Self-drive hire insurance is a type of insurance policy that provides coverage for rental vehicles that are being driven by the renters themselves. It typically includes liability insurance, collision coverage, and protection for the rental vehicle. The purpose of this insurance is to protect both the rental company and the renter against financial losses that may occur in the event of an accident or other covered event.
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Types Of self drive hire insurance
There are several types of self-drive hire insurance, including:
- Liability insurance: covers damages or injuries to third parties.
- Collision damage waiver (CDW): covers damages to the rental vehicle.
- Personal accident insurance: covers medical expenses and death benefits for the driver and passengers.
- Personal effects coverage: covers loss or theft of personal belongings within the rental vehicle.
- Roadside assistance: covers towing and other emergency services.
- Loss of use insurance: covers loss of rental income for the rental company in case the rental vehicle is damaged and unable to be rented out.
- Engine protector: covers the cost of repairs or replacement of engine components.
- Tyre and glass coverage covers damages to tires, windscreen, and other glass parts.
- Undercarriage coverage: covers damages to the underside of the rental vehicle.
Cost of self-drive hire insurance
The cost of self-drive hire insurance varies depending on several factors such as the type of vehicle, the duration of the rental, the driver’s age and driving history, and the location of the rental. On average, self-drive hire insurance can cost anywhere from $10 to $30 per day.
Benefits Of Self-drive hire insurance
- Protection against financial loss: Covers expenses in case of damage to the vehicle or third-party property.
- Liability coverage: Protects against lawsuits and medical expenses of third parties involved in an accident.
- 24/7 Roadside Assistance: Provides help in case of breakdowns, flat tires, and other issues.
- Peace of mind: Gives the rental car driver peace of mind and security while driving.
- Cost-effective: Can be cheaper than adding insurance coverage through the rental company.
- Customizable coverage: Allows the rental car driver to choose the level of coverage that meets their needs.
How To Apply For Self Drive Hire Insurance
To apply for self-drive hire insurance, follow these steps:
- Determine the coverage you need based on your vehicle and usage.
- Research insurance providers that offer self-drive hire insurance.
- Compare quotes and coverage options from multiple providers.
- Choose a provider and complete an application, which may require information such as your driving history and details about the vehicle to be insured.
- Review and sign the insurance contract.
- Pay the premium to activate the coverage.
- Keep the insurance certificate in the vehicle and carry proof of insurance with you while operating the vehicle.
Note: The specific requirements and steps may vary depending on the insurance provider and location.