Excess insurance, also known as excess waiver insurance and car hire excess insurance, is an optional insurance policy that protects you against any excess charges you may incur in the event your hire car is damaged or stolen.
Do you have to pay excess when hiring a car?
Excess protection is optional– you can choose to pay it in order to lower the amount of money you could be liable for in the event of accidental damage or theft.
Can excess be waived?
In some situations your insurer may waive any excess that applies, and under some policies there may be no excess at all. For instance, if you are involved in a car accident your insurer may waive the excess if you were not at fault and you can provide the name and address of the person who was.
What does waive excess mean?
For extra protection, some companies offer a ‘super’ CDW (also known as an excess waiver), which means you won’t have to pay the excess either. Buying this can be relatively expensive, but it may be cheaper than not being covered at all.
What is excess waiver insurance for car hire? – Related Questions
Is car hire excess insurance the same as CDW?
Collision Damage Waiver (CDW) is included as standard in the Worldwide Car Hire Excess Insurance policy, whether it’s an Annual or Daily policy. It applies on trips around the USA and Canada, as well as the Caribbean, South and Central America.
What is the difference between CDW and excess insurance?
Collision Damage Waiver (CDW) – is not insurance, but an agreement to waive the costs of damage to your rental vehicle if it is involved in a collision. Frequently CDW has an ‘excess’ which is the first part of any claim which the renter will remain liable for.
Does waive mean cancel?
To refrain from engaging in, sometimes temporarily; cancel or postpone. Let’s waive our discussion of that problem.
Does waived mean free?
Definition of waive
transitive verb. 1a : to relinquish (something, such as a legal right) voluntarily waive a jury trial. b : to refrain from pressing or enforcing (something, such as a claim or rule) : forgo waive the fee. 2 : to put off from immediate consideration : postpone.
What does it mean to waive a payment?
A waiver is an act of the government to intentionally relinquish its claim against an individual for a debt resulting from erroneous payments of pay or allowances.
What does excess mean when renting a car?
In the context of car rental, excess is the amount of money for which the renter is held responsible under the terms of the car rental agreement as a result of the loss of or damage to the rental vehicle. This can include fire, vandalism, theft, and loss of use depending on the supplier.
How does excess car hire insurance work?
Car Hire Excess is the amount you are responsible for paying towards repair costs if your foreign car rental suffers any damage. Many holiday makers are being asked to pay high excess charges at the car rental desk abroad when they arrive but you can cover these costs for less with us before you travel.
What if damage is less than excess?
If the damage to your vehicle is minor, and the cost of repairing it is less than your excess, lodging a claim is unnecessary. You can still have a claims adjustor make an assessment of the damage so you have an accurate idea of the bill you’re facing, but without any obligation to file a claim.
Is excess protect worth it?
Excess protection is not just a good option for your own car. It can give you real peace of mind when you hire a car on holiday or on business. When you hire a car, it is insured by the car hire company and you’ll pay an agreed excess fee if any damage occurs.
Do you pay excess if not your fault?
Paying excess for a car accident that isn’t your fault
If your insurance company have dealt with the claim, they should claim the excess back for you. If you have a no fault accident, a credit hire company can also make a claim on your behalf.
What should my excess be?
As a general guide, standard excesses tend to range from around $200 up to $700, but could be higher or lower depending on your circumstances.
Why do insurance companies charge excess?
1. The excess amount is the first amount payable by you when your claim is settled or paid out. 2. It serves to motivate you to be more responsible, to take better care of your valuables and to prevent small, petty claims.
How can I avoid paying my insurance excess?
To avoid paying the excess for your not at fault accident, you may need to meet one or more of the following criteria: Your insurer agrees you are not at fault in any way. You can provide the name and details of the person who is at fault. Your insurer can recover the money from the person who is at fault.
Is it better to have high or low excess?
Generally, a higher excess is considered higher risk. But it might save you money right now. If you’re an infrequent driver and mostly have your car safely stored then the level of risk may be low and the savings could be great.
Why do excesses exist?
Excess insurance is designed to cover the cost of your main car insurance plan’s excess. This means that in the case of an accident, you will not have to pay for the cost of your insurance’s excess.
Is voluntary excess worth it?
Why would I choose to have a voluntary excess? The amount of voluntary excess you have can significantly impact the cost of your car insurance premium. By choosing a higher voluntary excess, you will reduce your premium; but you will also have to pay more if you do make a claim.