area (EEA).

Halo Insurance Services Ltd is backed by Bridges Ventures and Magenta Partners.

Source: iCarhireinsurance.com

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