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Martin Lewis advises car hirers to pre purchase excess insurance

 Finance guru Martin Lewis says buying hire car accident excess insurance in advance is a cheap option. Speaking on the This Morning TV show, the brains behind MoneySavingExpert.com stated that pre-purchasing the optional car hire add-on was likely to be 10 per cent of the cost at the actual rental station.

He explained that excess insurance in Europe could be as high as €20 (£17.40) per day. Money Maxim is one of the online sources for good deals on excess insurance. Lewis claimed policies at Money Maxim could provide the same damage cover for just £2 a day.

He said hirers would still have to allocate upfront deposits on their bank cards if they did not take out the hire car suppliers own excess policies. The hire company will still take the money from the deposit in the event of accident damage too, but this is not lost for good as it can be claimed back from the pre-purchased insurance.

Backing up his claims, Mr Lewis said car hire companies used scare tactics to coerce customers into buying their insurance. He said he had heard clerks warning that if there was a problem with the vehicles when they returned them the hirer could be saddled with a bill for €1,000 (£872).

Also on This Morning, Mr Lewis stated what the car hire industry has long known. This is that the earlier customers reserve and pay for hire cars the cheaper it is. Using Malaga and Tenerife as examples, the MoneySavingExpert said smaller cars could be had for between £8 and £13 a day now for August whereas they might be £40 or more for walk-in customers on the day.

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In the Press
  • The Sunday Post Martin Lewis of moneysavingexpert.com: Early booking using comparison sites including Carrentals.co.uk can slash up to 70%
  • The Daily Mail For the best deals, use price comparison websites such as Carrentals.co.uk.
  • The Daily Telegraph Check out car hire comparison sites such as Carrentals.co.uk to see the prices on offer at dozens of car hire companies.
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