Prices survey finds £260 on common will be saved by cancelling automobile rent and rebooking now

A brand new research of European automobile rent costs this summer season has discovered that costs have nearly halved since January 2023 and the nearer to the departure date the upper the financial savings that may made.

On common, weekly automobile rent costs have fallen by 45% from £578, if booked in January, to £317 if booked now – a saving of £261.

New analysis from iCarhireinsurance.com, a number one supplier of stand-alone automobile rent extra insurance coverage, compares the price of reserving a medium compact rental automobile, e.g., a VW Golf or Ford Focus, for every week, from 29 July to five August 2023, if booked in January 2023, in April 2023 or simply 4 days earlier than departure in July 2023. Seven European locations (Barcelona, Crete, Dalaman, Dubrovnik, Faro, Milan and Good) and 6 rental firms’ (Sixt, Hertz, Avis, Funds, Enterprise and Europcar) costs had been  surveyed every time.

The most important financial savings are in Milan and Barcelona the place it value, on common, £658 and £590 respectively if booked in January for every week’s summer season automobile rent, in comparison with £227 and £228 respectively now, a saving of £431 (66%) in Milan and £362 (61%) in Barcelona. Equally, in Faro, it value, on common, £657 in January, however £287 now, a saving of £370 (56%).

Automotive rent common costs this summer season are over £300 cheaper than in 2022, and nearly again to 2019 ranges (if reserving now for summer season). In 2022, the typical automobile rent value throughout the seven European locations for a similar summer season week was £660 (if booked in Could 2022), in comparison with £358 in 2019 (if booked in Could 2019). This yr, final minute bookings value £317 on common.

“When you’ve already booked your rent automobile for this summer season, it’s definitely price checking costs once more to see in the event that they’ve fallen because you first booked,” mentioned Ben Wooltorton at iCarhireinsurance.com.

“Some firms supply free cancellation with out penalty, inside a permitted timeframe, normally 48 hours, permitting you to cancel and rebook a greater deal.

“Our survey taking a look at last-minute automobile rental costs throughout in style vacation locations for British holidaymakers finds that the typical value of reserving now versus again in January has fallen by over £260, displaying vital financial savings will be made,” Wooltorton continued.

In addition to purchasing round for one of the best automobile rent worth, financial savings will also be made on extras purchased on the rental desk.

The most costly of those is automobile rent extra safety which protects a hirer from having to pay the surplus quantity if the rent automobile is broken or stolen, which will be as excessive as £2,000, in keeping with this research. The rental firms cost, on common, £155 for every week’s tremendous injury extra coverage and £48 for a tyre and windscreen extra coverage, costing £203 in whole.

Shopping for a standalone automobile rent extra insurance coverage coverage from a specialist insurance coverage firm, like iCarhireinsurance.com, earlier than you journey, prices from £33.15* for every week’s safety (from £41.99** for an annual coverage) and contains injury, theft, and tyre and windscreen cowl – that is round six instances cheaper than shopping for from the rental firm.

Different additional prices embody paying for an additional driver, costing £55, on common, renting a sat nav, costing £77, on common, and hiring a toddler’s automobile seat, costing £66, on common.

Ben Wooltorton mentioned: “It’s necessary to verify the costs of any extras chances are you’ll want, so there aren’t any pricey surprises whenever you decide up the rental automobile. Appreciable financial savings will be made by shopping for automobile rent extra insurance coverage from a specialist insurance coverage supplier, like iCarhireinsurance.com, reasonably than the surplus waivers bought on the rental desk, in addition to bringing your individual sat nav, or utilizing your smartphone, and travelling with your individual little one’s automobile seat. Additionally do take into consideration whether or not you really want to place an additional driver on the coverage.”

* £33.15 based mostly on a 30-year-old UK resident shopping for an 8-day single journey automobile rent extra coverage from iCarhireinsurance.com to be used in Europe.

** £41.99 annual worth is predicated on a UK resident aged between 30-80 buying an extra Europe annual coverage excluding in-country cowl