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Insurance Expert at ReduceMyExcess reveal Brits over-paying for holiday car hire by more than £450

Published

2 weeks ago

September 3, 2024

British consumers on average spend £450 more than they need to on car hire, whilst getting less for their money
On average, car hire company’s excess insurance cost nearly eight times more than stand-alone cover and protects the customer from far fewer eventualities
Extras sold at the hire desk, including child seats and satnavs push up daily hire prices even further.

LONDON, Sept. 3, 2024 /PRNewswire/ — A study by car hire insurance providers, ReduceMyExcess has revealed that whilst Brits enjoyed the sun abroad this summer, many will have been overcharged for their car hire, whilst not being given the level of protection they might think.

In fact, British holidaymakers will have spent as much as £450 more than they need to with car hire companies by giving in to pressure at the hire desk.

Many holidaymakers don’t realise they can avoid this with a little pre-planning and by using independent insurance providers, especially when it comes to protecting their excess for as little as £24.

For a 7-day single European trip, the most common upgrades and average additional charges* pushed by hire companies are:

Excess waiver – £186
Glass, undercarriage & tyres – £17
Child booster seat – £87
Personal possessions – £16
Satnav – £74
Roadside Assistance – £55
Pay on the day – £18

Total = £453

However, it need not be the case and consumers can save this by prepping in advance.

Jon Rebuck, co-founder of ReduceMyExcess explains:

There are a number of ways car hire companies get more money out of customers at the hire desk.

However, savvy consumers can win back by following these tips.

1. Refuse the excess waiver. In the event of any accidental damage to the hire car, you’ll be liable to pay a sizable excess which is often taking directly from your credit card. Hire companies charge a daily fee to waive the excess you are liable for in the event of damage to the vehicle. However this waiver is on average nearly eight times more expensive than the cost of a standalone car hire excess insurance policy, which will reimburse your excess fully in the event you’re charged for accidental damage.

2. Damage to tyres, windows, lights and undercarriage often go unnoticed by the customer at the point of collection, so are easily charged for at the point of return even if they’ve not been caused by you. If you’ve taken out a standalone car hire excess insurance policy, then you may also be able to refuse the hire company’s tyres, glass and undercarriage protection which typically costs another £17 per week on top of the hire company’s excess waiver fee, and often is not available separately. Many standalone excess insurance policies include this cover as standard, and at no extra cost.

3. Take car seats with you. Most airlines won’t charge you for taking car seats on the plane. Car hire companies abroad charge on average £87 per week, per booster or child seat, which are a legal requirement for many children abroad. To make their daily rental prices look better, hire companies might sign post stressed and tired families to airport shops where car seats can be purchased at above-market prices and make look hiring a car seat better value. Simply by taking your own child’s car seat can save you more money.

4. Many hire companies charge extra to insure your personal effects, another extra you might not need. It’s important to understand that personal cover often comes with an excess of its own and low level of cover. This means after the cost of the bolt-on (£16) and the excess (often hundreds of pounds), it might not be worth making a claim. Sometimes personal belongings cover is lumped in with personal injury cover, so be sure to understand exactly what the hire company are trying to sell you and compare to standalone excess insurance policies which typically cover personal possessions for no extra charge.

5. Use a smartphone navigation app rather than hire a sat nav. Most hire cars will have a USB socket for phone charging, and most smartphones will have a default maps/navigation app, as well as a number of free and paid options via the App Store / Google Play. Satnavs can cost as much as £74 to hire for a week and offer no advantages over a smartphone. Take advantage of bringing with you a mobile phone holder as well that fits to wither the windscreen or air vents.

6. Often, additional roadside assistance cover is also unnecessary. Typically, the upgraded roadside assistance offered by the hire company is only to cover you for “breakdowns” that are your fault (lost keys, misfuelling or locking the keys within the vehicle) and in cases where a breakdown occurs that isn’t your fault, you may already only be liable to pay a towing fee back to the hire centre where the car will be swapped for another. In both cases, many standalone excess policies will cover lost keys, misfuelling and recovery costs – so there’s no need to pay additional fees (£55 per week on average) to the hire company to cover these.

7. Pay online in advance. If you choose to pay on collection, on average the higher company will charge an additional £18 for a week’s booking, although some hire companies charge as much as £26. Booking and paying for your hire vehicle online and in advance also means you can avoid being subjected to the “hard sell” when at the hire desk for the extra’s you don’t need. Don’t forget to purchase a car hire excess insurance policy in advance too and check all policy documents carefully so you understand exactly what your cover extends to.

*Prices are average taken for a 7-trip collecting from and returning to Madrid Airport between 2^nd September and 9^th September 2024. Prices taken across 6 leading providers of car hire, rounded to the nearest £1 (GBP).

Company info

ReduceMyExcess provide car hire excess insurance policies, saving holiday makers money on costly excess waivers from car hire companies. ReduceMyExcess is a trading name of Eversure Limited

https://www.reducemyexcess.co.uk/

Contact info

Ian Holmes – [email protected]

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Fraud Detection & Prevention Market to Reach $252.7 Billion, Globally, by 2032 at 24.3% CAGR: Allied Market Research

Published

2 hours ago

September 20, 2024

CISION (PR Newswire)

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The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market.

PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Detection & Prevention Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) and Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government and Defense, Manufacturing, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “fraud detection & prevention market” was valued at $29.5 billion in 2022, and is projected to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of fraud detection and prevention solutions limits the growth of the fraud detection & prevention market.

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The solution segment held the highest market share in 2022.

By component, the solution segment dominated the market in 2022, this dominance is driven by the increasing demand for advanced technological solutions that can effectively detect, monitor, and prevent fraudulent activities across various industries such as banking, e-commerce, and insurance. Solutions like AI-based fraud detection, machine learning algorithms, and behavioral analytics have become critical tools in identifying potential fraud in real time and reducing financial losses. However, the service segment is expected to witness the largest CAGR of 28.0%, this growth is driven by the increasing need for specialized services such as consulting, implementation, and maintenance to help organizations effectively integrate and optimize fraud detection solutions.

The BFSI segment held the highest market share in 2022.

By industry vertical, the BFSI segment accounted for the largest share in 2022. This is primarily due to the high frequency and sophistication of fraud targeting financial institutions, making fraud detection and prevention solutions a critical need in the BFSI sector. Financial transactions, online banking, and digital payments are particularly vulnerable to cyberattacks, phishing schemes, and identity theft, driving the sector’s substantial investment in advanced fraud detection technologies. However, the retail segment is expected to witness the largest CAGR of 32.7%. This anticipated growth is driven by several factors. Retailers are increasingly targeted by fraudsters due to the high volume of transactions and the sensitivity of customer data involved. As e-commerce and digital transactions expand, the need for advanced fraud detection and prevention solutions becomes more critical.

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Regional Insights: The North America region held the highest market share in 2022.

By region, the fraud detection & prevention market was dominated by North America in 2022. North America, particularly the U.S., has a highly developed financial and technological infrastructure that supports advanced fraud detection solutions. The region’s significant investments in cybersecurity and fraud prevention technologies, combined with a high incidence of cyber threats, drive continuous innovation and adoption of sophisticated fraud management systems.

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Key Industry Developments

In February 2024, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.
In April 2024, Cognizant collaborated with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
In September 2022, Deutsche Bank collaborated with Visa, to help prevent online retail fraud. Merchants who process their e-commerce payments via Deutsche Bank can now use “Decision Manager,” an automated fraud detection system from Visa-owned company Cybersource.

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KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

Published

2 hours ago

September 20, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Ultima Markets Wins Two Prestigious Awards at Global Forex Awards–Retail 2024!

Published

7 hours ago

September 20, 2024

CISION (PR Newswire)

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LIMASSOL, Cyprus, Sept. 20, 2024 /PRNewswire/ — Ultima Markets, a leading global forex and CFDs brokerage, is thrilled to announce its double success at the prestigious Global Forex Awards – Retail 2024. The company won two distinguished awards: “Best Affiliates Brokerage – Global” and “Best Fund Safety – Global.”

The awards were presented during the event in Limassol, Cyprus, where Jean Philippe, Board Advisor, Corporate Governance and Sustainability at Ultima Markets, accepted the honours.

The Global Forex Awards – Retail has celebrated excellence in trading innovation for seven consecutive years. Ultima Markets’ dual wins reflect its commitment to quality, client-centric strategies, and strong partnerships across the financial services sector.

The “Best Affiliates Brokerage—Global” award recognises Ultima Markets’ exemplary affiliate programme, which has successfully driven its global expansion. It is celebrated for its transparency and competitive rewards tailored to affiliate needs.

Receiving the “Best Fund Safety – Global” award highlights Ultima Markets’ efforts to safeguard client assets. Through its partnership with Willis Towers Watson, the company provides up to USD$1,000,000 in insurance per account, while its Financial Commission membership ensures clients access to up to €20,000 in compensation funds.

These recognitions underscore Ultima Markets’ priority to security and transparency, including segregated accounts and robust risk management practices. The broker also assures affiliate partners of exceptional standards.

Commenting on the awards, Jean Philippe said, “These recognitions reflect the exceptional work of our teams to ensure the safety of traders’ funds and our dedication to creating value for our partners and clients. We will continue to evolve and innovate to meet the market’s demands.”

Ultima Markets is renowned for its extensive range of trading products and personalised customer service, designed to meet clients’ diverse needs worldwide. The dual recognition marks a significant milestone in the company’s global growth and reaffirms its reputation for delivering fund safety and robust affiliate opportunities.

“We are delighted to be recognised with these awards, which reflect our mission to create a secure trading environment and build strong, rewarding partnerships,” said Jack Li, Ultima Markets’ Regional Business Director.

About Ultima Markets

Ultima Markets is a fully licensed, fast-growing broker offering access to 250+ financial instruments. With a team of 2,000+ professionals in 15 global offices, we serve clients in 172 countries. Check out more about our awards on Facebook, X, Instagram, LinkedIn and YouTube.