Self Drive Hire Insurance

[Josh5213]

I’ve started a rental company and have two cars to rent and I’m trying to get Self Drive Hire Insurance for customers that want to rent but it is so hard to find and insurance company’s , if someone could point me in the right direction

 

[IanSuth]

you need to speak to a specialist broker

But years ago Covea used to do a policy called something like motor trade combined that covered hire and courtesy cars

 

[Josh5213]

you need to speak to a specialist broker

But years ago Covea used to do a policy called something like motor trade combined that covered hire and courtesy cars

Thank you

 

[Frank the Insurance guy]

Self Drive Hire Insurance is a very specialist area.

so hard to find and insurance company

Its not hard to find one - I assume that you are actually looking for a "cheap" one?

Unfortunately, no such thing as cheap self-drive hire insurance - especially for a "start up" business.

A couple of names that have specialist teams in this area:
- Alan Boswell
- Towergate
- Gallaghers

 

[Josh5213]

Self Drive Hire Insurance is a very specialist area.

Its not hard to find one - I assume that you are actually looking for a "cheap" one?

Unfortunately, no such thing as cheap self-drive hire insurance - especially for a "start up" business.

A couple of names that have specialist teams in this area:
- Alan Boswell
- Towergate
- Gallaghers

I’m just looking for one that will actually give me self drive insurance for my vehicle to allow me to rent them to the public

 

[JEREMY HAWKE]

In the past 15 years a lot of smaller rental companies have closed due to insurance difficulties.

 

[Josh5213]

In the past 15 years a lot of smaller rental companies have closed due to insurance

In the past 15 years a lot of smaller rental companies have closed due to insurance difficulties.

That is true but in ringing insurance companies and there saying I need to have my business for at least one year but how can I get started off if I can’t get the insurance. I’ve got the cars and the clients there

 

[AdamKonsileo]

I’ve started a rental company and have two cars to rent and I’m trying to get Self Drive Hire Insurance for customers that want to rent but it is so hard to find and insurance company’s , if someone could point me in the right direction

Hi josh as a broker myself I can look into this for you however I cannot stress enough a few points.

Honesty of if there's been a previous business that has been struck off/folded.

And being realistic with current market conditions.
Current SDH new ventures are basically covered in specialist areas or London markets and being honest you're looking at anywhere from 3k per vehicle upwards unless you catch someone on a good day.

07721 692770 if you want to give me a call I can look into it for you

 

[JEREMY HAWKE]

All of the small hire companies are normally part of a business that does three or four other things often Car and Van sales, workshop , and fuel sales ect The hire business is not something that can be run on its own with a small fleet

 

[Mark James]

No disrespect Josh but why didn’t you check this out first before buying two cars and having clients lined up.?

 

[Josh5213]

No disrespect Josh but why didn’t you check this out first before buying two cars and having clients lined up.?

The 2 cars I have I do not use and as a person we used to rent cars of people every single day just made me think that I need to start it up

 

[Paul Kelly ICHYB]

Isn't there an app/service that does/allows self rental?

 

[Paul9]

One of our businesses is self drive hire.

Speak to Alan Boswell, they are a broker and have the SDH market sown up, they know all the underwriters for each specific application, they are good people to deal with.

Be warned, there has been massive hikes recently like all motor insurance, excesses have shot up, some people I know now have £1000 minimum excess, I have even heard that some underwriters are only taking on new clients with a minimum fleet of 5.

Expect to get shafted being new in a volatile insurance market.

This should have been the first thing you looked into because exactly how you operate an SDH business is dictated to you in your insurance agreement.

 

[Porky]

VERY expensive and quite rightly so
Loads of prangs from drivers with inexperience of driving that specific vehicle on short term periods, a few days hire at a time. I would want a £10k excess frankly including Third Party claims!!!!!
Plus, SDH places closing, having a bad claims record and Voila starting up as a new venture.
Hate to say it but if i was an underwriter i wouldn't touch it either.
IF the poster in this thread @AdamKonsileo can get you covered for £3k a vehicle i would bite his hand off. You certainly should do your calculations if you can make it financially viable. I suspect the high insurance costs could make it a non starter to operate hence why you tend to only see massive national brands with high fleet numbers and even they struggle financially. margins are hopeless.
Sorry i cant be more positive

 

[Paul9]

Just for context, a lot of people are saying that insurance costs are massive and probably have no experience.

Up until last year we were insuring £50k vehicles on a SDH policy for £1200, which is pretty cheap. This year that has gone up to £1700.

These are vehicles whe rent out for upwards of £1000 per week so the premium isn't too bonkers, infact, I always thought it was quite reasonable.

I do agree with the above though, I think you will be paying close to £3k, and if you are just renting out bog standard cars at £300 per week, that will seem expensive, especially once you add another £400 to your costs for public liability and breakdown cover.

You will most probably cover your own damages up to a certain amount too, you won't make a claim for £1000 if somebody scrapes your car against a wall, because it will cost you more in increased premiums, do you just pay.

 

[Josh5213]

One of our businesses is self drive hire.

Speak to Alan Boswell, they are a broker and have the SDH market sown up, they know all the underwriters for each specific application, they are good people to deal with.

Be warned, there has been massive hikes recently like all motor insurance, excesses have shot up, some people I know now have £1000 minimum excess, I have even heard that some underwriters are only taking on new clients with a minimum fleet of 5.

Expect to get shafted being new in a volatile insurance market.

This should have been the first thing you looked into because exactly how you operate an SDH business is dictated to you in your insurance agreement.

I’ve rang them and I need at least 1 year experience, it makes me laugh because how can I get sdh experience when I can get the insurance

 

[IanSuth]

I’ve rang them and I need at least 1 year experience, it makes me laugh because how can I get sdh experience when I can get the insurance

If the broker that people in the industry say is the main player is saying you need a years experience then I suspect you are going to struggle as an unkown entitiy.

Guess most new entrants have a background in an allied service so can leverage that

 

[AvantageBroker]

I’ve rang them and I need at least 1 year experience, it makes me laugh because how can I get sdh experience when I can get the insurance

Have you tried Sentinel Solutions - they are self drive hire specialists and they only deal with SDH.

 

[S.huss]

Thank you

Hello Josh I’m in the same position. Just curious now it’s been over 7months since you made this post, have you had any luck finding a self drive hire policy if so can you share please or point me in the right direction thanks

 

[jim_0525]

Any luck so far S.huss ?

I'm about to look for SDH insurance cover for my planned business next year. Was assuming that because other people do the same sort of business that I would be able to find it. Good to see some leads in this thread, and fortunately there will be high margins so I can afford reasonably high premiums in the first years if need be.