Morning Live: Expert shares tips on car insurance
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Insurance experts, Veygo, are warning Britons about the high cost of car rental prices in comparison to shorter-term insurance options when borrowing a car. Their research found renting a car is 227 percent more expensive than opting for temporary insurance and borrowing a car from friends or family.
As part of its latest investigation, the insurer collected three quotes for hiring a car for four days over the August bank holiday weekend in six cities across the UK.
They found the average cost of renting a car was £157, with some quotes as high as £367.
By comparison, opting for short-term insurance and borrowing a car from friends or family would cost drivers just £53 on average over the same period.
Drivers in Edinburgh could pay as little as £26 – a staggering 519 percent saving compared to the average cost of renting a car for the same period.
Of the six cities Veygo researched, London came out as the priciest at an average cost of £183 over the four-day period.
This can be compared to just £54 for a short-term insurance policy.
This is a saving of a whopping 239 percent.
David Roberts, Principal Product Manager at Veygo, commented on the research and the massive differences in price.
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He said: “We know that short-term cover doesn’t work for all drivers, however it’s clear that huge savings could be made by opting to borrow a car from friends and family instead of renting one.
“The cost of car rental is on the rise, and as well as being expensive and less convenient for some depending on pick up and drop off restrictions, it’s also very difficult for drivers under the age of 25 to hire a car.
“This is particularly problematic as this is an age group that are generally less likely to own their own car and would therefore benefit from more flexible options.
“Although it might not be something drivers have considered before, borrowing a car from a friend or family member and purchasing short-term cover is quick and easy, and undoubtedly a cost-effective option for many.
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