19 April 2023

Deflation hits Moneymaxim as Car Hire Insurance Policy Prices Fall

Car Hire Excess Insurance costs fall on MoneyMaxim as insurers get ready for the Summer

Here is something rather remarkable for the current times.

Three of the leading insurers on the Moneymaxim Car Hire Excess Insurance panel have recently reduced their prices.

Following their annual reviews with the policy underwriters they have all found way to trim the costs of their most popular policies, and we have seen price cuts affecting both European and Worldwide excess policies. Both Annual and Daily polices are affected.

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The changes mean that the gap between the cost of standalone car hire excess insurance policies and the cost of cover bought at the desk has widened again - meaning it is very possible that users will be saving between 80% and 95% over the cost of buying car hire excess insurance at the desk.

Car hire prices are also trending downwards for the summer as some of the car availability issues seen last year are lessening - however a word of warning - too many people are leaving it until the last few days before their break too book.

Only today a user who who booked two days ago for the Mayday bank holiday weekend in Barcelona has seen the price rise from £135 to £229 reflecting the late surge in demand.

Comparison is more important than ever this year as there are other companies who have put up their prices. So you may find the company who you thought was best last year when you ran a quote no longer is this year.

If you are planning on hiring this year please do, as we said in our recent article, Seven Ways to Save on Car hire this Summer book as soon as you find a price you’re happy with with a company which offers free cancellation such as our in house broker Clarify Car Hire. This means you’ll have locked in the maximum price you will have to pay for the rental, but knowing that if the cost does go down then you can cancel and rebook at the lower price.