If you're hiring a car, you may be asked to take out car hire excess insurance. This is to cover the cost of any damage to the car while you're driving it. There are two types of car hire excess insurance: daily and annual. So, which one should you take out?
Daily car hire excess insurance is usually cheaper than annual insurance. However, it only covers you for the days that you're hiring the car. If you're hiring a car for two weeks, you'll need to take out two separate policies.
Annual car hire excess insurance covers you for an entire year, regardless of how many times you hire a car. This can work out cheaper in the long run if you hire cars regularly.
So, which one should you choose? It depends on how often you hire cars. If you only hire cars occasionally, then daily insurance may be the better option. However, if you hire cars frequently, then annual insurance could work out cheaper in the long run.
How often do you hire cars?
The article discusses the pros and cons of taking a daily or an annual car hire excess insurance policy. It argues that while an annual policy may be more expensive, it could save you money in the long run if you hire cars frequently. It also notes that some credit cards offer free car hire excess insurance, so it's worth checking to see if you're already covered before buying a policy.
How much excess do you want to cover?
When it comes to insurance, there is no one size fits all answer, and the same goes for car hire excess insurance. The amount of excess you are willing to pay will depend on a number of factors, including your budget, the value of your car and your driving history.
If you are on a tight budget, then a daily car hire excess insurance policy may be the best option for you. This will cover the excess on your car hire policy for one day, and you can simply cancel it when you return the car.
If you have a more expensive car, or if you have a history of accidents, then you may want to consider an annual car hire excess insurance policy. This will cover the excess on your car hire policy for an entire year, and will give you peace of mind when driving.
Ultimately, the decision of how much excess to cover is a personal one, and will depend on your individual circumstances.
What is your budget?
When it comes to deciding whether to take out a daily or an annual car hire excess insurance policy, one of the key considerations is your budget.
If you are hiring a car for just a short period of time, then a daily policy may be the most cost-effective option. However, if you are hiring a car for an extended period of time, or you anticipate hiring cars frequently, then an annual policy may work out to be better value for money.
Another important consideration is the amount of excess that you are willing to pay. Daily policies typically have a lower excess than annual policies, so if you are willing to pay a higher excess, then an annual policy may be a better option.
Ultimately, the decision of whether to take out a daily or an annual car hire excess insurance policy will come down to a combination of factors, including your budget and your excess preferences.
The article looks at the pros and cons of taking out a daily or an annual car hire excess insurance policy. It concludes that taking out a daily policy is the best option for most people, as it is more flexible and can be cheaper in the long run.