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Andrew Carter

Andrew is the team’s techno-guru, and writes our breaking personal finance technology stories, keeping site readers up to date of forthcoming launches and product features.

Brits paying more than necessary for car insurance abroad

It is important that families hiring a car for this year are insuring their vehicle before they fly in order to avoid extortionate charges.

With the summer holidays just around the corner, it is important that families hiring a car for the year are insuring their vehicle before they fly in order to not be charged an extortionate amount.

Nearly two million Brits will set off on their summer holidays soon, with almost 30% of British holidaymakers hiring a car at least once a year.

However, travellers hiring a car are being encouraged to check the small print of their car hire contracts to ensure there are not any costly hidden charges.

The Office of Fair Trading (OFT) showed concern last year after there were numerous reports of people duped regarding car rental insurance at the rental desk.

According to the latest research which reviewed the process of renting a car on holiday, it seems many find the ordeal especially confusing.

Many consumers are throwing away hundreds of pounds at rental desks because they fail to understand the small print on rental car agreements, some book late and others do not order the most appropriately-sized vehicle.

The Office of Fair Trading's report directed its attention on excess cover. Results from the survey indicate that just 29% of car hire drivers are aware of what excess cover actually is.

Further findings from the report showed that nearly one in five wrongly believe that it is only possible to purchase excess insurance from the rental companies themselves.

Excess cover is an additional policy that is offered to drivers to protect them from having to pay the first part of a claim should the car be stolen or damaged at all. This can be as expensive as £2,000 income cases.

It has been revealed that many holidaymakers are being forced into buying car hire excess insurance when they collect their vehicle, which can cost hundreds of pounds more.