A car insurance company has published a new tool for car renters to decide which car insurance policies are the best for their needs.
The Insurance Information Institute (III) published the first Smart Car Insurance for Rentals report, which details the best car insurance deals for renters across the country.
Car insurance companies in the UK and US are also offering their own car rental insurance, which is cheaper than conventional car insurance.
The III’s Smart Car Rentals tool is free and open to renters.
It shows you the best rates and offers a comprehensive list of car rental insurers across the UK, US and Europe.
In a nutshell, it covers a wide range of car insurance products, including car rental contracts, car rental policies, and vehicle and other liability policies.
The car insurance industry has struggled to keep up with the rise of autonomous vehicles, and the lack of comprehensive policies covering all vehicles is leading to a higher proportion of renters opting for car insurance that offers no coverage at all.
There are also more than a million renters in the US, and car rental companies are scrambling to get their products in the hands of the public.
In the UK the UK’s Office for National Statistics has recorded a rise in the number of renters in recent years, as more and more people are choosing to own their own cars.
The number of cars owned by the average UK household has increased by 50 per cent since the early 2000s.
“The rise in renting out a car is clearly a growing trend, but the impact of that on the rental market has been much smaller than people realise,” said Paul Smith, managing director of III.
“So it’s really important that renters have a clear understanding of the risks of owning a vehicle, so they can make an informed decision about whether it’s the right fit for them.”
The IIP’s Smart Cars Rental Report provides renters with information on car rental rates, car insurance benefits, and other aspects of the rental industry.
You can read more about the report in this week’s New Scientist article, or read more on the III website here