Veygo Insurance warns Britons of the high costs associated with car rentals compared to short-term options for insurance when borrowing a vehicle. According to their research, renting a vehicle is 227% more costly than borrowing from family or friends and getting temporary insurance.
The insurer received three quotations for the hire of a car in the UK for the August bank holiday weekend. It was done as part its most recent investigation.
The average rental car cost was PS157. Some quotes were as high as PS367.
In comparison, short-term car insurance would only cost PS53 per driver, while borrowing from family and friends will run you PS53.
Edinburgh drivers could save as much as PS26 on their rental car costs.
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He stated: “We understand that not all drivers need short-term coverage, but it is clear that borrowing a vehicle from family and friends can save you a lot of money.”
The cost of renting a car is rising. It’s more expensive than ever and it can be difficult to rent a car for those under 25.
This is a particularly troubling situation because this age group is less likely than others to have their own cars and could benefit from flexible options.
Although it may not seem like something that drivers might have thought of before, borrowing from friends or relatives and buying short-term insurance is quick and cost-effective for many.
Drivers have the option to purchase a policy online and be covered in minutes. Many rental policies only offer third-party coverage, so you may be out of pocket for an accident.
You can pay what you want with policies that are available for hours, days, or even weeks.
Cardiff was the cheapest place to rent a vehicle, with an average price of PS100.
Drivers who borrow cars and buy short-term coverage could save almost 90%. A temporary policy will likely cost about PS53.
Birmingham and Newcastle were also included in the study. Both cities saved more than PS95 by choosing to rent a car instead of buying short-term insurance.
In six cities, drivers can save on average PS104 by choosing short-term coverage and borrowing a vehicle over renting.
Drivers who rent a vehicle will need to pay more money to cover their expenses.
Some policies only offer third-party coverage.
Publiated at Wed 25 August 2021, 16:21.20 +0000