Fintech PR
Insurance Expert at ReduceMyExcess reveal Brits over-paying for holiday car hire by more than £450
- 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 2nd September and 9th 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]
View original content:https://www.prnewswire.co.uk/news-releases/insurance-expert-at-reducemyexcess-reveal-brits-over-paying-for-holiday-car-hire-by-more-than-450-302236596.html
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg
View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
Photo – https://mma.prnewswire.com/media/2557788/image.jpg
Photo – https://mma.prnewswire.com/media/2565550/Image2.jpg
Logo – https://mma.prnewswire.com/media/2449955/5026987/AIMA_Technology_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
-
Fintech4 days agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech3 days agoFintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations
-
Fintech PR4 days agoTAILG Represents the Industry at COP29, Advancing South-South Cooperation with Low-Carbon Solutions
-
Fintech PR5 days agoROLLER Releases 2025 Attractions Industry Benchmark Report, Unveiling Key Trends and Revenue Strategies
-
Fintech6 days agoFintech Pulse: Navigating Expansion, Innovation, and Sustainability
-
Fintech5 days agoFintech Pulse: Milestones, Partnerships, and Transformations in Fintech
-
Fintech PR3 days agoAlkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
-
Fintech PR4 days agoThe CfC St. Moritz Announces New Speakers from BlackRock, Binance, Bpifrance, Temasek, PayPal, and More for Upcoming 2025 Conference